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Pensions
Saving for retirement has been something of an old fashioned concept over the last ten years as our economy has boomed. As property prices rose we all felt a little bit invincible and if we had a pound for every time we heard 'I don't need to plan for retirment, my house is my pension' well, then we wouldn't need a pension ourselves.
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To be fair this wasn't the only reason as the provision of pensions has also changed dramatically over recent times. In years gone by, most employers offered a pension scheme to employees and normally contributed on their behalf. A lot of companies have now closed their pension schemes or watered them down to reduce the liabilities on the firm. In addition we dont seem to stay with the same employers for very long, unlike in the past, so we can end up with several smaller pensions accrued over the years. |
So although the landscape for pensions has changed, the public psyche hasn't. By that we mean that the onus for making sure that you have sufficient provision lies squarely with the individual, yet there seems to be a general malaise surrounding this with the perception that 'someone will sort it out'. This has perhaps been perpetuated by the growth in the benefits system which we constantly hear about in the media and this can give a feeling of security although, when you look at the figures, this is often misplaced.
So if you are reading this then you most likely are assessing your retirement provision, and that is a good starting point. You may have several pensions already and aren't sure what they will provide you with, or you may have nothing at all. Either way dont worry as its never too late to start. Just remember the following
'Pensions are dull and boring, until you are 65 and broke.'
