Saving your own pension fund?

[babycrazy1706]

Does anyone save their own pension fund specifically not to be used until old age? Or do you have a private pension? Xx

 

[hayz_baby]

I pay Into a work scheme but I know these are getting less popular for a variety of different reasons. I know a lot of people are looking at alternatives in regards to their pension including s&s is as and property. I would personally say that if u are looking at alternatives to pensions then seek advice from a FA who will be able to point u in the right direction. It may also come done to your age and how much u are able to put into a pension each month..

 

[minties]

We have 3 savings for this. Kiwisaver, a government scheme, my OH has a pension scheme through work, and we have a high interest savings account.

 

[Vesta]

I use a pension scheme through work. As that way my employers contribute too. I pay in 6% of my salary and they add an extra 10%.

 

[Jchihuahua]

I pay into a teacher's pension. It initially was great until in the last year I've ended up paying £100 a month more for less money at the end and having to work for longer to get it!

 

[babycrazy1706]

^^^^ see this is what confuses me about pensions..... If you're going to end up losing out in the end, why not just save your money into a high interest savings account ? I don't understand it all tbh. Xx

 

[hayz_baby]

If ur in the uk u won't get a high interest savings account. Rates MIGHT go up.. Don't put all your eggs into that basket.best u will get is around the 3% mark for 5 yrs tied up. That's barely above inflation. Effectively meaning u can loose the real value of ur savings. Always seek FA advice in regards to pensions. If u r not uk then ignore this advice x

 

[babycrazy1706]

Ah ok. Yes I'm uk. Xx

 

[Pearls18]

I'm paying into a local government pension scheme which is better than a private sector pension although not as good as they used to be, my husband will get a military pension which are very good. From my understanding savings won't get you anywhere near what a pension will, employers make contributions for you too in a work pension. But it does worry me because pensions aren't what they used to be even public ones but it's the most sensible thing I can do currently at my age (26) when we have more disposable income and older we will think about other things. We are due to inherit from 3 people (when we are MUCH older I hope) so that is a bit of a comfort, and I am assuming we will buy a family home and may well downsize by retirement as well which will give us more money. I'm trying not to worry too much but one of my biggest fears is poverty in old age, I want to be that old couple that goes on cruises lol, not choosing between heating or eating.

 

[babycrazy1706]

^^^^ same!! I hate the thought of being cold or hungry when I'm old