[Closed] No pension, no worries.

A council house is irrelevant.

Are there enough of those for everyone who wants one? And how are the neighbours?

i agree with that seosamh. i reckon folk who come from a council house background/upbringing get by on far less than the more privileged.

And how are the neighbours?

asked your neighbours that lately?

If you've just had your 'where does my tax go' letter from Mr Osbourne, hidden in that great big chunk called "Welfare" are the state and civil servant pensioners, being paid out of current taxation.

It's unhelpfully labelled welfare so you think it's all benefit scroungers with Ebola from Eastern Europe, but it's mainly pensions, tax credits and other in work benefits.....

[img] [/img]

If you've just had your 'where does my tax go' letter from Mr Osbourne, hidden in that great big chunk called "Welfare" are the civil service pensions (teachers, doctors, fireman, MPs, Army etc), being paid out of current taxation.

It's unhelpfully labelled welfare so you think it's all benefit scroungers with Ebola from Eastern Europe, but it's mainly pensions, tax credits and other in work benefits.....

[img] [/img]

You think the majority of people nowadays work in permanent jobs for FTSE 100 companies?

No, but there is a slight chance that A LOT more than a tiny minority work in the LARGEST 350 companies in the United Kingdom.

asked your neighbours that lately?

They're all lovely.

My point was maybe when you're in need of council housing you don't get too much choice.

binners - Member
You think there are going to be any council houses left in 20 years? Good luck with that one too

POSTED 11 MINUTES AGO # REPORT-POST
mudshark - Member
A council house is irrelevant.
Are there enough of those for everyone who wants one? And how are the neighbours?

mudshark - Member
asked your neighbours that lately?
They're all lovely.

My point was maybe when you're in need of council housing you don't get too much choice.

State unlikely to be able to look after most of us in our old age

Pensions are highly efficient way of saving

If possible, you should max this opportunity. (No I am not an IFA!)

The majority of council tennants aren't monsters either!

Possibly not but I still want to choose where I live.

but it's mainly pensions,

Pensions are highly efficient way of saving

Moshi, whats your point? That I shouldn't trust my own kids with safeguarding my cash in the future?

I intend to have acess to enough cash to be able to live a very comfortable retirement. I intend to have a few holidays a year and to bugger off whenever the fancy takes me. I just intend to do it with money I gave to my kids earlier in my life.

The government will also be responsible for wiping my backside when I am to old to do it myself

Well you can take advantage of the opportunity or slag it off - your choice. But if you are able, silly not to use a very efficient means to protect yourself in old age.

If you are in the public sector, you need to think about this fast. Remember there is no pot for most public sector employees. Successive governments merely ran a Ponzi scheme that WILL fall over....don't leave yourselves exposed.

mudshark - Member
The majority of council tennants aren't monsters either!
Possibly not but I still want to choose where I live.

how much choice does someone looking for a 60/80/100k(location dependent) mortgage actually have?

not an awful lot.

You mean they get a lot of tax relief which everyone subsidises and afaik the rich do very well out of these subsidies

Well the very rich don't as there's a pot limit now - £1.25m? That's more than I'll save but not sure those people are particularly rich

Will the country see a government allowing hundreds of thousands of elderly people starve to death? Will it become the norm? Seriously

this is the most sensible thing written on this post.

Having little doesn't mean your life need be shit.

No but it does mean you might have to do without a lot. I hope to be still riding my bike at 65, I'd hope I can still afford to keep buying chains and brake pads, at the very least.

molgrips - Member
Having little doesn't mean your life need be shit.
No but it does mean you might have to do without a lot. I hope to be still riding my bike at 65, I'd hope I can still afford to keep buying chains and brake pads, at the very least.

Pensions are highly efficient way of saving

Pensions are only as efficient, on the whole, as the fund manager (who's recent track record is somewhat reprehensible). Anybody over 40 was probably sold a pup (unless they're on final salary) as pensions in the 80's assumed high inflation. They then took Housing out of the inflation calculation. Since then inflation has been low.

The gov't also encouraged all their state paid workers (like Nurses) to opt out of SERPS and their final salary pentions for one of the Pensions industries rubbish replacements. Thus shafting them.

Finally the Commission on pensions that is paid out (over the first couple of years) is waaaaaay tooo high. So between a lack of trust in the Pension Industry, the low returns and the high commission the Pensions Industry is not in a great place.
My heart bleeds for them.

Thus the Baby Boomers will likely be the last generation (I suspect) to have a decent pension.
Us post Baby Boomers will be working until we die, hopefully they will change the law on assisted suicide by then.
Because people are living longer government has been raising the age of retirement BUT just because people are living longer it doesn't mean their faculties, both mental and physical, are improving either.
So what work will you be doing at 70?

Will the country see a government allowing hundreds of thousands of elderly people starve to death? Will it become the norm? Seriously
this is the most sensible thing written on this post.

They like a cold snap at the treasury now. You think they're going to become more sympathetic as the pool of cash gets smaller?

So what work will you be doing at 70?

This is the rub and penalises the poor/low skilled as well - wouldn't fancy digging post holes/plastering in my late sixties - sitting in a chesterfield preusing the FT perhaps but manual workers will be ****ed.

I quite like this example.

http://www.bbc.co.uk/news/business-11876532

tbh after a certain level, poverty is a state of mind. Having little doesn't mean your life need be shit. A council house is irrelevant.

Sure. But I've seen both ends of the retirement spectrum and the comfortably well off version does seem an awful LOT better. I know which one I'd prefer and I'm not going to go cap in hand to the state to provide it.

moshimonster - Member
tbh after a certain level, poverty is a state of mind. Having little doesn't mean your life need be shit. A council house is irrelevant.
Sure. But I've seen both ends of the retirement spectrum and the comfortably well off version does seem an awful LOT better. I know which one I'd prefer and I'm not going to go cap in hand to the state to provide it.

i've seen both ends of the spectrum and there are miserable people at both ends of the scale.

i've seen both ends of the spectrum and there are miserable people at both ends of the scale.

The difference here is that the miserable ones at the higher end have simply chosen to be miserable.

Moshi, whats your point? That I shouldn't trust my own kids with safeguarding my cash in the future?

No, just seemed an odd way of trying to eek out a state pension when you clearly have your own savings to get by on. Why put the burden on your kids to look after you?

moshimonster - Member
i've seen both ends of the spectrum and there are miserable people at both ends of the scale.
The difference here is that the miserable ones at the higher end have simply chosen to be miserable.

the converse of your statement is also true.

Bacause ultimately, a fulfulling life doesn't come down to cash. It comes down to you personally and the people surrounding you.

Holiday in Switzerland anyone?

[img] [/img]

😀

I'd rather jump out a plane with no parachute, whilst tripping out my nut on hi grade acid, to be honest! 😆

Was thinking along those lines myself 😆

[img] [/img]

@seosamh77 - I take your point, but personally I wouldn't be happy living on a state pension. We all have different aspirations and some of those require more money than others. I just don't see how I could cope living in a council flat on a state pension. I was going to say that I know some people who are happy like that, but actually I don't! I had a lot of older relatives who did finish up in council flats on a state pension with no other savings and they all suffered badly in their later years as a result. It certainly made me aspire not to end up in the same boat.

Those who think there will be no state pension in 40 years - can you explain exactly what you think is going to happen? Will the country see a government allowing hundreds of thousands of elderly people starve to death? Will it become the norm? Seriously

Well, most people's kids would probably put them in the spare room and feed them before they actually starved. But for those without kids with a spare room, some sort of dormitory, and a bit of soup would prevent actual starvation.

It takes a lot of faith in government to assume that something simply must be provided, because otherwise things would be horrid. The state pension was first paid just over 100 years ago. The society that existed before that time was hardly unrecognisable to us, and plenty of people lived longer than they could work.

moshimonster - Member
@seosamh77 - I take your point, but personally I wouldn't be happy living on a state pension. We all have different aspirations and some of those require more money than others. I just don't see how I could cope living in a council flat on a state pension. I was going to say that I know some people who are happy like that, but actually I don't! I had a lot of older relatives who did finish up in council flats on a state pension with no other savings and they all suffered badly in their later years as a result. It certainly made me aspire not to end up in the same boat.

I'm not arguing it's desirable, I don't aspire to it myself.

I just don't have the fear of it that some people have.

I quite like this example.> http://www.bbc.co.uk/news/business-11876532

Bacause ultimately, a fulfulling life doesn't come down to cash. It comes down to you personally and the people surrounding you.

Well, that depends on the person. What fulfills one person may not another.

Personally the thought that I might be stuck in one country for my remaining 25 years would be depressing. But that's just me, I like to travel.

when i get old or older, i wont mind ending up like my mother, in a sheltered housing scheme, surrounded by old folk like me, who pretty much are the same as me.
they get on fine, plenty of stuff going on to keep em all happy.

the wife had a uncle who was a md of a engineering company, pretty poked up bloke, who when he retired saw nobody for days on end.....nice way to go that, sat in you big old house, counting your pension fund........not!!

DaRC_L - Member
I quite like this example. http://www.bbc.co.uk/news/business-11876532

what they don't tell ye is that bob got knocked down by a bus aged 52 and regretted the lack of coke and hookers on his death bed! 😆

nice way to go that, sat in you big old house, counting your pension fund........not!!

Lol yeah right, as if I wouldn't be able to think of anything to do with my money besides count it 🙂

Anyway maybe that bloke didn't like other people. That happens.

molgrips, lets just hope you age well, and keep healthy for a long time, to spend all you dosh eh?..........shit can happen as you get older.

DaRC_L - Member

I quite like this example.> http://www.bbc.co.uk/news/business-11876532

hang on, 7% interest? - where?!?!?

DaRC_L - Member
I quite like this example. http://www.bbc.co.uk/news/business-11876532

I'd quite like the 7% interest those rascals are getting

I'd rather jump out a plane with no parachute, whilst tripping out my nut on hi grade acid, to be honest!

Hey! That's my end of life plan!

[img] [/img]

I just don't have the fear of it that some people have.

That's interesting. After seeing my elderly relatives state funded lifestyle in 80's Oldham I was terrified of ending up like that! Luckily that fear helped me to get well clear of that prospect.

when i get old or older, i wont mind ending up like my mother, in a sheltered housing scheme, surrounded by old folk like me, who pretty much are the same as me.

We're all different I guess. That would be a nightmare for me!