I'm 42, No pension, will I die in a puddle of my own S#it

[Slyjoe]

As per title, no pension - I have however got an end in sight to a mortgage 130k on a 250k house (albeit 15 years away), a possible 100k inheritance eventually.
I have however no pension pot.
If all of the Jeremy Kyle scummers on no income and no contribution will survive the apocalypse of retirement, will I be any better off?
Or will the people who have scrimped and saved to have "massive amounts wiped off pensions" actually be better off?
There is no way I can afford to contribute to a pension right now, despite a fairly good wage, I have 4 kids with possibility's of Uni later.
PH wat do?

[randlemarcus]

You're super-f&8ked. No income beyond the State Pension, and they'll have your house and saving for the care home fees. Happy Friday

[fandango_c]

Try this

[davepoth]

Start saving something, somehow. Pay down the mortgage faster, even £10 a month will make a significant difference.

Chances are you've still got 30 years of work ahead of you so I wouldn't worry about it too much.

[fandango_c]

davepoth said:

Start saving something, somehow. Pay down the mortgage faster, even £10 a month will make a significant difference.

If your numbers don't come up, this is a good start.

[CASHisKING]

fandango_c said:

Try this

Probably a better bet than giving money to s pinstripe suited mugger!

[fandango_c]

CASHisKING said:

Probably a better bet than giving money to s pinstripe suited mugger!

But if you don't win, then the shysters steal your money!

[Mobile Chicane]

@ the OP - no idea.

However I maintain that the best strategy is to die penniless, having lived a good life.

That may be a short one, albeit a happy one.

[nyxster]

Become a powerfully built director with a chipped mx5.

[Tunku]

I'm 50, was expected to die at 40. I have a huge pension, just because of the job, that is accessible when I'm 55. I have three kids and a wife, and a house that isn't paid for, but will be when I die. I just live life for every day I wake up and find myself still alive. Live now - Pay later.

[fid]

Pensions work. Some are better than others, but something is better than nothing. Visiting children, grand-children, birthdays, Christmas...sacrifice a bit now for good times later on.

[jeff m2]

Slyjoe said:

As per title, no pension - I have however got an end in sight to a mortgage 130k on a 250k house (albeit 15 years away), a possible 100k inheritance eventually.
I have however no pension pot.
If all of the Jeremy Kyle scummers on no income and no contribution will survive the apocalypse of retirement, will I be any better off?
Or will the people who have scrimped and saved to have "massive amounts wiped off pensions" actually be better off?
There is no way I can afford to contribute to a pension right now, despite a fairly good wage, I have 4 kids with possibility's of Uni later.
PH wat do?

Well you are not totally in the toilet, at least you are aware of your situation.
Many aren't.
Now is actually a good time to start sticking a few bob on a couple of bad sectors/regions.
With luck you may save enough for those adult daipers you think you are gonna need

[jshell]

davepoth said:

Chances are you've still got 30 years of work ahead of you so I wouldn't worry about it too much.

Rotten bd!

[mondeoman]

jshell said:

davepoth said:

Chances are you've still got 30 years of work ahead of you so I wouldn't worry about it too much.

Rotten bd!

But oh so true ... :-(

[croyde]

fandango_c said:

Try this

That's my strategy but I keep forgetting to buy a ticket. I just think of all those pound coins that I have saved.

[Jackleman]

We are all fked, well most of us younger ones anyway.

To get pension of £21K per year I would need to put away nearly £700 a month at the age of 33! That is not taking in to account inflation or the fact that pension ages will rise again sometime.

My plan is to build up enough and the flee the country for somewhere a lot cheaper to live!

[MonkeyBusiness]

You'd be better off investing in gold.

I'm 40 and I don't believe there will be a pension waiting for me when I retire despite paying into one.

The UK is bankrupt.

[Slyjoe]

Jackleman said:

To get pension of £21K per year I would need to put away nearly £700 a month at the age of 33!

I could buy another house for that amount.
Gold was $800/oz not so long ago and is now $1600 - so not bad.
Everyday we seem to hear than any pension fund is massively hit.
If I do pay off my house and fall into poor health I'll be made to sell it to pay for my care.
I'm just interested how the people who contribute nothing to society now will continue to live, or will they all be put in camps to die.
My utility bills alone now are £300 pcm.
How the hell is anyone meant to retire average income or none.........

[thinfourth2]

I'm planning on having a 10 year long retirement and then topping myself.

I still thing I made a mistake leaving school and working

[croyde]

MonkeyBusiness said:

You'd be better off investing in gold.

I'm 40 and I don't believe there will be a pension waiting for me when I retire despite paying into one.

The UK is bankrupt.

I have been paying into a pension since around the late 80s. About £140 a month, a lot of money back then but nowadays my accountant says that if I want anything to live on when I retire, I should be topping it up by £800/month.

If I had that spare, I'd buy a house.

I fully expect to ring the pension company when I retire, who will pretend not to have ever heard of me.