Falling Pension Annuities

[Anna B]

I wonder how many people realise how low pension annuites have fallen in the last few years?

 

Supposing after a lifetime of working you've managed to save £100,000 into your pension pot with which to buy a pension.

 

In 1990 a 65 year old with £100,000 would have received an annuity worth £15,610 a year. Now, that same retiree would receive only £6,216 a year. With the rising cost of living, inflation etc, that will not go very far.

 

So kids, if you're lucky enough to have a job and have anything left after paying your living costs, university fees and mortgage, you'd better get saving...

[Vague_Boy]

So kids, if you're lucky enough to have a job and have anything left after paying your living costs, university fees and mortgage, you'd better get saving...

 

Or get a public sector job.

[JFKvsNixon]

Doesn't the employer contribute money towards your pension as well?

[crazybaby]

Not if your a sub contract brickie or labourer, or self employed

[Anna B]

It's another victim of the banking crisis; low interest rates etc.

 

Meanwhile Dave is still refusing to put a block on mega bank bonuses.

[angos]

I wonder how many people realise how low pension annuites have fallen in the last few years?

 

Supposing after a lifetime of working you've managed to save £100,000 into your pension pot with which to buy a pension.

 

In 1990 a 65 year old with £100,000 would have received an annuity worth £15,610 a year. Now, that same retiree would receive only £6,216 a year. With the rising cost of living, inflation etc, that will not go very far.

 

So kids, if you're lucky enough to have a job and have anything left after paying your living costs, university fees and mortgage, you'd better get saving...

 

They are likely to fall even more if labour get their way and cap company profits.

[Doom]

On my annual pension statement it states what I should expect to get per month in todays terms when I retire.

 

I've noticed over the last few years the figure does seem to be dropping rapidly, when you'd actually expect it to rise each year as a result of inflation.

 

Based on the current figures, I certainly won't be retiring until I'm about 120.

 

Regards

 

Doom

[Anna B]

It's another of those things that no one realises unless they are coming up to retirement age, but it is a major change that will affect nearly everyone eventually unless things improve drastically.

 

Most people are going to have an impoverished old age even if they've done everything right.

[chem1st]

Most people on this forum should avoid paying into a pension like the plague.

 

1. Retirement age is not fixed and is rising.

2. Life expectancy isn't all that great, especially for lower class people (i.e. the people of South Yorkshire).

3. Crap housing is reducing your life expectancy further (especially for younger generations).

4. The banks steal pensions.

5. The government steals pensions.

6. The currency will most likely collapse before you reach retirement.

 

etc.

 

Pensions don't make sense for poor people. Pensions are effectively a benefit for the rich. Poor and rich pay in alike, but the poor die without getting to see theirs, whilst the rich live on for years and years, getting way more out than what they put in.

 

I wonder how many people realise how low pension annuites have fallen in the last few years?

 

Supposing after a lifetime of working you've managed to save £100,000 into your pension pot with which to buy a pension.

 

In 1990 a 65 year old with £100,000 would have received an annuity worth £15,610 a year. Now, that same retiree would receive only £6,216 a year. With the rising cost of living, inflation etc, that will not go very far.

 

In 1990, the average 65 year old died earlier, and had had more kids.

 

State pensions were lower in real terms, and pensioners didn't suck so much on the teat of the welfare state as what they do now

 

Today, pensioners are living longer, haven't paid much into the system (most have took out), they didn't bother having many children, they get higher pensions in real terms and suck much more on the teat of the welfare state.

 

It seems a bit daft to be keeping many of them alive and paying them cash at vast cost to the taxpayer hooked up to machines like zombies to be honest, whilst their homes like empty and their children live in overcrowded slums.

 

So kids, if you're lucky enough to have a job and have anything left after paying your living costs, university fees and mortgage, you'd better get saving...

 

Don't save in a pension whatever you do, for the sake of yourself and your family. Have children by all means, have many, but don't put into a pension, when the time comes, you can always do yourself in, it is far better for society and your family.

 

Unless perhaps you live in the South West of the city and are already adept at milking the system. If you live in the South West, and can rob the poor via property, you'll probably be successful of robbing the poor via pensions too. You can live off of others hard work by being a rentier throughout your life, and then live off their savings in retirement, for they will die early, and you will live long, you'll claim far more than you put in.

 

If you live in the East of the city, are under 40 and pay into a pension you should probably see a doctor and put in a claim for DLA for brain damage.

 

http://www.sheffieldforum.co.uk/showpost.php?p=8564958&postcount=59

 

BOOM!

 

Monthly pension of £1124 reduced to £626.

 

Pensions getting wiped out, literally, whilst inflation reduces PPP.

 

But what do you expect?

 

http://www.sheffieldforum.co.uk/showthread.php?t=837157

 

It was going to happen, it is happening, and pretty soon it will have happened.

 

And for what?

 

So that your child might spend half of his working life on a property that cosists of less than 1000 hours labour so that your property retains its 'nominal' value. Nominal GDP might be increasing, but living standards are falling.

 

Wake up people. You were being robbed, and now you have! And your children remain impoverished. They canny even afford to have their own children, we need to import workers for we cannot afford to breed our own!

 

Pound sterling will soon be pound starving. What you going to do?

 

The future of this country is in the youth. I suggest you make friends with them. They aren't going to be spending 10*income to buy your house anymore!

[Anna B]

Most people on this forum should avoid paying into a pension like the plague.

 

1. Retirement age is not fixed and is rising.

2. Life expectancy isn't all that great, especially for lower class people (i.e. the people of South Yorkshire).

3. Crap housing is reducing your life expectancy further (especially for younger generations).

4. The banks steal pensions.

5. The government steals pensions.

6. The currency will most likely collapse before you reach retirement.

 

etc.

 

Pensions don't make sense for poor people. Pensions are effectively a benefit for the rich. Poor and rich pay in alike, but the poor die without getting to see theirs, whilst the rich live on for years and years, getting way more out than what they put in.

 

 

 

In 1990, the average 65 year old died earlier, and had had more kids.

 

State pensions were lower in real terms, and pensioners didn't suck so much on the teat of the welfare state as what they do now

 

Today, pensioners are living longer, haven't paid much into the system (most have took out), they didn't bother having many children, they get higher pensions in real terms and suck much more on the teat of the welfare state.

 

It seems a bit daft to be keeping many of them alive and paying them cash at vast cost to the taxpayer hooked up to machines like zombies to be honest, whilst their homes like empty and their children live in overcrowded slums.

 

 

 

Don't save in a pension whatever you do, for the sake of yourself and your family. Have children by all means, have many, but don't put into a pension, when the time comes, you can always do yourself in, it is far better for society and your family.

 

Unless perhaps you live in the South West of the city and are already adept at milking the system. If you live in the South West, and can rob the poor via property, you'll probably be successful of robbing the poor via pensions too. You can live off of others hard work by being a rentier throughout your life, and then live off their savings in retirement, for they will die early, and you will live long, you'll claim far more than you put in.

 

If you live in the East of the city, are under 40 and pay into a pension you should probably see a doctor and put in a claim for DLA for brain damage.

 

http://www.sheffieldforum.co.uk/showpost.php?p=8564958&postcount=59

 

 

 

Hell's bells, you're abit of a one for generalisations aren't you?

 

State pensions might well be withdrawn in the future, so what will people live on then?

I suppose we could always work people till they drop - literally,

or maybe we could insist on compulsory euthanasia at 60.

 

These probably seem like reasonable solutions in your world...

 

The fact is we each have to find a way of funding our old age, and if pensions and saving is no good, and becoming a landlord not an option, what else is there?

 

Incidently more and more people are living to 100, some of those were born in a time of great poverty and deprivation, and yet they survived.