Markus

OK, nixs and I were just chatting and she asked if I had a pension, I said 'no, only the state one'. This got me thinking about maybe looking into getting one (I'm 28).

I'm pretty sure the state pension will be next to nothing, if it exists at all, when I reach the age to collect.

So, anyone got any advice, as I'm totally clueless about what I need, what I have to do, and where to look for one!

hail-hail

Good thing about a pension is that the money is not taxable. My pension contribution comes out of my salary before Mr Vat gets his claws into it.

Oh and yes, the state pension is pants now, never mind 30 or 40 years from now!!!!!

camk

sooner you start the better.....at 28 your a late bloomer you'll get tax relief on any contributionsso keep that in mind.

steve G MAN

you could join the army and do 22 years great pention cant wait to get mine he he

RON

Started mine at 17!!!!

barge

37 in may & have done sod all.

I blame the Ex. who has taken as much money from me as possible so pension is my last thought

carl

I haven't started either (30 in August). My only consolation is that people my age who've been investing for 10 years have probably got a fund worth f-all at the moment...

dnb

I've not done anything yet either (24) I'm working on paying off debt (mortgage, student loan etc...) while the interest rate is low.

Will be sorting something out shortly with a bit of luck.

You should start it ASAP, as I'm told that due to compond interest the first money you put in ends up to be worth the most...

[Edited by dnb - 1/23/2003 10:56:32 PM]

Kevin Greeley

The main advantage of a pension has to be the tax relief you get when you contribute.

However, there are many disadvantages and whether you take one out depends on your individual circumstances and whether you want to gamble on future investment returns and government policy.

Think about other forms of saving e.g. ISAs, property?

See an IFA and pay for advice, not one who works for commission.

Just my 2p's worth.

Tiggs

"See an IFA and pay for advice, not one who works for commission."

commission on a pension? i think you'll find the IFA will be pushing for fees more than the client!

Devil's Refugee

You'll need to consider how much money will comfortably sustain your way of life in your golden years.

Ever thought about investing in property instead ?
More and more peeps seem to be going down this route with the state of the economy and country in general the way it is right now.

David Lock

Get a job as a Fireman?

CrisPDuk

Buy the biggest house you can afford now or, buy yourself a couple of cheap houses & let them. The way the gov't & pension authorities are failing to regulate the industry, any contributions you make are going to be worth 90% of f**k all by the time you come to draw it

Avril

I'm 23 and quite happily contributing nothing into any pension plan. And that's how it's going to stay until the day we stop opening the papers to '...and another pension company goes under...'.

Not even sure if property is the way to go any more. I bought a flat when I was 21 and sold it at a good time and made 13 grand. But who's to say that there won't be a massive slump from which we won't recover?

The only guaranteed ways of successfully securing your future are:
1) Be born rich
2) Get a crystal ball (and no, you can't borrow mine)

ProperCharlie

I still reckon property is fairly safe: even if prices crash and do not recover, people will still need somewhere to live. If you buy a second property at 30, the mortgage will be paid off by the time you are 55. you will then have the benefit of most of the rental income for the rest of your natural, and still have something to leave the kids.

Markus

Right, thanks for the info.

Property is NOT an option, so that takes care of that one.

Think I'll chat to an IFA and see what they reckon. Just want some provision for later in life, as the govt pension is going to be worth jack $hit.