MSE News: Saga calls for savings scheme to beat 'care crisis' 30 November 2012 at 12:11PM in Over 50s MoneySaving 5 replies 1.8K views

Former_MSE_Darryl

"The Government should introduce a personal savings scheme to fund people's care in later life, Saga says..."

Read the full story:

Saga calls for savings scheme to beat 'care crisis'

temporary1

People used to save to fund their retirement and future 'rainy days'.
What a waste of time when the government/BoE has totally screwed up society's beneficial relationship between banks and savers. Pensioners eroded savings are going to be the biggest financial burden on all future governments, now that people see buying property as a more profitable way to screw up the country's housing stock and future generation's habitation prospects.
Keep eroding savings with inflation and the cost of living, and it's not rocket science to see that the pensions/savings shortfall's going to be massive. Make personal saving pay again or the social cost is going to get even bigger than it was going to be already.

Butterfly_Brain

No use saving when you don't earn any interest. The money men and government have been stealing from our pensions for years, we have lost thousands of pounds from ours because the insurance company changed the goalposts from with profit to without profit, so basically even though we have been saving and paying into a pension fund, they are now more or less worthless.
What about the poor devils who have only scraped by with low wages? How are they supposed to save when they are already living on a knife edge.

Arthurian

"The report says one in four people aged 50 to 64 would need to save more than £60,000 before they retire to achieve the income they expect..."

Does it mean £60,000 more than they already have saved? I don't understand how £60,000 could be enough.

dawyldthing

I remember a number of years ago having a conversation with someone about pensions, and I recogn in 20 years time there will be no pensions for anyone.

We are struggling at the moment. By the time you add up the most you can get from a pension (107.45), say if they rent they can get upto 250 pounds, so say 125 for their accomodation, council tax at about 20 that takes it to 252.45, which is a lot more than you get on a 40 hours minimum wage job after tax (214.34) and we have 11 million OAPs as of 2006 so I should imagine it is more now. Sure not all get a government pensions, but everything adds up. Thats before opticians, dentistry, perscriptions, bus passes, winter fuel payments, care costs and others are all taken into consideration.

Don't get me wrong, I don't begrudge anyone of it, but personally I think it should be applicable to anyone who fought for us upto the second world war and then after that some other things to change. As I really don't think what we are doing at the moment is sustainable

Dunroamin

dawyldthing wrote: »

. By the time you add up the most you can get from a pension (107.45),

Lots of people get far more than this for their state pension when you include SERPS and S2P.