I’m back on to pensions again. There’s a new report out. Link to the full IFS report or click the pic.
Apparently people in late middle age don’t understand their pensions,
don’t have enough information to calculate what they’re going to get when they
retire, and aren’t saving enough in the present economy. As I’ve been finding
out while I negotiate my own pension arrangements (and OMG as younger people
say on the internet, doesn’t it take a long time), you can’t really tell what you’re
going to get until it flows into the bank account. But having been in various
public sector jobs for half my working life, I was forced to save more than I
would have done if I’d been left to my own devices, and this is the reason I’ve
done better than others who didn’t have that requirement on them.
It’s unimaginable how much you have to save of your income
(and you’ve got to be both lucky and not tricked out of money by our shoddy banks)
to have a reasonable income during the long period that people are now going to
be retired.
The ESRC are highlighting this report from the Institute of
Fiscal Studies (that’s the organisation that always gets a big press commenting
on how the Chancellor of the Exchequer’s got it wrong again when he presents a
budget – I always like to look at the websites of people who are well-informed
and critical).
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