Retire before I start work?
Today I received a letter from the Retirement Pension Forecasting Team at The Pension Service. The average retirement age in the UK is 63, I believe the mandatory retirement age is 65.
Now, while I realize that it is very important to save for the future, I see a couple of problems with being told to do so. The first is that, yes, I realize that it is very important to save for the future (see I even wrote it twice). Second problem is that thanks to three years of university I have debts that are running into 4 figures, couple this with not yet having a job, and it is unlikely that I will be able to save anything for at least a year or two, maybe more. The third problem is that I am 42 years off the average retirement age, 44 off mandatory age. So while the forecast is that I will get £84.25 per week basic state pension, a lot can happen in 40 years, so a) I doubt that I will actually get the amount they forecast and b) no one knows if they will still be around in 40 years.
Still, nice to know the Pensions Service cares about me.
Now, while I realize that it is very important to save for the future, I see a couple of problems with being told to do so. The first is that, yes, I realize that it is very important to save for the future (see I even wrote it twice). Second problem is that thanks to three years of university I have debts that are running into 4 figures, couple this with not yet having a job, and it is unlikely that I will be able to save anything for at least a year or two, maybe more. The third problem is that I am 42 years off the average retirement age, 44 off mandatory age. So while the forecast is that I will get £84.25 per week basic state pension, a lot can happen in 40 years, so a) I doubt that I will actually get the amount they forecast and b) no one knows if they will still be around in 40 years.
Still, nice to know the Pensions Service cares about me.
posted by pruvaloo at 2:43 PM
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