Interst Rates Down again by 1%

Old_Slaphead

Council tax up by less than 1.5% ?:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

That won't even cover underfunding on LGPS

talana

aardvaak wrote: »

It is not just the elderly being affected I am in my early 50's no Debt,own home outright and my only form of income is my savings - if I spend any of it I get even less return to live off - I can only see the suicide rate going up and up.

I hesitate to say too much as I don't know your personal circumstances....
but isn't the solution to that to get another form of income then?
Instead you talk of suicide rates. :rolleyes:

Most of us mere mortals can only dream of being able to live on our savings, it just ain't an option.

apt

I'll agree with you about the Council Tax. But Gas and Electricity prices should fall next year. And, as with savings, there have been many opportunities to fix at more adavantageous terms. I've never paid less for electricity in real terms than I do now. Water has gone up, but many households can reduce or control these costs by installing meters. On the pensioners' plight there are indeed many poor pensioners including lots who refuse to claim benefits to which they are entitled. But there are also lots of wealthy pensioners as well. Those who have been retiring over the last decade or so have been a lucky generation. Unlike the previous two generations they have not to fight for their country. They've had post-war prosperity, the opportunity to buy houses at an average cost of -5% pa, opportunities for student grants, lots of tax and pension reliefs that are no longer affordable. National Insurance which both Conservative and Labour governments have increased as a disguised income tax can be seen as a subsidy for pensioners and savers. At a time when the government is pilling up costs for future generations there's very little scope for giving more to pensioners. Indeed, the government should really be asking wealthier pensioners for a greater contribution, but it won't as pensioners are far more likely to vote than young people.

nilrem_2

talana wrote: »

I hesitate to say too much as I don't know your personal circumstances....
but isn't the solution to that to get another form of income then?

Most of us mere mortals can only dream of being able to live on our savings, it just ain't an option.

Some people have no other choice than to live on the interest on their savings for various reasons.

gozomark

derbyjon wrote: »

A few months ago we were all getting around 7% interest compared with 5.8% inflation.

If in a year's time we're getting 1.5% interest compared with 0.3% inflation then isn't our money just as well off as before?

absolutely, and actually better off if a tax payer

nilrem_2

apt wrote: »

I'll agree with you about the Council Tax. But Gas and Electricity prices should fall next year. And, as with savings, there have been many opportunities to fix at more adavantageous terms. I've never paid less for electricity in real terms than I do now. Water has gone up, but many households can reduce or control these costs by installing meters. On the pensioners' plight there are indeed many poor pensioners including lots who refuse to claim benefits to which they are entitled. But there are also lots of wealthy pensioners as well. Those who have been retiring over the last decade or so have been a lucky generation. Unlike the previous two generations they have not to fight for their country. They've had post-war prosperity, the opportunity to buy houses at an average cost of -5% pa, opportunities for student grants, lots of tax and pension reliefs that are no longer affordable. National Insurance which both Conservative and Labour governments have increased as a disguised income tax can be seen as a subsidy for pensioners and savers. At a time when the government is pilling up costs for future generations there's very little scope for giving more to pensioners. Indeed, the government should really be asking wealthier pensioners for a greater contribution, but it won't as pensioners are far more likely to vote than young people.

You seem to have a grudge against pensioners, there are some wealthy pensioners but there are also a lot who are struggling and I don't understand why you make the remark

Unlike the previous two generations they have not to fight for their country

as though they are lesser people for not having to fight, what on earth has that got to do with whether they are hard up or not?

Prav

BOE rate confirmed at 2%

talana

nilrem wrote: »

Some people have no other choice than to live on the interest on their savings for various reasons.

There are almost always options, I wasn't merely inferring "get a job".
Own your own house outright? Take in a lodger or two
Or check out the umpteen suggestions on MSE for upping your income.

ScarletBea

I'm feeling so... disillusioned...
Why do I save anyway?

nilrem_2

talana wrote: »

Own your own house outright? Take in a lodger or two

I reckon you ought to join the real world TBH! :eek:

Perhaps you think pensioners who are finding things difficult should start taking in washing as well?:D