Pensioners' loss of interest on savings

tuggy12

beaujolais-nouveau wrote: »

and cravings for hot fudge sundaes.

at what stage in the proceedings does this occur?

I can barely contain my excitement!!:rotfl:

beaujolais-nouveau

tuggy12 wrote: »

at what stage in the proceedings does this occur?

I can barely contain my excitement!!:rotfl:

Is it worth my pointing out that I didn't say what you have quoted me saying here? No, thought not - back to watching the collapse of Western civilisation on other threads.

lostinrates

Mr_Matey wrote: »

PS and you're no way near too old to be working and adding to savings.

But she might be finding it hard to get work because of her age. (apologies PN)

Simialrly other people who are of an age where they might have finished mortage repayments and would, in a less doom ridden market be looking to divert earnings to retirement saving instead and are now re-entering job market through redundancy/loss income from what ever source, including savings.

I'm making no moral judgment but make the observation that not withstanding laws on equal oppertunities employment, it might remain harder for people who CAN work and work well, to get employment.

treliac

PasturesNew wrote: »

I'm pretty much too old now to ever add to them again, or start again etc.

PN, You're not anything like too old to work. Why on earth do you think that?

In times to come, everyone is going to have to work til 68, then 70, then - who knows?

treliac

MrsGenerali wrote: »

Quite a way off!!! :mad:

Although the benefit to bone health and density is best acquired earlier in life. It's always of benefit to keep up a diet high in calcium and vitamin d, so don't stop trying.

treliac

PasturesNew wrote: »

When I shoved my savings in the nearest bank, it paid for my rent, my bills and a spot of life.

I tried chasing some rates around, but opening up accounts is quite a long-winded process so I lost the will to live and wherever they are they're stopping ... but the rates are dire.

My savings interest income is now not enough to pay half my rent.

But my savings aren't savings - they're my one chance in my lifetime to buy a house. I sold a house, they'll buy another, but I don't know when, where or for how much, so I don't want to dip into them for a bit here, a bit there. That's a slippery slope. So they're not what most people would call "savings", which is "a bit left over from everyday life". They are the SUM total of my entire life - and I'm pretty much too old now to ever add to them again, or start again etc.

So, presumably your savings are limiting the amount of benefits you can claim and, at the same time, they are whittling away.

I guess you have calculated how much you have to earn to balance things out?

PasturesNew

treliac wrote: »

PN, You're not anything like too old to work. Why on earth do you think that?

I was referring to adding to my savings. As a single income household, the high cost of living pretty much always goes on the basics, so when I work again I expect it to be the same again, especially if we're in a 10 year stretch of bad times, few jobs etc.

So I don't expect there to be times when I can realistically or consistently add to my savings any more than a few quid here and a few quid there - and I mean a few quid. Maybe, if I am really lucky, I could average max £1000/year into the pot over the next 15-18 years ... which is pretty much beggar all in the scheme of things. What I have, I now have to consider that it is to last me for my lifetime. When I buy a house, whatever is left over will be "it". If I have none left over then I will have no savings ... although never having to pay rent/mortgage will enable me to save a bit more theoretically.

I need a millionaire to look after me really.

PasturesNew

treliac wrote: »

So, presumably your savings are limiting the amount of benefits you can claim and, at the same time, they are whittling away.

I guess you have calculated how much you have to earn to balance things out?

If I have savings over £16k there are no benefits to be had in my situation.

Even the work I am doing is about/under the Working Tax Credit limit for a single person over 25 living alone - but again, over £16k of savings means there is no WTC top up.

Calculating how much one needs doesn't make it materialise, so I don't.

I've got my head above water, but whereas I was floating along before I am now paddling like mad to stay still ... and wondering if that's a weir ahead.

treliac

It's probably not so different a situation to many of us though. At least you sold when prices were good. Wherever money is invested now, it's under threat.

Having worked all my life, it's taken nearly every bit of income to bring up a family. I've long since thought that, even having made pension contributions, my income in retirement will be low but probably not quite under the threshold for income related benefits and all the extras that brings.

The millionaire idea sounds best - where can we find a few spare?

Pobby

Goal posts changing. I have a few years to retirement and we have a mix of 7 different pension pots split between old company and private pensions. Only 2 are in fact being paid into. The annuity rate has crashed over the last 15 years so what might have totalled a fairly decent income is now diminished.

Equities also have done badly. As far as cash savings, which in the last number of years I have piled into, the interest is near to zilch. However I will keep saving. Not much I want to spend on. Don`t like tat!!!!

The peace of mind is not worrying if the boiler blows up or paying the utility bills.