albion:
Cavey, have you ever really sat down and looked at budgets and what it would take to get where you want to be. Do you know where you want to be financially? I have built up a decent-ish retirement pot, but I haven’t had a proper holiday since 1991 and apart from one flash car have generally driven old bangers. I’ve been following a lot of the FIRE blogs for any number of years, including the bonkers ones where they try to spend virtually nothing over a year bar essentials.
I do think when it comes to finances,a nd this is a general comment, people don’t think about it enough and get their financial A-Z out to plan their future out.
I have 14 years before state pension and I certainly don’t trust any government not to turn round before then and say, well you have saved, so you aren’t getting a pension from us.
I have two problems Albion, both of them relate to where I live. The first problem is that life expectancy in my area is lower than current state retirement age, an age that is only ever going to go up.
The second problem is that I look out of my window and see all the feckless lazy dole scrounging neighbours live a grand old life off the state, a state that they’ve never paid a penny into. I’ve spent twenty years going without holidays, night outs, flash cars etc. to try and provide for myself in retirement, a retirement that I’ll probably never see.
I have two pensions, my (very good) teachers pension and my (above average) current one. Like you, I believe the government will tell me I’m entitled to nothing because I’ve made my own provisions. But those provisions aren’t brilliant. Would I be better off drawing my pensions out as a lump sum and spending it on cheap women and expensive booze then let the state look after me SHOULD I reach retirement age? I’ll be honest here and say that looks a really good option.
Captain Caveman 76:
I have two problems Albion, both of them relate to where I live. The first problem is that life expectancy in my area is lower than current state retirement age, an age that is only ever going to go up.
The second problem is that I look out of my window and see all the feckless lazy dole scrounging neighbours live a grand old life off the state, a state that they’ve never paid a penny into. I’ve spent twenty years going without holidays, night outs, flash cars etc. to try and provide for myself in retirement, a retirement that I’ll probably never see.
I have two pensions, my (very good) teachers pension and my (above average) current one. Like you, I believe the government will tell me I’m entitled to nothing because I’ve made my own provisions. But those provisions aren’t brilliant. Would I be better off drawing my pensions out as a lump sum and spending it on cheap women and expensive booze then let the state look after me SHOULD I reach retirement age? I’ll be honest here and say that looks a really good option.
Much like where I live in not sunny Runcorn, lower than average life expectancy and quite a few residents that don’t know the meaning of work. I won’t be spending my pension on cheap women though 
albion:
Captain Caveman 76:
I have two problems Albion, both of them relate to where I live. The first problem is that life expectancy in my area is lower than current state retirement age, an age that is only ever going to go up.
The second problem is that I look out of my window and see all the feckless lazy dole scrounging neighbours live a grand old life off the state, a state that they’ve never paid a penny into. I’ve spent twenty years going without holidays, night outs, flash cars etc. to try and provide for myself in retirement, a retirement that I’ll probably never see.
I have two pensions, my (very good) teachers pension and my (above average) current one. Like you, I believe the government will tell me I’m entitled to nothing because I’ve made my own provisions. But those provisions aren’t brilliant. Would I be better off drawing my pensions out as a lump sum and spending it on cheap women and expensive booze then let the state look after me SHOULD I reach retirement age? I’ll be honest here and say that looks a really good option.
Much like where I live in not sunny Runcorn, lower than average life expectancy and quite a few residents that don’t know the meaning of work. I won’t be spending my pension on cheap women though
I noticed you said nothing about expensive booze! 
Captain Caveman 76:
albion:
Captain Caveman 76:
I have two problems Albion, both of them relate to where I live. The first problem is that life expectancy in my area is lower than current state retirement age, an age that is only ever going to go up.
The second problem is that I look out of my window and see all the feckless lazy dole scrounging neighbours live a grand old life off the state, a state that they’ve never paid a penny into. I’ve spent twenty years going without holidays, night outs, flash cars etc. to try and provide for myself in retirement, a retirement that I’ll probably never see.
I have two pensions, my (very good) teachers pension and my (above average) current one. Like you, I believe the government will tell me I’m entitled to nothing because I’ve made my own provisions. But those provisions aren’t brilliant. Would I be better off drawing my pensions out as a lump sum and spending it on cheap women and expensive booze then let the state look after me SHOULD I reach retirement age? I’ll be honest here and say that looks a really good option.
Much like where I live in not sunny Runcorn, lower than average life expectancy and quite a few residents that don’t know the meaning of work. I won’t be spending my pension on cheap women though
I noticed you said nothing about expensive booze!
I always thought it was expensive women & cheap booze 
No wonder I’m always ■■■■■■ off & ■■■■■■ up.
eagerbeaver:
I always thought it was expensive women & cheap booze
No wonder I’m always ■■■■■■ off & ■■■■■■ up.
Wrong priorities mate, just remember Vegas. Baby. 
hi lads
i retired when i was 62yrs old i am now 74yrs old, this was the best move i ever made,i have my state pension + 2 very small private pensions no mortgage or H.P i find my state pension is ok i have never found the need to work part-time to make ends meet,when my class 1 expired i did not renew it.
regards
snowman1
ps
i would love a go in a old atki or ERF just to see if i could manage nice clean gear changes.
toonsy:
Franglais:
toonsy:
I’ve got years to go (about 30 [emoji38]) but it wierues because I know next to nothing about pensions so I’ve no idea if I’ll have enough or even what I’m on track for. The statements I get don’t really explain much.
I have however paid into whichever workplace pension I’ve been able to and also have the last remnants of the good Royal Mail pension in place but it’s just knowing how it all works and I guess with it being so far away the impetus hasn’t been there to get on it and plan
It is difficult to plan for decades ahead. And you can be sure the goalposts will be moving all the time. As you say that’s all demotivating.
Just put in all you can afford and do a check every few years.
Optimisation of personal finance is a full time job, and few if any of us have the skills or time to get the best. So seems to me best to try to do some money management but accept it’ll never be perfect.
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Don’t get me wrong there’s some things I’ve done… like I spoke about transerring all my pots into one but was told not to touch the Royal Mail one because if I transfer it I lose out. But again it wasn’t really explained why so I’m only getting the gist of it.
My big question is that I’ve got eight years of a pot built up at one place but I’ve moved on now so that’s frozen but dies it still grow over time through interest? Am I better to transfer into my current one. This kind of info is hard to get for free
Years ago, 1975, I was working for vickers engineering in Newcastle, as we’d lost a big order I could see redundancy coming so I went into the army. As I’d paid into their passion they asked if I wanted my cash back or leave it, I was young so I took the cash £400. Fast forward to 2016 & I got a letter out of the blue from Rolls Royce, now the owners of what was vickers, asking what I wanted to do with my pension! Apparantly back in the day they could only give you half in cash and had to invest the rest. It had gone up to a tidy £5200.
Your workplace pension contributions have just gone up btw, they go up again next year & again, up to %8, after that.
My advice would be either contact the pension provider and tell them your concerns, they are required by law to give you the information but cannot give you advice on what to do, or go and speak to a financial advisor, yes it costs but how much good info will you get for nothing, other than on here obviously. If you want a decent lifestyle you need to save for it now rather than rely on the govt of the day, we’ve all seen how good they are with our cash.