There are some people that claim compensation in all sorts of situations and get big lump sums of money paid out to them as a result. There are also people who think that claiming compensation is not right and that no one should do it. Others feel that it is a big hassle and they cannot be bothered to do it. If you are in the situation where you could get compensation then it is a good idea to consider whether these reasonings apply to you.

Claiming Gets you Money

Some people like to make compensation claims because they like to have the money. If they have been miss sold PPI, for example, then getting back the money that they unjustly paid out can seem good. It was unfair that they were paying for something that they either did not ask for or was not right for them. There may be some extra on top of what they paid out as well and this could be seen as an apology and to make for any stress they may have suffered as a result or the hassle of making the claim in the first place.

Some people may feel that it is not right to do this. They may hear about people claiming money after accidents and getting big pay outs that they perhaps view as greed rather than necessary. It is a personal thing but you have to think about what the money is for. If after an accident, you cannot work then you will need money to manage. You might need to pay for things to help you recover and the whole experience could be very stressful and the money could help to pay towards a holiday. Counselling or other things to reduce the stress. Obviously, some people will suffer a lot more than others and so whether they deserve compensation will change.

If you are entitled to claim it is worth thinking about whether you feel that you deserve the money. If you have paid out money that you should not have done, then getting some money back would seem fair. However, if you have not suffered as a result then having any extra money than that would seem too much. Perhaps just claiming for any lost money rather than anything else could be fair.

It is not Right to do it

Some people just feel that it is not right to do it. It can depend on what we are referring to. There are people that make fraudulent claims and they are not right of course. However, some people do suffer as a result of lost income, lost savings or generally paying out more money and the compensation should cover that. If they have been conned by someone then they deserve to get that money back or if they are injured and cannot work so get no pay then surely the person who has caused the injury should compensate them. Of course, with injures it can be tricky as some people feel that if you are careless then you should not get compensation. This could become debatable as to whether it was your fault or someone elses and this is often something that is left for the courts to decide and can be a matter of opinion.

So, it may seem unfair for someone to claim if they were careless but in a lot of situations this is not the case and so each case needs to be considered as they will differ. It is also worth remembering that each person in different in what they think is fair and just so some may feel compensation should always be given and so may think that it should never be given and most people will feel it depends on the specific case.

Claiming is too Hard

It might just feel like it is too much of an effort to claim. You may think that the stress will not be worth it as you will not want to keep reliving the experience and fill in lots of paperwork etc. It can be a tricky thing, but you can get a company to look into it for you. They can do most of the work and you can just leave them to it. They will take a cut of the compensation or you may have to pay them so you will have to decide whether it is worth it. There will pros and cons and you will need to decide whether you feel it is worth it.

There are many people who have a personal pension and are all set up for retirement but there are also lots of people that do not have one. You may wonder whether it should be something that you should consider getting. It is well worth thinking about this as planning well for retirement can make a big difference. If we do not do this, we could end up in a situation where we are struggling for money when we retire which means that we will not have a good retirement and we could end up being limited in what we can do because of the cost of it. If we are used to not having much money anyway, we might think that it will not matter, but once you stop work, you will have more time on your hands to fill and you will need to think about what you will do and how much you might have to pay out on things to entertain yourself.

Government Pension

Most people will pay into a government pension when they are working. Through our National Insurance payments, we will be contributing to a pension and that means that when we retire we will get regular payments form the government. These tend to be worthwhile, although it is hard to predict how much you may get when you retire. The government tends to treat pensioners pretty well though because they make up a big proportion of voters and they want to make sure that they do what they can to get pensioners votes. If you do not work full time for a significant period of time or are self-employed on a low income, then you may not pay in enough to the pension to be able to qualify for any or you may only get a proportion of it. So, it is worth bearing this in mind and making sure that you do pay in what you need.

Work Pension

Many people also have the opportunity to have a work pension. These can be really good because the employer will pay in to it as well as the employee and the money paid in is not taxed. This means if the money goes directly in from salary it will not have the usual PAYE tax on it. How good the pension is will vary between employers but they are always worth considering. You may think that you are too young to worry about it when you first start working, but it can be a good idea to start as soon as you can because all the money you put in will make a big difference when you retire. Pension funds are invested and if you start paying in young the money will be invested for longer and much more likely to make you more money.

Personal Pension

A personal pension is not as lucrative as the previous two but it can provide additional income. It can be the only option for some people if they are self-employed or work for a small company with no pension scheme. There are lots to choose from and it can be quite confusing so many people choose to pay for an independent financial advisor to help them to find the one that will suit them the best.

Other Means

Some people choose to use other things to fund their retirement, some opt for borrowing money, some rely on their investments. There has been a trend in people buying houses to get the rental income as part of their pension fund. This is because of problems with the stock market performance which has lead pensions not being so well performing and some even collapsing. There are lots of things that you could possibly put your money in to but each has a different risk. If you just save up, then you will not get a big return on the money and therefore you will have put a lot of money in to get enough for retirement. If you invest in the stock market then you will have a better chance of the money performing much better so you have a bigger pot when you retire but if the stock market under performs then it is a risk. You could choose to buy art or antiques and hope that they increase in value enough to provide with a big chunk of money when you retire. This is a risk though because that artist may no longer be popular or the art market in general may be in a slump. There are other things that you could consider investing in as well but the problem with investments is that they are risky and you never know whether they will perform well or not. There are different levels of risk you can take but the only safe way to ensure you do not lose any money is if you save rather than invest and the return is potentially much lower.  However, you will have to think about whether this is a risk that you are willing to take or whether you think that you might want to look at an alternative way to find your retirement.