With all the news in the UK at the present worry people about having enough money when you retire. As someone who has been here for a couple of years and is still under 40, the pension situation does worry me.
I had a pension in the UK but has recently stopped. I also have a small military pension when I am 65. My employers don't give me one and even the big Internationals schools seem to give a small amount except 3 I know off.
Do people worry about this? I have recently kept up my NI (national insurance) contributions so at least I get a state pension. Has anyone got any solutions? Any Ideas? Don't say have a few kids and expect them to look after you, like the Thia way.
After all we are all living longer and need to take care of our future. :chug:
It does worry me occasionally.
There really is no pension in the U.S. anymore.
The 401K is an experiement and it isn't working. It'll be too late for many however.
I won't need it, luckily though. I'll have postive cash flow coming in.
Yes, although I haven't actually got a pension I'm trying to put by 10,000 a month and usually manage it. Also, I've just started a distance degree in Eng Lit so I can improve my job and wages. Hopefully, by the time I hit 40 (a good while yet), I'll have a very well paid job and will be able to put even more aside. The only thing that worries me is having a family and not being able to save any money. One teacher at my school has a wife a two kids and dosen't manage to save anything. Very worrying situation in my opinion.
I have to agree, whilst having no kids at the moment, it does worry me. I don't personally think 10, 000 baht is enough. Or am I worrying to much?Originally Posted by Mr Flory
Yes, although I haven't actually got a pension I'm trying to put by 10,000 a month and usually manage it. Also, I've just started a distance degree in Eng Lit so I can improve my job and wages. Hopefully, by the time I hit 40 (a good while yet), I'll have a very well paid job and will be able to put even more aside. The only thing that worries me is having a family and not being able to save any money. One teacher at my school has a wife a two kids and dosen't manage to save anything. Very worrying situation in my opinion.
Well we all live to our means but I feel 30,000 Baht is needed, if you compare to the west figures on saving money for your retirement every month.
My new house is my best chance of a pension and the main reason i bought it.
Will sell it eventually, rent a crummy room and live off the proceeds till my death. ( would take about 20 years at 10,000 a month to do the same thing.)
Theoretically.
Is that a house in Thailand or in the West?
If someone is saving "cash" into a saving account remember this:
The interest you get will not keep the pace of the basic cost of living.
EXAMPLE:
You are 57 and have 100,000 USD (Baht equivalent)
1. You plan on living off of the interest of the money at say, 2-6%
2. Over time (which will be over 20 years if you are 57, according to life expectancy) you interest will NOT keep up with the cost of living CPI and inflation.
[/quote]
Is that a house in Thailand or in the West?[/quote]
Here but financed in the main by a loan against my place in Wales.
Is that a house in Thailand or in the West?[/quote]
Here but financed in the main by a loan against my place in Wales.[/quote]
Just a bit of advice. My friend from Wales. The prices of houses here are very volatile and you may be repaying 10,000 baht for many many years to come. Good luck though. You can never really own a place here and call it yours for ever!
:chug:
Ahh no, you misunderstand.Just a bit of advice. My friend from Wales. The prices of houses here are very volatile and you may be repaying 10,000 baht for many many years to come. Good luck though. You can never really own a place here and call it yours for ever!
It is paid for 100%..
Tenants are taking care of the loan (a small one) in Wales.
Added after 3 minutes:
I have no idea if these are true, but a pension company in the USA just used them in a sales pitch to me:
Statistics worth reading.
At age 50, 75% of the population has less than $5,000 in the bank for retirement.
At age 65, 45% of Americans depend on relatives, 30% depend on charities, 23% still are working (most can't afford to quit and work until they no longer are physically capable) and Only 2% are self-sustaining.
At the present time, it is impossible to support a family of two working full time at minimum wage! For the first time in history, the current generation is averaging a lower standard of living then their parents! Automation is taking layoffs to record highs!
The Bureau of Labor Statistics says that out of 100 people that start working at the age of 25, by the age of 65...
- 1 is wealthy
- 4 have enough money to retire
- 63 depend on Social Security or charity
- 29 are deceased
95% of people, age 65 and over cannot afford to retire and work until they die!!
And that's only IF they have jobs to be able to work.
% So, if you live in the UK or the US, do you have to contribute? In my country you don't have to have worked a day in your life, nor paid any taxes and you still get a pension(albeit small, but liveable) when you retire. Of course if you have worked, your employer by law has to contribute, on your behalf 9% of your gross wage.
The state pension is now linked to prices, not income. So the value is gradually being eroded. Also, if your employer goes bust, or just decides to close your pension fund, your stuffed.
The pension crisis is only just beginning.....
Understand. I hope there isnt a world economic crash and hosues go with them. Although a house will always have some value.
Thanks.Understand. I hope there isnt a world economic crash and hosues go with them. Although a house will always have some value.
But in truth the house cost less than my brothers new kitchen in England, so how bad can it be.
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