Do you have a pension? If you do it may not be any good!

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

Apparently over 50% of 40 year olds (including me) don't have a pension, or have a plan (thankfully I do) for the future and are relying on the government for their retirement.

If you're 40 now and have no pension, you need to be saving £800p/m now to get a pension of £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, we're not going to be able to rely on a government pension when we do come to retire and we need to find a way to have an income we can rely on in the future.

What ever 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

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