Pension Crisis hits, do you have a pension

Pensions are in the news all the time these days, telling us about how, we will have to work longer to get a government pension, and about how there is not enough money in the government pension pot to cover all of us! The picture of the paper on the right is typical of the pension crisis that is gripping us today.

Apparently over 50% of forty year olds (that is including me) don't have a pension, or have a plan (however, thankfully I do) for the future and are relying on the government pension, for their retirement.

If you're forty now and you don't have a pension, you need to be saving £800p/m or more now to get a pension of just £1000 p/m when you're 65. This is where I got my information from http://www.pensioncalculator.org/#SelectPension

Even if you do have a pension when you do come to draw on it it may not be any good anyway, if the pension fund is still around.

One thing is for sure though, we're not going to be able to rely on a government pension when we do come to retire at whatever age and we need to find a way to have an income we can rely on in the future when that time comes.

Whatever your plan is I hope it works out for.


To your success
Paul


This is my pension plan, and I plan to retire before 60 years old without any pension worries

PS I'm not a financial advisor so do not rely on my posts as financial advice.