How does the stock market affect me?

[jansman]

I believe we have passed peak growth too. Trouble is I fancy retiring before I die! A crap market means( to us mortals) crap pensions. TPTB keep banging on about looking after ourselves/ aging population etc. so we try. Trouble is pensions keep getting raided for tax revenue, and the age for claiming state pension goes up and up. This weeks events in the financial world will serve only to erode savings even further.

My own parents and in laws retired in the boom years, and frankly are as rich as Croeseus with their final salary pensions and money made in better investment markets. I am now on the downhill slope to state retirement , and what that will pay will not cut it. Full stop. So what to do?

Well, granted, the house is paid for, but it has to be maintained. Add to that, as I get older my prospects for sustainable well paid work is diminishing fast. Without being politically abrasive, Polish and Lithuanian butchers have driven the price of our labour down. This makes it hard to save cash now.

I am investing in precious metals where I can, and that will pay I am sure. I buy and sell vintage motorbikes and that does too. Trouble is, I find the latter very tiresome as I get older. I can see myself, along with many of my peers having to work into my dotage. That will mean a change of employment, cos the physical nature of my work will not allow it past the next five years.

Anyhow, please forgive my rambling. I suppose my point is that unlike my parents who worked in jobs for life, with good payoffs before 60 years old, our collective future is uncertain, and anything we do manage to save will not reap the rewards of the near past.

[diamond lil]

Yep, we are on the pension already but I feel so sorry for people who have worked all their lives in the expectation of £x per year and are now in danger of not getting anything near it

[pseudonym]

Much like jansman, my parents are set in their retirement, and I was taught money management from an early age.

I am on a set Military pension ATM, so not affected for another 6 years then it becomes index linked.

I took the decision to completely retire early but worry that the state pension will be gone/worthless in another 20 years.

That and my *endowment policy* is due to mature in 3 years I hope the Market improves.


* paid off Mortgage, but kept policy going.

[Deeps]

Much like jansman, my parents are set in their retirement, and I was taught money management from an early age.

I am on a set Military pension ATM, so not affected for another 6 years then it becomes index linked.

I took the decision to completely retire early but worry that the state pension will be gone/worthless in another 20 years.

That and my *endowment policy* is due to mature in 3 years I hope the Market improves.


* paid off Mortgage, but kept policy going.

I'm in a similar position to yourself, Forces pension and early retired (although I prefer to think of myself as a 'trophy husband' , Her Maj still works) As I've posted in one of the other threads I've got a couple of rental properties which gives me a small income and eventually when they're paid off a larger income/pension pot. I'm not even factoring in a State pension as part of my finances, I'm sure I'll get something and I'm sure I'll find a use for it.

Because we're all living longer and there are um, more people dipping into the welfare pot than there was, the country can't afford to give everyone as much as they want/need. The rights and wrongs are a different issue (and probably not for this forum ), its the knock on effect that we'll be dealing with so I think its a case of looking after ourselves as best we can financially. I'll not be greeting about all the taxes/NI contributions etc that I've paid, as long as my lifestyle is good then I'm happy enough and touch wood it should be. Taxes are a given and the I in NI is insurance, who hopes they'll need to claim on their building insurance ? That normally makes for a bad day, I see having to 'get my share' of the NHS/welfare in a similar light although as we age we do tend to need the NHS more.

I feel for the ones starting out now (I'm 47), my daughters generation will be sweating on parents dying off to get on the property ladder. I think the golden age for pensions etc is very much on the way out, I hope I'm wrong.

[jansman]

My financial advisor friend always says that, " pensioners now, are the richest there has ever been, and the richest there ever will be." Interesting.

[itsybitsy]

My financial advisor friend always says that, " pensioners now, are the richest there has ever been, and the richest there ever will be." Interesting.

And also somewhat depressing...

[preppingsu]

My financial advisor friend always says that, " pensioners now, are the richest there has ever been, and the richest there ever will be." Interesting.

Unfortunately not for my folks, they are struggling to make ends meet and cannot sell their house to downsize and be nearer us. Both in 'poorer' health so long term future looks bleak.

I feel for the ones starting out now (I'm 47), my daughters generation will be sweating on parents dying off to get on the property ladder. I think the golden age for pensions etc is very much on the way out, I hope I'm wrong.

We have no property and rent which now will continue until we die. We have nothing to give our children and they in turn will never be able to buy their own place.
I will have a little pension which may keep us going but I will need to work past 65! Shocking really.

[Deeps]

My financial advisor friend always says that, " pensioners now, are the richest there has ever been, and the richest there ever will be." Interesting.

Unfortunately not for my folks, they are struggling to make ends meet and cannot sell their house to downsize and be nearer us. Both in 'poorer' health so long term future looks bleak.

I feel for the ones starting out now (I'm 47), my daughters generation will be sweating on parents dying off to get on the property ladder. I think the golden age for pensions etc is very much on the way out, I hope I'm wrong.

We have no property and rent which now will continue until we die. We have nothing to give our children and they in turn will never be able to buy their own place.
I will have a little pension which may keep us going but I will need to work past 65! Shocking really.

I feel for you Su, don't write your kids chances off just yet though, who knows what's round the corner. For a long time 65 was the magic number and while I get why things are having to change it doesn't make it easy for those that are most affected by the changes. I don't want to be political (a bit hard with pensions) but personally I'd rather 'my' pension went to better use (assuming my plans work out) than it going to myself. I know there's different schools of thought on this and I get the logic from both sides, I know how I feel about it though.

[diamond lil]

But please bear in mind that living in rented housing isn't exactly a life of dire poverty in a mud walled hovel - and if you lose your job or get run over by a bus then the rent is paid for you.

[Brambles]

But please bear in mind that living in rented housing isn't exactly a life of dire poverty in a mud walled hovel - and if you lose your job or get run over by a bus then the rent is paid for you.

Quite right, Lil. I've lived in rented accommodation my whole life. Would I like to own? yep, but that ship sailed a while ago. There are other ways to see your kids right. The Brambling will have any left over from my pension pot, as It's in PM's.