Pensions, Savings and Retirement! Are you prepared?

United Kingdom
August 30, 2009 6:40am CST
Oh my! Why did I create this one? I'm suddenly thinking to myself that I'm 34 years of age, I'm not working at present and I don't have any plans for my retirement! I don't have anything in the way of savings and right now I feel totally lost! I have done some training courses in IT and it's my hope that there is still time for me to make a difference in my life! Do I have enough time to start saving towards a serious pension? Or, will I be relying on the State come old age? I guess I'm worried about this but we never really know what is around the corner. So, here's another one for you! Are you in retirement now? Are you enjoying it? Or, do you think that you will be financially destitute come retirement? Please share!!!!! Andrew
2 people like this
15 responses
@carrine (2749)
• Philippines
31 Aug 09
honestly i dont have savings in the bank that i can consider as a savings for retirement because i withdraw the money. LOL but i do have monthly contribution that our government here in our country for retirement. so thats the only thing iam confident of. LOL
• United Kingdom
31 Aug 09
Well, that sounds like a great start to me! I haven't even started anything as yet although I'm thinking that I have to get rid of the debt first before I start putting money aside for a rainy day. Andrew
@carrine (2749)
• Philippines
31 Aug 09
hahaha very smart move andrew. thats the very first thing to do before anything else. because debt is increasing coz of their very high interest. me too i get rid of them slowly. grrrr
@vandana7 (69341)
• India
30 Aug 09
Hi Andrew, I am 50, and pretty close to retirement. :-) Want to tell u "there is still time for" u "to make a difference in" ur "life". :-). Well, u may not get enough for those luxury cruises after retirement - unless Bill Gates' daughter likes ur handsome looks, but otherwise, food, clothing, shelter, and medicine can be managed. Hope I have put ur mind at ease. :-) Best of luck. :-)
• United Kingdom
30 Aug 09
Hi vandana, yes you've definitely put me at ease It's a real shame that I'm not going to be able to afford that long awaited cruise in retirement. I guess reality sets in though and what you say makes a lot of sense! Those things are the most important, housing, medicine, food, clothing and the like. I guess a lottery wind would definitely do it, I have the next thirty years or so to try and win big on the lotteryAndrew
@vandana7 (69341)
• India
31 Aug 09
Hi Andrew, thanks - I learnt it is "in" retirement and not "after" retirement. But u understood what i wanted to say. And lottery??? Probability???? - well - all the best anyway. :-)
@wolfie34 (26792)
• United Kingdom
30 Aug 09
Hi Andrew! I do think that when we come to retire there won't be enough money to give people a state pension, the crisis the country is in at the moment, it can only get worst, maybe a change in government because the present government is destroying this country, but don't let me get up on my soap box on this one. I am 38 and I have savings but obviously once you start dipping into your savings you can never replace it. I do have a company pension but that is frozen since I left the company in 1994 and it will be very small certainly not enough to live on. To be honest I don't worry about my pension or reaching pensionable age, without being too pessimistic, with the way the world is and the precariousness of society it will be a miracle if I make it to that age. But again don't let me get started on that subject.
• United Kingdom
30 Aug 09
Hi wolfie, my this is the busiest it's been in terms of my communicating with you Thanks for responding to my discussions So, here we go, well, yes I think that the country is in quite a state at the present time! I'm really hoping that things improve in terms of getting out of the credit crunch and so forth. It's a good thing that you have savings, I haven't actually started, well I did initially but I gave up, a very bad thing! Now I'm not in a position to put regular savings away. I've got certain computer ability in terms of taking them apart, putting them together and fixing them, there's just one problem! I have no customers! I'm thinking that this could possibly help me if only I could get some custom. Anyway, I will stay positive and continue to work on changing things hopefully. Andrew
@wolfie34 (26792)
• United Kingdom
30 Aug 09
Thanks for best response my friend, appreciated! Hope I didn't come across as too negative ;0)
@twoey68 (13651)
• United States
25 Oct 09
Well, it comes down to personal choices. First, everyone needs an income...a job, Social Security if you can't work or something. Then when you have an income you need to decide if what you spend your money on is a need or a want. Most things, with the exception of rent, utilities and food, are a want. Then you have to decide what is more important to you, having a want or saving for a need. Let's say you pay your bills and buy groceries, you have $100 left over. You can either buy the really cool stereo you want or you can tuck it away towards your future. Most ppl have the "live in the now" mentality and don't worry about the future...that's why there are so many elderly that have nothing to fall back on. It's never too late to start saving by the way, as long as your determined to do it. [b]!!Happy Halloween!! ~~AT PEACE WITHIN~~ **STAND STRONG IN YOUR BELIEFS**[/b]
1 person likes this
• United Kingdom
27 Oct 09
That sounds a lot like me! I definitely live in the here and now and I haven't been that worried about the future. However, I'm still in debt and I won't become debt free for another five to six years, a long time but it's not the end of the world. I just don't have enough money to put away. I'm trying to change things but it's just so difficult in the current climate. Andrew
@kellyjeanne (1576)
• United States
13 Sep 09
Well, being on Disability I'm not as prepared as I'd like to be, but, each month I do manage to put a little bit away. So, that makes me feel good. It's very hard nowadays. Purrs, Catwoman=^..^= & Mija
1 person likes this
• United Kingdom
13 Sep 09
It's nice when you can put something away, I don't even do that at the present time. I'm hoping that once I have paid off all my debts then I will at least have some money to play with and I can then start thinking seriously about investment options. Andrew
@zhuhuifen46 (3486)
• China
8 Sep 09
As oriental people, we are used to saving partially our income as reserve for future, so by the time of retirement, we have enought to supplement the pensions. Still money seems never enough. For high expenses of living and medical care, we still have to be very careful in spending. I learned the US president Olbama is encouraging american people to save instead of overspend. Some preferential policies are inplemented, including allowing part of the pretax income deposited in pension account. That would really be wonderful.
1 person likes this
• United Kingdom
8 Sep 09
I wish that I could get involved in some kind of saving plan although this is very difficult at the present time although I'm hoping that things will get better in time. Andrew
• India
31 Aug 09
Hi, good morning to all, now I would like to share few words about pensions, savings and Retirements. This is also one of the part in ervery people life, Because of in our lifespan we have to learn more things. In our lifespan every moment is countable because after a minute we have no gurantee about our life, but we must face atlest having minute, so we have to reach our destiny step by step, but we don't stop any where and anything happend. Every people earning money to their tasks in her/his life, whatever we earn, in that money we have to save little bit to our expenses, suddenly if any thing happend, then we have to take others help, but they will give or some time they may not give this is their decession, but we are the responsible for our problem, and we have to phase whatever it may be, now I am earning 6500/- permonth, so in that money I planned to my self(2000/- for my food and shilter, 500/- for my lic, 1000/- for my education, 1000/- for my parents, 500/- for my travelling charges, 1500/- for my personal savings these money for exactly to my marriage purpose/ some thing happend to me or to my parents then only I use these 1500/-) so this is my proper plan, But I did not missuse this money, because of i have some burdens and i have a little bit idea what i am, so that i planned myself. Some people getting their pensions so using those pensions they used their self, and those people helping to others like they may give cause of orphands, it possible then only they give to others otherwise how they give, definitly they may not give to others because they already suffered theyself and before going to help to others we have to think for ourself first then only we think others side, but some people said first help to others and althose things are vaste in my way. Some people getting Retirement money from their self, using those money they ralaxedly enjoyed their self, but they don't want to take money from their childern, and more over they save some money for their son in laws and dauther, and daughters kids ect.. so finally i conclude that in every one life saving are very important and proper carrier plan is important. Now i am 27years old but i have no tension about my life.............................
1 person likes this
• United Kingdom
31 Aug 09
I also budget myself although this has to take into account the fact that I am in debt. I have to clear my debts before doing anything else. Thanks for the lengthy response. Andrew
• India
31 Aug 09
Hi i am from india, Still now i have not settled in good job, i am still scared about my future about earnings, i got confident that i will overcome this problem, now i am going to invest on mutual funds, which will help me on future.
1 person likes this
• United Kingdom
31 Aug 09
Well, that sounds like a good plan! It's good that you have something in the pipeline. I have to think and think and think about how I'm going to handle things. I need to get sorted financially in terms of work within the next few years otherwise I'm truly stumped I think! Andrew
@mobhomeir (7565)
• Philippines
31 Aug 09
Honestly my friend that is what I am afraid in my future retirement though it would still a little far from what it must be. Anyway, I am still saving and looking for more financial sources for my future retirement....thanks..
1 person likes this
• United Kingdom
31 Aug 09
Retirement does seem a long way off for me as well but they say that it's best to start saving now well I wish I had the money to put away right now but I don't. I have to come up with some pretty serious plans if I am to change things. I hope that the future turns out to be a bit brighter for me. Andrew
• United States
31 Aug 09
Oh dear, no, my finances are pretty embarrassing. I am currently trying to pay off my credit cards, so that is top priority right now - to get out of debt. When I am free of that I hope to build up a reserve and start saving more. Unfortunately, as is the case with many people, my company closed in February so I was laid off, so right now its a matter of keeping afloat!
• United Kingdom
31 Aug 09
Ah that very word Debt! This is one thing that is also holding me back. By my estimation I will become debt free in around eight years from now! It feels like my life is truly over but I have never given up and I never will. I will pay my debts off no matter how long it takes. Only then can I maybe put a little away towards old age. Andrew
@lhsy2k (227)
• United States
31 Aug 09
I am not prepared at all, I'm trying to get by day to day. Hopefully I'll win the lottery or something or else I am screwed.
1 person likes this
• United Kingdom
31 Aug 09
I have nice images in my mind of winning the lottery but I'm afraid that this may never come to pass for me! It's the only sure way of having an extremely comfortable retirement. When I focus on reality once more though I'm thinking that I ought to start something and real soon otherwise I will find myself experiencing hardship later on in life. Andrew
• Philippines
31 Aug 09
I am still young though not so young, I am going to turn 31 years old this coming September 30. I have some bank savings at the moment but I am not yet saving for my retirement. I will get to start with that maybe when I am 36 years old. I am still enjoying my life at the moment, I like traveling and other adventurous activities. I don't want to travel when I am old enough as I think I will not really enjoy it compared with that I am still young. I don't want to be a burden to my future siblings and having a retirement savings is an essential. I want to have a laid-back retirement, I would like to live in a place near a lake and writing a novel for spare time.
1 person likes this
• United Kingdom
31 Aug 09
Well, that sounds like a plan to me! I'm still going through my thoughts on this subject. I still need to sort myself out in terms of work and employment. I figure I just need one happy customer to get the ball rolling in terms of my fixing computers and so forth. Since gaining my qualifications I've not had any success in this area. Well, I'm going to remain positive and hope that things start to change over the coming months and years. Andrew
@Angelgirl16 (2175)
• United States
30 Aug 09
Hi, Savings, retirement, pensions are all scary words to most Americans right now. I am somewhat prepared, but not as well as I should be. This is due to the lack of financial knowledge in my younger years. You are not too old or young to start saving for a nice life in your "old" age. Do something, even if you do auto deposits into a retirement account where you cannot touch it without a penalty, you will never miss it. I have mutual funds that got hurt pretty bad in the downturn, but because I have dividends reinvested and automatic withdraws from bank to investment account to purchase more shares on a monthly basis, I continued to purchase more sharing at a lower cost and now that the stock market is higher I have more shares at a higher price. I am not ready for retirement yet.In fact, I am back in college, learning is a passion with me, to change careers. I want to do and learn as much as I can before I am through with this life.
• United Kingdom
30 Aug 09
Hi Angelgirl, it sounds like you have a good plan and that you know what you want. I'm still pretty hopeful that I can make some positive financial decisions over the coming months and years. I have a friend who is seriously into shares and he is forever monitoring the financial markets. Maybe that is a good thing to do as well, shares and so forth. Well, only time will tell I guess. I hope that we escape this so called recession real soon. Andrew
• China
30 Aug 09
Ah. In our countries. We have pension after retirement. That was when our previous work, pay, and then help us to pay part of the country, as part of our own cross. To wait until after the 55-year-old can get their pension of. Now I see the retirement age, but I am in poor health. My husband and children do not want my work. I do not work this time. Countries that do not handed to me. After the pension is paid my own.
1 person likes this
• United Kingdom
30 Aug 09
I'm sorry to hear that you are in poor health. It's good that your country has a plan in terms of retirement and pensions. I guess it's not something to overly worry about. I think about this from time to time and I also think to myself that I am doing my best to make positive changes so hopefully things won't be as bad as I make them out to be. Only time will tell I guess! Nice talking to you. Andrew
@scheng1 (24733)
• Singapore
14 Oct 15
You can forget about relying on the State for your old age. There will not be enough money for you to claim from the government. The money might be enough for you to survive on 2 meals a day, but it is not enough for you to pay rental, utility and everything else. It is best that you start saving money. You can buy insurance endowment plan or buy shares or just save money in the bank.