Pensions: Do you expect to retire in your 60s?

[Mr Silly]

With the credit crunch and the problems that were around before with pensions, does anyone expect to retire in their 60s?

Some of you may be within 10 or 15 years of that era and so may be ok. I tend to think those of us who are under 40 will probably have to work until our 70s or 80s before we get a pension

[splobber]

We'll either have cooked to death from global warming, a nuclear warhead lands on your house or a terrorist takes you up the jacksy by then.

[NicolaUK]

If you work in the public sector with a gold plated pension why not?

For everyone else, no chance :(

[Mr Silly]

If you work in the public sector with a gold plated pension why not?I disagree. There was a report the other day about how they will not be able to sustain the current set up

[farmroad38]

If you'd asked me six months ago, I'd have said yes. I've been paying into various pensions now for nearly 20 years, and despite Prudence Brown's best efforts, have built up a reasonable fund. However, since my last lot of statements, the stock market has dived so I'm not sure how much they've gone down in the meantime.

I'm still quite positive though - I've just started paying in again, and with stocks at a low, I'm hoping they'll build up nicely when markets rise again. Still got 20 years until I hit 60!

Plus, I'm going to win the jackpot on the premium bonds tomorrow. That should help out.

[AdamBrunt]

Some of you may be within 10 or 15 years of that era and so may be ok. I tend to think those of us who are under 40 will probably have to work until our 70s or 80s before we get a pension

Surely its the ones who are closer to retiring age that won't be OK. The further away you are (say under 40) the more time for the cyclical trends (and most of the important markets ... housing, stocks, etc ... tend to be cyclical) to get back to the top again.

[NicolaUK]

I disagree. There was a report the other day about how they will not be able to sustain the current set up

But who will end the current situation? Cutting pensions is not exactly a vote winner, even if it's the right thing to do as the final salary schemes are too expensive. If the Tories tried it there would probably be a General Strike.

Surely its the ones who are closer to retiring age that won't be OK. The further away you are (say under 40) the more time for the cyclical trends (and most of the important markets ... housing, stocks, etc ... tend to be cyclical) to get back to the top again.

Not from my experience, older people are more likely to be in a final salary scheme so are unaffected by the stock market.

[Ricinus]

I was hoping to retire before my 60's. However I had a break in contracts at work which stopped my added years AVC. When I started back I couldn't afford the new cost which was much higher because of my age. So no chance now.

[craig1912]

Yes- in a final salary scheme- used to be non contributory but will be paying 10% of salary in two years time- Still not bad value though

[degeneration]

I have no idea. Paying into my LGPS but my 60's are 30 years away. With 35 years of pension payments I hope to retire then. Hopefully I won't have arthritis and can catch up on my backlog of Xbox games.

[daveyb]

One of the biggest factors affecting people with private pensions has been the annuity rates recently. Your lump sum buys you a lot less, because pesky pensioners are living longer.

But.....there is always an upside :) Take up drinking in a big way a couple of years before retirement, same for smoking. Your personalised health profile at point of retirement will then be so poor that you will be offered a great deal :)

[cabor]

LGPS final salary schemes have been a timebomb for decades and sooner or later some
government will have to deal with it and not expect ever increasing council tax bills to keep
them afloat. Its a similar problem in large parts of western europe.