Cw obviously: it’s fucking depressing
Some of the figures are panic inducing. I still come back to thinking how insane it is I was never taught about pensions at school.
Anyway yes, pensions for millennials: they’re fucked
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Was thinking about this yesterday. I get that every working generation is funding the state pensions for older generations but it’s pretty fucking depressing thinking that might not even exist for us.
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My work pension is pretty good but find it impossible to have any interest in something that I will be waiting until I am in my 60s or something to enjoy. All the men on both sides of my family die before 60 anyway, I’m here for a good time not a long time!!11
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Can’t be fucked with it.
Will just have to work till I drop if they don’t bring in ubi or something.
I’ll just keep doing what I want when I want rather than putting money away for when I’m old that I might not make it to
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- Consolidated!
- In a couple of places but I know where they are and all my login details
- All over the fucking shop
- Only ever had one pension plan
- Don’t have one
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Morning!!!
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Tried to do something about consolidating them, but the first step was to fill out a form online so they could send me a code by post (???), and then I got bored.
Probably fine. Reckon I’ll be dead by then.
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Two jobs that I have been meaning to do for the last decade but haven’t:
- amend my life insurance policy
- consolidate my pensions
The situation definitely isn’t great… but it’s a very Guardian article, that.
“We asked millennials who fucked they are. Here’s 1500 words about how fucked they are, with one sentence saying that actually not everyone who responded is fucked, but we’re not dwelling on that because that’s not our story thanks.”
What I’m not clear on is how much is due to a change in the perception of how the state provides for the retired. I grew up with the impression that pensioners mostly got government hand-outs and lived frugally and, at least in the eighties and early nineties, private pensions weren’t really a thing for the retired. Is that right, or is it just confirmation bias from living in council houses?
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It’s really bleak
I have a but if a feeling that it’s so bleak that at some point there will be some change in pension or benefits policy which will help millennials a lot , maybe when the boomers have all died and millennials have more voting power (is that a thing?)
I know loads of people who probably haven’t made any contributions at all 
It’s made me think quite a lot about nihilism towards working until you’re physically unable to enjoy life, the backlash to that, and how the backlash is a square peg for capitalism’s round void.
Concerning the people who reason that life is for the living now and favour relative luxury over pension: If you’re in the upper echelons you can hammer your pension, also be rich and do cool shit when you’re young, and retire easy, plus with massive inheritance.
That’s the lifestyle screamed into every advert, algorithm and so on. You’ve failed if you’re not touring the world at 25 with a go pro and a partner leading you by the hand.
Fucktons of luxury companies only survive because they’ve convinced far more than the extremely wealthy to buy in to the lifestyle increasingly early.
But it only works if that increasingly younger group of aspirational buyers die at 60, or earlier.
That’s obviously a small wedge of a much bigger demographic who will neither be able to live comfortably when young nor retire early.
I wonder, genuinely, what happens when millennials hit retirement age and only those who inherited big can afford to live above the poverty line - the scale of things being fucked is hard to imagine.
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Thing is the guardian’s bias is usually the other way so I’m fine with this one. At least it’s not Pippa and Greg, journos, will be fine, but we will wait til the end to tell you they’re inheriting 2m in property
The link off to the £37,300 a year for comfortable living in the article sounds a lot more like luxury with the spending breakdown (2 year old car replaced every 5 years and a new kitchen and bathroom every 10 years)
But yeah not a fun prospect, even more so that the age is only going to keep going up. We get an advisor meeting with work and they still ask each meeting when I want to retire as though the choice is mine.
Yeah that’s something I can’t quite envisage,I think it’s probably quite a good vote winner to not let that happen
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yeah they really fucked it by the end telling the Dickensian story of Isabel, a product manager from London on £85k…
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I spent most of lockdown tracking down and consolidating the scraps of pensions I’d paid when I was in England into my Scottish teaching one. There wasn’t actually that much because Younger Keith moved often jobs too frequently to start paying into them.
I have another one for the exam marking I do which I’ll try to consolidate whenever I stop working for them.
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There’s going to be some warped views on inheritance, similar to the reddit post in the landlords thread of people expecting the house/money their parents have as their out from work or home ownership.
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I have to be quite… not old when some of the London younguns at work tell me their rent is most of their wage when they’re living in Hampstead Heath on their own.
But then I think: if renting somewhere nice looking, safe and quiet without three flatmates is a privilege, that’s already such a fucking low bar for expectations innit. I spent a lot of time living in fucking horrible places with people I didn’t like to save money, and it nearly broke me with depression. I don’t want that for them either!
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I’m pretty sure the young uns aren’t absolutely winning with their pensions as well so….
The lack of any sort of financial education at school is utterly bananas to me.
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