You will regret it if you don't- and it will be too late. (State Pensions)

Member Name: Trishajs

Product:	State Pensions
Date:	08/11/09 (47 review reads)
Rating:

Advantages: Time to live and the money to do it

Disadvantages: It takes discipline

I wish people would stop complaining that the state pension is not only getting further away. but also that they will never be able to afford to retire, because the state pension is so low. Yes, it is true that we have. compared to many other countries a poor pension scheme., but this is not a new fact, I have known the pension scheme was going to be a help, but not a solution since the day I started paying my national insurance stamps. And yes, when I started it was just that- STAMPS!

I am not by any means well off, but I live realistically, knowing that I am not only earning a living for the times I am at work, but that I also need to provide for my retirement.

The problem is, we have all come to expect too much, we want what we want, rather than need what we need.

Quality of life is important, but if I can only afford 5 nights instead of 7 for a holiday, because the other expenditure goes into my pension pot, then so be it.

If I watch the news rather than buy a paper, if I price compare and don't buy a new handbag, until the current one has worn out, if I don't have satellite TV, if I, If I, if I.... well so what?

There will be some people who are living on or below the poverty line, and I am not targeting them with my comments. However, I am getting upset because I hate that financial education in this country is so lacking. I want people to have a quality of life and, if their desire is to retire before they drop, I want them to have the wherewithal to do it.

Please look at the state pension, as finance that will assist you in your retirement- but it will not allow you to live. It is always better to start saving when you are younger, but however old you are it is never too late to start.

You can go onto DIRECTGOV and get a pension forecast and I suggest you do, and then have a look at your own budget, and you may find you feel somewhat concerned. State pensions will soon be linked to earnings, a benefit that was removed under a former government, and this will help. However, it will not be a miracle cure. You will need more money and you will need to be doing something about it now. If you have other pensions then add them up and decide what your shortfall is, chances are you won't be able to plug the gap, but you can help it remain as a gap, rather than a canyon.

I am well aware how pension funds have lost a fortune during the recession, and so a cash ISA might be a sensible secure plan- but as long as you do something. I have had the comment that my shares have lost value, and I point out that whilst it is true that they have, they are still worth more than the zero holding that the person making the comment has.

Trust me on this one, unless you are in a job that you love and will be able to do as you get older, then chances are, you will want to retire at the earliest opportunity. Do not be a would have, should have, could have person. - you can make changes now. If you don't think you can afford a penny, then do my favourite money saving tip- write down every penny you spend in a month and I defy you not to find some non essentials. Always get rid of debts first, (unless you have interest free debts), and then start planning for the future.

Life is not a rehearsal; don't let the final act spoil the show.

Summary: If people laugh at you for being a sensible nerd, let them- you will have the last laugh.