Pensions

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Curdster

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Relationship to Diabetes
Type 1
I know a boring subject, but will I ever need a pension. I know a bit of a gloom and doom subject but... What is the life expectancy of an IDD on average?

I have had Type 1 for 31 years and am 37 now. No complications other than some laser on the eye. Probably not the best controlled but not the worst either. Hb1 is around the 7's, and prefer to live for the now.
 
I worked with several type 1s who have all retired in good health and are having a great time on their pensions.
 
There used to be all kinds of discussion about people with type 1 losing a certain amount off the average lifespan, but it's now said that with all the latest technology and research that there's no reason why we can't live as long as anyone else.
 
Hi Curdster, welcome to the forum 🙂 I think that the idea that diabetics (insulin dependent or otherwise) will have a shortened lifespan is somewhat outdated - as long as you look after yourself, as with any aspect of health. I was 49 when diagnosed, but it hasn't changed my ambition to get my Nabarro medal for 50 years with diabetes - and I'll need my pension for quite a few years of that! 🙂
 
I am 71 years old, admit I have only been diabetic for 5 years, but I am enjoying my retirement and pension. I believe that because of lifestyle changes made because of diabetes that I am far healthier now than I would have been otherwise, and whats more I hope to continue for another 20 years +

John
 
Damn and Great

Damn, I am now going to have to divert the Ferrari fund into a pension. and Great I am going to live long enough to save again and buy one!!!
Thanks for all your replies.
 
Live long and enjoy your pension. How about a decent bike or kayak instead of a Ferarri?!? Perhaps I'm odd, OK, I know I'm odd, but I have a large car for carrying up to 4 passengers in comfort, plus lots of kit, plus can sleep on back seat (partner can't drive, but is often a passenger), but I have 3 bikes for regular town use / off road / folding to take on train (always a spare for guests), partner has 4 bikes (1 is mainly for guests); I have 2 single kayaks, partner has 1 single kayak, and until very recently we had a double racing sea kayak, but sold it with the intention of getting something more stable for touring.
 
i have no pension..nor does my hubby ..if we had taken out the one i was offered in the 1990's we would be Quids OUT by now ...not sure what we'll do ...but at least we haven't been ripped off
 
I am only 26 but have started a pension with my employer, the local authority.

I dont really understand how pensions work but I expect to be drawing it when I reitire, which I am confident will happen with todays methods of diabetic treatment, and it can only get better with the amount of people been diagnosed every day.......
 
I have more faith in diabetes technology and my own control of my condition than do in pensions organisations, but with 1 x NHS, 2 x university, 1 x research council and 2 x stake holder (1 was supported by a summer employer) pensions, each for just a few years, I'm hoping I'll get more out than I pay in.
 
I lost out badly in the nineties when a final salary scheme I was in was converted to money purchase. We were told a pack of lies! Charges always seem to be high and growth low, and the stakeholder ones no better. A friend with Type II (for five years) treated by insulin got a good hike in his annutity because of diabetes so if you are in that position ask around. The government should sort this out so that you know what you will get from what you put into a pension scheme. All I feel I have every done is pay for stupid IFAs to have a very comfortable lifestyle. The last one wanted me to remortgage. Why did I want to pay him to do what I can do for nothing. Grr!*?
 
I'm paying into a NHS pension myself, weather it's still there if and when they let me retire is a different matter. I have visions of just being pushed upstairs to A and E when i collapse behind the bench! (i'm kidding, i hope...)
 
Northerner said:
Hi Curdster, welcome to the forum 🙂 I think that the idea that diabetics (insulin dependent or otherwise) will have a shortened lifespan is somewhat outdated - as long as you look after yourself, as with any aspect of health. I was 49 when diagnosed, but it hasn't changed my ambition to get my Nabarro medal for 50 years with diabetes - and I'll need my pension for quite a few years of that! 🙂
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Didn't realise you got a medal for 50 years with diabetes.. I notice that there is a medal for 60 and 70 years with diabetes. As long as I get to a ripe old age of 86 then I will get the 50 year one....

I have an NHS pension but not sure at what age I get it, I keep meaning to check that out.
 
Not realy into Kayaking, but have two sailing dingys, one catamaran, a TVR, BMW, Specialize MB and an A-Bike for the commute. Really fancy the Ferrari as I love the engine note, and would also love to build my own car. Bit of a petrol head.

Pensions: Very simply, it's just a long term savings account you pay into and when you retire, you draw out of it in order to replace the salary you did earn. I think the rule of thumb for how much you put into a pension each month is as follows. Half your current age, i.e I am 36 so that is 18, and then use this figure as a percentage of your monthly salary to pay into your pension. So lets say you earn ?3K per month then you would save ?540 per month (?3000 X 18%) and save this for 29 years, retire at 65. You would have paid in ?187,920.
Your pension provider will give you options as to the investments your pension is linked to, so as long as things go up you will expect to get more out than you put in. But remember things go up as well as going down!!!
 
Curdster said:
Not realy into Kayaking, but have two sailing dingys, one catamaran, a TVR, BMW, Specialize MB and an A-Bike for the commute. Really fancy the Ferrari as I love the engine note, and would also love to build my own car. Bit of a petrol head.

There's a compromise possible - I built my own fibreglass kayak, while at 6th form college - nothing beats the sound of waves on the bow of a boat you've made yourself! 🙂 Also, customised bikes by changing wheels, tyres, saddles, gearing etc. No way I could afford a sports car, and don't really want one, so that's good all round.
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