Your occasional reminder that we're all doomed


#1

#2

There’s absolutely no way i’ll have £260k left by the time i’m 50. No chance whatsoever.


#3

ahm fooked


#4

the earth’s going to be a fiery inferno by the time we all reach retirement age anyway, wouldn’t worry about it m9


#5

Glad I like my job cos I’m honestly thinking I’ll never retire


#6

Worryingly, younger workers who fail to buy their own home and face a lifetime of renting will have to save far more. Royal London said it expected that around one in three retirees would eventually be renting, and would typically need to find £6,554 a year to pay private landlords. This additional costs means they will have to accumulate £445,000 to fund their retirement.

sick


#7

reckon learning some post-brexit/apocalypse agricultural or survival skills would be more handy than sitting on piles of cash in the meantime too


#8

They are going to need to open up some more B&Qs


#9

Not even worried I’ll just die at 50k


#10

it’s actually just destroyed my mind that that figure can be true


#11

I’m not worried. I’ve got it all figured out.


#12

image


#13

Wait, is that 260k as a lump sum from a pension?

That’s a lot


#14

Don’t really understand pensions, but think I started contributing to mine last month, £20 in the pot. That’ll probably only pay for a packet of Wethers Originals when I’m 80.


#15

i think i need to sit down with a bank manager and ask them a lot of questions about the relative benefit of pension vs mortgage overpayment vs savings. because it’s one of those things i think i know but am not at all sure that i actually do


#16

Mortgage overpayment will net you an asset that’s relatively stable but likely has a conceivable value ceiling. you must then release equity or move to realise it.

Savings is susceptible to changes in interest rates, obviously. Currently these are historically low without a prospect of changing any time soon. Returns on stock markets and other assets have consistently beaten returns on savings accounts. I would suggest this isn’t an appropriate way to save for retirement.

Pensions are what you make them. I am privileged enough to be able to put a decent sum away each month. My risk profile is massively risky as I am quite a distance from pensionable age. You may choose a different risk profile. There’s always a risk that pension providers will collapse and you will lose everything, however.


#17

i would quite like to learn about stock markets and other assets as i am totally in the dark as to how much one needs to get started, and then how they actually do. is this something a bank manager can help me with?

edit WAIT you said ‘isn’t’ not ‘is’ appropriate. disregard. so wait what is your actual answer here on balance? as in, which would/are you focussing on? the pension pot?


#18

Gonna stick all my money in premium bonds and hope for the best.


#19

Your bank will offer you savings accounts where a portion is used to speculate on the equity markets.

Alternatively, you could deposit a sum with an asset manager, who will invest it. There’s a few things to be weary of here.

Your fund value will go up and down. You might want to alter your risk appetite according to personal circumstances. The management fees can be high. You often need to make a minimum deposit, which is thousands of pounds. Funds are liable to chase money and could invest in unethical sectors and businesses.

Or you could put money into a pension provider like Royal London or Aviva, whom will invest in these funds on your behalf. This is what I do.


#20

yeah i have scottish widows who are doing a medium risk thingy for me. i might just up my contribution to that