Sunday, 5 April 2015

Pension Pot!!

Well my fellow seniors....this week we come of age ....we are deemed responsible enough to look after our money!!

I for one welcome this wholeheartedly and am so tired and really annoyed at these holier than thou people who surface on TV saying these geriatrics are all going to go mad and spend, spend, spend!

Who do they think they are?  Don't they realise that if people have saved they are the least likely to behave in this way! Also we are quite astute...we realise the tax implications if we take more out and that it may bring you into another tax band....we are not stupid!

We also have the teenagers who are encouraged by TV stations to vent their spleen and attack seniors for having it all whilst they are "suffering".  They don't realise we have been there but with far less than they have now.  There is so much of a sense of entitlement now amongst the young - not prepared to wait for anything or save.  Any money that comes their way is spent on holidays and enjoyment.  Okay this doesn't apply to all but there's a fair proportion who do think this way.

I can remember in my twenties when we had no choice but to contribute to pensions and at the time we all moaned because we could have done with the money...but you know what? we managed.

Along the journey of life we accrue pensions from a variety of employers.  One of the most lucrative I now receive is my teachers pension. I worked for 7 years as a lecturer and this pension provides far more than the private pension I began when I started my business.

So we arrive an at eclectic mix but it isn't such a bad thing as I am a true believer in not putting all your eggs in one basket. Given what happened to Equitable Life seems sensible!

The one bit of advice I would give to young people is we all feel that retirement is so far away why should we bother? Well believe you me it suddenly happens and you wonder how did we get here? One glass of beer a week or large glass of wine in a pension fund can make all the difference in later years to your enjoyment in retirement.