Crunch Time: A crisis that is dividing young and old

Pobby

Another observation is that if Tammy McBroon thinks he has troubles right now, wait to the general election. Quite a goodly amount that vote are in fact pensioners. If he wants to keep their vote he will need to do something for them to compensate for the loss of interest earnings. Don`t think he can though, he`s gone and spent the kitty.

We have been on the receiving end of a big mixed message. On one hand we are encouraged to spend to help the economy on the other we are being told that we should save for retirement.

As far as saving for retirement you need to save a fair old amount to be better off than a pensioner with sub £6k of savings.

I was asked some time ago if I had much by way of savings. This guy was a bit older than me and was slowly closing down accounts and with drawing money over a period and stashing it in an elaborate safe set up so when he hit retirement he would qualify for additional benefits.Can`t say I fancy the idea myself but with interest rates on the floor I can see where he is coming from.

ad9898_3

Pobby wrote: »

Another observation is that if Tammy McBroon thinks he has troubles right now, wait to the general election. Quite a goodly amount that vote are in fact pensioners. If he wants to keep their vote he will need to do something for them to compensate for the loss of interest earnings. Don`t think he can though, he`s gone and spent the kitty.

Totally agree with this, Brown had no choice but to sacrifice the prudent to prop up the indebted, what he has done is 'manufacture' deflation (RPI at 0%) by reducing IR's, so as to be able it introduce QE, he had to reduce interest rates otherwise a large proportion of the people who bought between 2005 and 2007 on a high LTV would have probably been repo'd, with the recession that is now taking hold.

The cost of him doing this is going to be severe in the medium to long term, however he cares little about that situation as he will be long gone by then, he is without doubt the worst chancellor and PM this country has ever seen. His polices have shafted millions.

Pobby

ad9898 wrote: »

Totally agree with this, Brown had no choice but to sacrifice the prudent to prop up the indebted, what he has done is 'manufacture' deflation (RPI at 0%) by reducing IR's, so as to be able it introduce QE, he had to reduce interest rates otherwise a large proportion of the people who bought between 2005 and 2007 on a high LTV would have probably been repo'd, with the recession that is now taking hold.

The cost of him doing this is going to be severe in the medium to long term, however he cares little about that situation as he will be long gone by then, he is without doubt the worst chancellor and PM this country has ever seen. His polices have shafted millions.

Oh my I can see it at the next general. Tories back in and all that goes with that. If only there was a real alternative other than Tory/ Labour ping pong. Frankly I think there is little between them. Your words " Brown had no choice but to sacrifice the prudent to prop up the indebted, " on rereading sent a bit of a chill down my spine. That`s exactly what he has done. Has there been any other time in modern history where this has happened?

Just had a thought. When I was a little boy in the 50s, I seem to remember that there was a thrift club at school where you paid in odd pennies.I seem to remember that thrift was seen as good. Certainly my Mum and Dad, Aunts and Uncles never had credit. Again, as a young boy, I remember my Dad talking to my regarding hire purchase. My Dad had trouble coming to grips with the fact that if you went into a hp agreement then you paid more for what you were buying. he didn`t understand why people just saved for what they wanted rather than pay more for something via hire purchase. Happy days.

ukcarper

Looking it at another way I retired early and am paying tax on my pension and don't see why it should be used to send people on degrees which have no pratical use.

StevieJ

ukcarper wrote: »

Looking it at another way I retired early and am paying tax on my pension and don't see why it should be used to send people on degrees which have no pratical use.

But thet pay for ot themselves :rolleyes:

ukcarper

But they don't want to

Jennifer_Jane

StevieJ wrote: »

That is an easy one

http://www.nspcc.org.uk/

Glad to be of help

Yes, nice one, Stevie. How about Age Concern or Help the Aged, as well? Us oldies should stick together.

I went on to entitledto.com recently, and found that I could probably get a penny a week on pension credit (this is when I retire in September). Does anyone know if that would be worth getting (clearly not for the pension credit, but would it allow other benefits, such as the £25 extra cold winter payment, and council tax rebate). I can ask that on the benefits section, but just wondered if it was worth claiming the tiny pension credit?

Thanks
Jen
x

Jennifer_Jane

Pobby wrote: »

Oh my I can see it at the next general. Tories back in and all that goes with that. If only there was a real alternative other than Tory/ Labour ping pong. Frankly I think there is little between them.

Totally agree, but at least we have the ping-pong to keep the current lot, whoever, they are, fairly honest. Imagine if there was no real opposition. I do think it's a mistake to have two terms (I mean, I agree with the democracy involved, but it always seems to be the second term when the sleaze and dishonesty are revealed. Is it just so much arrogance?)

As it is currently, I have a feeling that the real power in the Country is with the Civil Service and that recent leaks of all sorts are coming from some brave souls within the Civil Service (expenses for instance).

Jen
x

ukcarper

I'm not sure they are brave souls I think they have an axe to grind

Pobby

Jennifer_Jane wrote: »

Yes, nice one, Stevie. How about Age Concern or Help the Aged, as well? Us oldies should stick together.

I went on to entitledto.com recently, and found that I could probably get a penny a week on pension credit (this is when I retire in September). Does anyone know if that would be worth getting (clearly not for the pension credit, but would it allow other benefits, such as the £25 extra cold winter payment, and council tax rebate). I can ask that on the benefits section, but just wondered if it was worth claiming the tiny pension credit?

Thanks
Jen
x

Jen hun, you claim even if it is that amount and hopefully you will trigger off other benefits. I have just had one local lazy person moan to me that he has had to spend a little bit of his dole money on his recently refurbished flat, and by all accounts, very nice it is. The landlord wanted a bit more rent for the investment. Oh and why doesn`t he get a job? Nah, that means having to pay the csa for his kids. He`s been swinging the lead for at least 10 years. Not the only one I know either.