There was a time that pensions were a long way off, somewhere in the mists really, not that relevant to me because I had no intention of growing old. Mmmm. It did not work, did it. Not that I was irresponsible, not at all. I brought up a family, worked, bettered my career, moved countries, found myself in different situations and made the best of it. Muddling along as most of us do, in the scheme of things.
And then, when you start thinking about pensions the world goes to pots, or rather, the economy does. Worldwide. The headlines tell you that now is not a good time to be thinking of picking up your pension because pensions are devaluing at a worrying rate. And you have no idea how all that happened. Just when you for the first time in your life are able to set aside a little bit more towards your pension because your kids have gone, you have a good job, you enjoy your job and would like to continue with it, at least for a little bit longer, however long it lasts because you need that extra money to set aside for your pension. And suddenly it does not stack up any more. Jobs are more insecure, pensions devalue.
Well, start reading Whoops – Why everyone owes everyone and no one can pay. That’s what happened and that’s why it’s all gone pear shaped. Even I understand it now. Not that it makes any difference to my pension!
- One in three workers do not have a pension (moneyexpert.com)
- The importance of saving into a pension early (justsave.co.uk)
- Brits putting retirement on hold as their pensions are too small (moneyexpert.com)