Who else hasn't got a pension plan?!!!!!!!

by Gill 16 Replies latest jw friends

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  Gill

  Well here we are starting to think about retiring in another twenty years and what do we find? We find that we've missed the best years of our lives for saving in a pension plan simply because we KNEW that we wouldn't need one because Armageddon was coming. We were told by quite a few elders in our congregation that simply having a pension plan showed lack of faith that the Kingdom was coming very soon and we should actively get rid of the company pension plans that we had. I remember one elder acutally getting a solicitor to help him get our of his company pension plan because they were compulsory in his firm.

  Now it looks as if we're both going to be working for the rest of our lives just to survive.

  Any one else with the same problem?
• 

  Undecided

  I was lucky. I quit my job of 20 years to pioneer, but went back to work on my old job before a year and my retirement wasn't lost. Actually I quit twice and they rehired me in less than a year. Without that I would be in real trouble financially.

  Ken P.
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  blondie

  My job comes with a pension plan and in the US as long as it holds and you worked (or a spouse worked...even an ex-spouse of 10 years) social security helps out.

  Hey, many people who aren't JWs don't think about pension plans until they are 40 (or 50).

  I?ve said that a person should begin planning for retirement as soon as possible. The earlier you start the more wealth you will accumulate. Unless you are near retirement age, you will no doubt procrastinate about retirement planning. It?s probably impossible to expect someone in their twenties to make serious retirement plans. Even those with 15 to 20 years left before retirement might have trouble with firm financial plans.

  In your twenties, your retirement plans will probably consist of a basic savings program. Retirement is many years away and your thoughts are probably more on buying a house than on retiring. In your thirties, your thoughts might be on sending your children to college and thoughts of retirement are not important. When you reach your forties, you begin the wonder where the years went and start to consider serious planning for when you retire.

  Here, consider is the key word. If you?re like most people, you consider planning but don?t quite get around to it. Then all at once, you are in your fifties and realization hits. You are near retirement age and haven?t given any thoughts to how you will afford to quit working and enjoy your retirement years.

  OK, no matter what your age, there is hope for your retirement plan. Most employers provide a pension plan, the government provides social security, and you might have some investments and real estate. The younger you are the better but with some serious thought, you can pull it off.
• 

  AlmostAtheist

  I have this sock drawer that I've been dropping change into...

  Gina and I just started 401k contributions. We figure we'll bump it up a little every year so we don't drown in it, but we still have time to be reasonably comfortable. I'm 35, but I wish I'd been doing it all along. Of course, I would've lost it all in the 90's anyway, right? :-)

  Dave
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  kwintestal

  I started contributing to my pension plan at age 19. Now both my employer and I contribute 6 3/4% of my wage. I'm only 26, but it's a good place to start. I should be able to retire comfortably.

  When I first started working an elder in my hall who was retired took me aside and privately said, "We don't know when Armageddon is going to come. Make sure you save like it's not comming just in case." I took that advise.

  Kwin
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  Mulan

  We own our business, (with two of our sons) but have no pension plan. Our sons have told me they have a plan to retire Dave one day, with income. Whew!

  We have a house with a small mortgage, and it has a really big equity, so we feel if worse comes to worse, we can sell the house and have lots of money.

  We also have four children, who have promised to put me (didn't mention their Dad) in a nice home someday. Are they joking?
• 

  Poztate

  When I first started working an elder in my hall who was retired took me aside and privately said, "We don't know when Armageddon is going to come. Make sure you save like it's not comming just in case."

  What do you know....a smart elder. I will bet that he was the same elder that from the platform warned how close we were to the big "A"

  I knew a few elders like that.They always made sure that money wise they were taken care of. No pension worries for them.

  Years ago my wife was able to opt out of her pension plan. We thought about it and decided to do so. After all we might as well have extra money to spend NOW because "A" was so close. OOPS...BIG MISTAKE...TOO LATE NOW.
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  Simon

  I remember a big fuss in our hall after one sunday meeting because the visiting brother seemed to deviate from the party line a fair bit - he said that the society wasn't always right and didn't always know best because he'd been told to give up his pension (because he wouldn't need it) and now was facing retirement without it. He actually sounded quite bitter ... I don't blame him.

  As soon as we left I started a couple of pension plans and have been contributing what I can to catch up. It's never too late to start.

  I'm actually thinking about starting one for our kids. It's the only way for someone like us to leave a big pot of money for their kids by contributing early so that compound interest can work it's magic. We may be long gone but they may be able to retire early and not have to spend so much of their working life paying towards their retirement. Maybe it will go to help grand-kids ... who knows !
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  Maverick

  My retirement plan got wiped out in my divorce but I have started to reinvest with a 15 year plan. My daughter has an American Express and I told her she could go on a shopping spree and I would pay it as a Christmas gift. I gave her a limit and she is good about not going over. I got an unexpected tax refund from 2002. The government used my money for two years and gave me 4% interest on it. I showed my daughter what my growth portfolio would have done with that same money. She then asked if I would take the money I was going to let her go shopping with and seed a retirement plan for her. I was sooooooooooooooooo proud! I will set her up before the end of the year. She is 20 and if she makes the minimum contribution, in ten years she will be so glad she did this. If she works the portfolio right she will be one well-off woman in her later years. The joys of compound interest!
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  Simon

  I'm trying to teach our two about the power of saving - spend your £10 now and you will oly have got £10 use out of it but delay spending it for a while and it will be worth £15 or £20 ...

  Another good thing to do as well as saving is paying off debts as soon as you can (the interest rate is usually higher for a start). ie. don't save £1000 if you have £1000 on a credit card - it is a better investment to pay off your credit card debt (unless it's a low % deal).

  Overpaying on your mortgage can make a big difference in the long term as well and save tens of thousands off the total amount you pay off. Think of it as a credit card balance instead of a 'mortgage' and you should start feeling the urge to pay it off sooner !