"Retirement" plan

28 posts / 0 new
Last post
worksux
Offline
Joined: 26-08-12
Sep 9 2016 12:17
"Retirement" plan

I have this general fear that one day I'm not going to be able to work anymore due to health, age, etc. I do like some workers and have a meager mutual funds account and save a little money on the side here and there, but it's nothing that'll sustain my life towards "the end." So I guess I'm wondering what usually happens when workers reach that point, especially if they're isn't much family or friend support system in place? Are people usually successful searching out welfare benifits to sustain themselves? Or is suicide more likely?

worksux
Offline
Joined: 26-08-12
Sep 13 2016 17:09

So suicide it is then. Maybe I should get a head start on this before it gets grim.

Steven.'s picture
Steven.
Offline
Joined: 27-06-06
Sep 13 2016 17:57

That's kind of an odd statement. You can view suicide statistics pretty easily online, and wherever you go the numbers aren't that high, so no it's not "more likely", and it doesn't seem to be related to welfare benefits either (as some countries with good retirement systems like Finland have higher suicide rates in countries without like the US).

Most developed countries have national insurance schemes which pay out state pensions to people at retirement age, and have a system of care homes for people who cannot care for themselves. These often aren't great but they exist.

In the UK there is a high rate of home ownership, so an option for pensioners who don't qualify for state care is to sometimes sell their home or remortgage it to release value from it.

Growing old can be very hard, but it's not like suicide is the only option…

worksux
Offline
Joined: 26-08-12
Sep 13 2016 22:16

The suicide statement was more of a flippant answer to the original question. And admittedly, the question was directed to ppl who reside in developed countries like the UK/US. I suppose I was just looking for responses that provided a little reassurance that it'll be alright once someone gets older from personal experience. That answer suffice enough I guess.

Noah Fence's picture
Noah Fence
Offline
Joined: 18-12-12
Sep 14 2016 04:28

I do wonder, if I make old age, how the fuck I would pay my rent. I did have a few quid but I've used most of it coz of not being able to work. If I recover and can get back to work I'll be able to save coz my pay is pretty good but with my rent at £14k p.a. I can't see how I could maintain it for long. Back to my roots I guess - tiny council flat and the occasional smash and grab raid. At least now I'll have a mobility scooter to make my getaway on.

Auld-bod's picture
Auld-bod
Offline
Joined: 9-07-11
Sep 14 2016 07:35

Advice on how to live and retire anxiety free?

Well I used to get bombarded with lots of helpful tips: never a borrower or lender be; you can’t have your cake and eat it; a fool and his money are soon parted; many littles makes a muckle/take care of the pennies and the pounds will take care of themselves; always save for the rainy day, etc.

So you can live a thrifty life and then let low interest rates and/or inflation cut you off at the knees in your dotage. On the bright side, after a miserable life, retirement is only a continuation of that to which you’re grown accustomed.

None of this stuff helped me very much though this did:
Mr. Micawber's famous recipe for happiness:
‘Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.’
Charles Dickens, David Copperfield

Noah Fence's picture
Noah Fence
Offline
Joined: 18-12-12
Sep 14 2016 11:01

I always thought that it was 'many a mickle make a muckle'?

Edit: we're both right. https://en.m.wiktionary.org/wiki/many_a_mickle_makes_a_muckle

You may trump me in the Scottish stakes but there is no doubt that the tartan blood of the Ferguson and the Strachan clans are coursing through my veins!

jef costello's picture
jef costello
Offline
Joined: 9-02-06
Sep 14 2016 11:20

Auld Bod is right, as a teach in the UK I had a pension but they raised the threshold for eligibility, cut the benefits, raised the contributions etc. And all that for a pension that has no guarantee of existing when you get there.
I kind of understand what you mean about suicide, I used to joke that the retirment plan would end up being a revolver in the staff room.
In terms of the future things aren't going to get any easier, we'll just need to win some concessions then get some communism.
It could be worse, I'm not on the UK property ladder so I won't make stupid money (I know at least two people whose houses have nearly doubled in value in less than two years) but at least I won't lose it all when the market crashes. Mind you a property correction bring prices down to the same ratio as in the 70s / 80s would turn everything into Mad Max

Auld-bod's picture
Auld-bod
Offline
Joined: 9-07-11
Sep 14 2016 11:54

Seriously, there are things to look forward to in retirement even if you’re not rolling in dosh.

This morning I was up early and got my washing out. It was dry within an hour as it was warm enough to make my cat seek out the shade. With the heat on my back, I thought of all the poor children now back in school and longing for break time.
I’m now largely free from the tyranny of the clock that forced work imposes.

Serge Forward's picture
Serge Forward
Offline
Joined: 14-01-04
Sep 14 2016 11:56

I keep telling my sons to bin off this anarcho-communist malarkey, become filthy rich instead and sort me out a grandad flat at each of their respective des reses, which I will then convert into my own personal sin-cellars. It's a win-win. If they rebel and become more commie than their owd dad, result. If they do as they're told, then I get to live in the manner I'm not yet accustomed to. Get the fuck in!

Steven.'s picture
Steven.
Offline
Joined: 27-06-06
Sep 14 2016 17:26

I can't wait to retire

Tarquin
Offline
Joined: 14-07-14
Sep 14 2016 19:26

Hope bus passes still exist by the time I retire at 134 or whatever age they have us working to by then. Been longing for one those little cards since I was about 10 years old.

petey
Offline
Joined: 13-10-05
Sep 14 2016 19:29
Tarquin wrote:
Hope bus passes still exist by the time I retire at 134 or whatever age they have us working to by then. Been longing for one those little cards since I was about 10 years old.

as a TWU retiree my father had one for the rest of his life.

Noah Fence's picture
Noah Fence
Offline
Joined: 18-12-12
Sep 14 2016 19:43

At a factory my mate worked in about 30 years ago a guy was retiring after 50 years as a toolmaker at the same firm. They made, amongst other things, luxury toilet seats. His golden handshake then after 50 years of service? Yep, you got it, a fucking toilet seat!
I suppose it more useful than a watch at that age though. Not so bad after all.

jef costello's picture
jef costello
Offline
Joined: 9-02-06
Sep 14 2016 20:01

In London cops get a free travel pass as well as one for partner/housemate wink

Does anyone know if I can claim a foreign pension as well as UK state pension?

NGNM85's picture
NGNM85
Offline
Joined: 22-09-16
Sep 22 2016 23:49

From what it sounds like, I'm probably quite a bit younger, but I can definitely sympathize with your predicament. It's really rough out there. I'm going to finish my degree soon, with a sizable debt, and the same crappy job, with the same crappy wages/benefits. The best advice that I can think of is to try to build support networks. If you don't have many friends, try getting involved with local organizations, and activities. Inevitably, on a long enough time scale, you should be able to find some cool people. The only other idea I can think of is to talk to some kind of financial planner, or consultant, somebody who really knows their stuff. You can also get a head start by doing some research on your own, perhaps you'll find some useful advice. Best of luck, man.

Incidentally, situations like this just perfectly crystallize what is so terrible about capitalism, the way it forces human beings to sell their labor for poverty wages, and to spend their lives in fear, one disaster away from economic oblivion. It's absolutely insane that people can work for their entire adult lives and end up with nothing to show for it. Like I always say; just because it's legal doesn't mean it isn't criminal.

Red Marriott's picture
Red Marriott
Offline
Joined: 7-05-06
Sep 22 2016 23:23
jef wrote:
Does anyone know if I can claim a foreign pension as well as UK state pension?

As I understand it; if you've paid the contributions you get the pension, regardless of where you're living or how many other pensions you get. The only problem for UK pensioners is that for expats who moved to many countries (not all) it's frozen at the rate paid when you first start claiming it.

http://www.thisismoney.co.uk/money/pensions/article-1709959/The-state-pe...

http://www.iexpats.com/you-can-claim-a-state-pension-from-many-different...

Noah Fence's picture
Noah Fence
Offline
Joined: 18-12-12
Sep 22 2016 23:39

I know that my dad who has been a uk ex-pat for 15 years now gets no state pension at all.

petey
Offline
Joined: 13-10-05
Sep 23 2016 00:05
jef costello wrote:
Does anyone know if I can claim a foreign pension as well as UK state pension?

my aunt, irish but worked in england many years, collected a pension even while resident in the US.

jef costello's picture
jef costello
Offline
Joined: 9-02-06
Sep 23 2016 05:03
NGNM85 wrote:
The only other idea I can think of is to talk to some kind of financial planner, or consultant, somebody who really knows their stuff. You can also get a head start by doing some research on your own, perhaps you'll find some useful advice. Best of luck, man.

Unless you have more money to invest than most communists most of these guys are salesmen.

Thanks Red and Petey, looks like I'll be able to eat more than gruel every once in a while!

Noah Fence's picture
Noah Fence
Offline
Joined: 18-12-12
Sep 23 2016 06:45

So I gave my dad a call and I'd got it completely wrong. He gets his pension but because of where he is its fixed at the rate it was at when he was 65. Currently this means that he is £30 per week worse off than if he was in a country that has an agreement with the U.K. So it all depends on where you are.
This covers the basics...

https://www.gov.uk/state-pension-if-you-retire-abroad/rates-of-state-pen...

Red Marriott's picture
Red Marriott
Offline
Joined: 7-05-06
Sep 25 2016 17:58
Quote:
looks like I'll be able to eat more than gruel every once in a while!

Hopefully people like this vermin (who retired at 54 on an index-linked civil service pension worth around £120,000 pa) won't get their way;

https://johnnyvoid.wordpress.com/2012/10/24/blunketts-buddy-baron-bichar...

http://anotherangryvoice.blogspot.co.uk/2012/10/lord-bichard-force-pensi...

Chilli Sauce's picture
Chilli Sauce
Offline
Joined: 5-10-07
Sep 25 2016 20:42
Quote:
it doesn't seem to be related to welfare benefits either (as some countries with good retirement systems like Finland have higher suicide rates in countries without like the US

That said, I do believe, there's a correlation between cuts in welfare and increased suicide rates. There are obviously a lot of factors but, as I understand it, suicide rate peak in old age (after a previous peak in teenage years) and financial insecurity is part of that.

That said, worksux, your OP made me wonder if maybe you're not feeling a bit depressed already? Maybe it was totally a flippant remark, but if you are feeling suicidal, you should definitely find someone to talk to.

Here's a thing that some libcommers brought together a while ago that might be worth skimming as well:

https://libcom.org/library/class-struggle-mental-health-live-fight-anoth...

potrokin
Offline
Joined: 28-05-16
Sep 25 2016 21:25
worksux wrote:
So suicide it is then. Maybe I should get a head start on this before it gets grim.

Yeah, you sound depressed to me. Perhaps you should talk to a doctor- they should discuss your depression with you and see what sort of help you might need such as councelling or medication.

ajjohnstone
Offline
Joined: 20-04-08
Sep 26 2016 04:23

I took early retirement from Royal Mail, sold the house, gave away the dog and the car, and became an economic refugee (okay, an ex-pat) by fleeing to a country with one of the lowest costs of living. My occupational pension is enough for a weekly visit to the ATM to get by comfortably and i got the proceeds from the house sale as back-up reserve if things go tits-up for some reason. Others i know never sold up their home and have rent coming in to support themselves.

You do have to survive the local visa regulations by popping in and out.

Downside, if it is not some country with a reciprocal state pension law you get screwed when you are due the government pension and have to jiggery-pokery to get around the no annual increase rules.

But you'd be surprised by the countries which does have reciprocal arrangements - Philippines, Cuba, Turkey, and all the ex-Yugoslav countries (Montenegro is a recommended place, i'm told) and of course all the EU (how they will be affected by Brexit remains to be seen)

The internet, Skype, Facebook etc makes staying in contact with old comrades and party activity not too much of a hassle.

In Australia, they have the Grey Nomads - pensioners with motor caravans who just tour and park where they want. Visiting whatever local Post Office for their pension.

Become a citizen of the world is my recommendation for when you get old

wojtek
Offline
Joined: 8-01-11
Sep 28 2016 12:37

Is it worth giving up the liberal freedoms we take for granted though?

ajjohnstone
Offline
Joined: 20-04-08
Sep 29 2016 01:11

You are right, wojtek. There is a need to be very circumspect about involving yourself in local politics.
http://www.bbc.com/news/world-asia-37492143

But is still leaves the rest of the world to concern yourself about.

ajjohnstone
Offline
Joined: 20-04-08
Sep 29 2016 13:08

Or this
https://www.theguardian.com/world/2016/sep/20/british-activist-found-gui...