The dog ate my pension

Dog image relating to pensions

Pensions

MoneyPlus Features Team

29th September 2013 at 6:42pm

You’ll have spotted that my title is a paraphrase of one of the oldest excuses in the book.

Generations of school kids have used the original, “the dog ate my homework” in the hope of explaining away a failure to deliver their assignments on time.  It’s an excuse which can be traced back as far as 1929.

Until now though, I’ve not heard of it being used as an excuse for not having a pension.  Although it’s amazing how many excuses people do come up with for putting off saving for their pension.

Here are five I’ve heard:

1. The Government will look after me (but are you confident you can manage council tax, utility bills, insurance and groceries on just £7,384 a year?)

2. My house is my pension (but where will you live if you sell your home to release the cash?)

3. I’m waiting for my inheritance (but what if your parents outlive you?)

4. I’ll start later (The longer you put it off, the more you’ll have to play catch up and make bigger sacrifices to fund the retirement you want.)

5. I’m feeling lucky! (Maybe your retirement problems will be solved by winning the Lottery. But with a 1 in 14 million chance of your 6 numbers coming up, according to the UK National Lottery website, it’s a bit of a long shot.)

Average life expectancy in the UK now sitting at 79 for men and 80 for women.

Of course, there will always be demands on our disposable income, especially after recent economic challenges.  But with average life expectancy in the UK now sitting at 79 for men and 80 for women,* more and more of us will need to prepare to fund for longer retirements.   And with the Government planning to introduce a new universal state pension of just £142 a week, making the most of your retirement savings isn’t a luxury, it’s a necessity.

So, how much might you need?  This handy calculator can help you figure it out.

As Ryan Blair said, “If it’s important to you, you will find a way. If not, you will find an excuse.”  Whatever you do, don’t put off thinking about your pension with another excuse.

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