Jehovers Witnesses are not the only ones....

by The Rebel 10 Replies latest jw friends

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  The Rebel

  "more than half of the people in the U.K either aren't saving at all or they aren't saving enough to give themselves the standard of living they hope for" ( The Money advice service)

  How do you have your retirement planned?

  As for myself, I never botherd with putting money in a pension, I opted instead to invest in buy to let properties. Last year the government put an additional 25% tax payable on the appreciation capital, but as the tax wasn't back-dated I am still ok.

  I opted for Buy-to let as my pension because I can live comfortsbly on the property rentals, and then leave the properties to my son when I die.

  Sadly I know the " organisation" is not sympathetic to the retirement plans of its members, but are you screwed or did you plan for a delayed Armegedon?

  The Rebel.
• 

  DesirousOfChange

  You can be sure that the GB has a great retirement plan . . . . for themselves.

  

  Doc
  
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  dubstepped

  Oh yeah, most people in general are ill prepared for retirement, especially since people live longer now. Even people that had pensions and thought they were set find the pension running out of money because they weren't designed for people to live on another 30 years.

  Myself, I'm currently screwed but honestly primarily because I never made enough money and had poor money handling skills. I'm now much better. My wife and I clean houses but we live a month ahead on our budget now, have a six month emergency fund including deductible in case of medical emergency, and we're saving money every month. The plan is to start putting money in index funds this year. At 39 and 36, we have enough working years to be okay. We should retire with our modest house paid off, and we don't buy anything else on debt now.
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  Gulf Coaster

  There's a difference between those who can't save enough either due to having a poor start in life and not earning enough, or unforeseen financial/job problems and those who deliberately hobble themselves educationally and financially because "the end is near!". Here in the US many earn minimum wage, or near to it, and would love to have retirement savings but live a hand to mouth existence and can't. Many of them even have degrees. But one injury/hospitalization comes along and their "cheap" health insurance wants them to pay the $6,000 deductible before paying out, and that's it for any savings, let alone retirement.

  I'm doing fine because I got out at 20 and despite no degree (thanks to the JWs), managed well in the workforce and placed a lot of importance on living frugally and saving for rainy days and my retirement. Plus I married a man (non-JW) with the same philosophy. We're both early retired. But we've been enjoying life too, with quite a bit of travel, so we're not just scraping by.

  We both got that from our parents - although for me, that attitude came from my dad. My JW mother frittered away every cent my dad brought home while they were married and after she converted. When she divorced him in 1999, because he was a "spiritual danger", she got half of what he did manage to tuck away in retirement savings. She frittered that away too, since you know, it's all gonna end any day now!

  My dad always told me to save for your retirement so that I wouldn't end up like him. He's doing okay though as he lives in Australia which has a decent social safety net and he's with a lovely lady who was a saver all her life. I'm glad and relieved for him. My non-JW brother has to help my mother out quite often as he earns the big bucks and has no kids. He resents it but feels an obligation. I don't.
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  Heartsafire

  Fear of not enough money to care for my old self keeps me up at night. I worry about this all the time. I worry about it because I know that my poor JW family and in laws are going to need our help and care. But, who is going to take care of me and my husband? Those judgmental people will rely on us, the sinners who work hard and have nurtured a career despite what the org does or says.
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  dubstepped

  @heartsafire -. Help those that help themselves. Let those that make their own bed lie in it. You have to take care of yourself first and become financially strong before even beginning to help someone else. Those judgemental people can only rely on you if you let them. You hold the power, not them. Doesn't the Bible say that to the extent you give it will be given you. JWs are notorious takers and should be given nothing in my opinion. It only enables their bad behavior.
• 

  The Rebel

  My advice for the young.

  Whilst this may not be politically correct to say, many dumb people spend 4% more on gambling than food. I of course appreciate many don't drink, gamble or smoke and for no fault of their own can't save for retirement. My conclusion is being able to save for retirement for many is a privalige. I appreciate many have no job security, and work for wages not large enough to save. However whilst full sympathy, it is still wise to be " positive" and think about " house purchase" if possible rather than to rent. The fact is every 10 years the value of property doubles, as does paying rent which gives you nothing back.

  Anyway bringing this thread back to " Jehovers Witness" related, if you are a young witness pioneering, don't be another victim. As a pioneer you have great communication skills, and the opportunity to make a future for yourself, and your future family. Don't blow it

  The fact is NO EDUCATION AND NO DEGREE DOES NOT MEEN NO FUTURE. ( even if you can't spell mean) I honestly believe if a person has a lot of determination, and a nice friendly disposition the world can open some wonderful doors.

  The Rebel.

  p.s I would like to add TWO interesting statistics.

  1) In England 80% of wealth is inherited.

  2) In central London council flats will soon be worth £ 1,0000000. Those single mums who were given a free flat in the eighties simply for getting pregnant are now " millionaires" if they took up the " right to buy scheme"

  Therefore the " Rebels" money advice for the young, it's a crazy world, and living in the capital of any country is always a good first step to making money. Why? Simply because it's where the money is.

  The Rebel.
• 

  sparky1

  I planned for the delayed Armageddon! In 1976 I got some great advice from an older gentleman that I was taking on tour at Watchtower Farms when I was a Bethelite. He told me not to pay attention to everything that the Governing Body (tm) has to say. Take control of your own finances he explained or you won't have any security in this life. So, I listened to him and semi-retired at 47 years old. It is hard work, but it can be done.
  
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  KateWild

  A bit of a right wing false attitude Rebel.

  Anyone who got pregnant in the 80 s in London had to leave because there was no social housing available.

  My daughter is 23 and living in London a lender will give her four times her salary to buy a property.

  She would need to be earning £62,500 per year to get a loan of £250,000 to buy a one bed flat.

  In theory what you say sounds good but in practice it's not realistic.

  But thanks for the advice about a pension plan.

  Kate xx
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  The Rebel

  Kate " Anyone who got pregnant in the 80s had to leave because there was no social housing available"

  The Rebel :- I agree, when supply and demand failed, but even then if you lived in a 10 mile radius of Westminster the free accommodation is now worth a million.

  Anyway I think you missed my point Kate. Your daughter is working and therefore independent. My point was a pregnant single mother in the " eighties" in central London was provided with " ownership" of housing, that sadly the highest earners can't now afford.

  Also Kate your figures are way out £250,000 will not buy you a one bed flat in London. Maybe In Highbury and Bethany Green you might get a one bed for £ 300,000 but they are ex-council and once again my point is, the owner of those properties are often ex-single mothers given the property in the 1980s and those owners now own properties worth a million.

  I am not being rude here Kate, but money invested in property is based on location. I also think it very wrong, that your daughter who works hard and earns a reasonable wage can't afford a property in a location where many who own property in that location, do so simply by getting pregnant.

  The Rebel.

  p.s Kate we were lucky, we grew up in " Bushey" & " Rickmansworth" and you delivered newspaper to " George Michaels" parents. Anyway I worked hard for the properties I own, but I was lucky I worked hard to own properties in London not Rochdale.

  Its a simple fact if you want to make money then buy property in a capital, or a major city. This is always the better place to make an investment than a local home village.