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Current a level students won't get a pension till 77... Lets cut boomers pensions NOW
Comments
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It's not all good news for boomersAnnuity rates 'dwindled for retirees in 2012'
The rates for annuities - products which provide an annual retirement income - have dwindled to their lowest level for years, a report says.
The average annual income for a 65-year-old man buying a standard annuity dropped by 11.5% in 2012, financial information service Moneyfacts said.
This was the biggest drop since 1998.
Meanwhile the Prudential said that this year's retirees expected their income to be £3,400 a year less than workers who retired in 2008.
http://www.bbc.co.uk/news/business-20957314Turn your face to the sun and the shadows fall behind you.0 -
I'm in my early 50s and a tail end boomer. I'm surrounded by boomers who don't have adequate pension provision. My parents' generation - now in their 80s and 70s had earnings related pensions or paid SERPs so had reasonable pensions. My FIL retired on an earnings related pension at 50 (he is 82 now) and my mum at 57 (she's 81) - my generation don't have this and I don't think we've woken up to this fact.
I do wonder, what are people going to do? I guess they will just carry on working. Most of my peers have small inadequate provision/pension pots which when mixed with the state pension might provide a living of sorts...
I guess, like all generations, we never thought we were gonna get old....0 -
5m 30s in...
http://www.bbc.co.uk/iplayer/episode/b01px5rf/This_Week_10_01_2013/
Brilliant! Janet Street Porter on "Don't you dare touch my benefits".0 -
borntobefree wrote: »Most of my peers have small inadequate provision/pension pots which when mixed with the state pension might provide a living of sorts...
I guess, like all generations, we never thought we were gonna get old....
That small pension provision will just be enough to tip people over the pension threshold to ensure they will not be able to claim any benfits or any relief on things like Councuil Tax too. Which is what the state want. The thresholds will keep extending to ensure that "trap" remains.
Many many people are in the self same boat who have strived for years to provide and it simply didn't match the "salesmans" promises. Salesman in the widest sense."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Graham_Devon wrote: »5m 30s in...
http://www.bbc.co.uk/iplayer/episode/b01px5rf/This_Week_10_01_2013/
Brilliant! Janet Street Porter on "Don't you dare touch my benefits".
Yep the piece and the discussion were well presented for the type of show it is.
A key point is that to means test the benefits, when the majority woul dstill be entitled to it is going to be difficult and cost more than it would save.
The small amount of money saved won't be put to any better use.
WFA allowance was introduced to lift the inadequate state pension.
As much as JSP irritates me she has no doubt been a high rate tax payer and probably still is. Simply tax the benefits.
Keeping NI payments up after 65 for those working is an interesting concept."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
How many war heros are left anyway, they must be over 90 now, and going fast.It's interesting that recipients of non-age related welfare are roundly criticised for getting given too much whereas anyone that suggests that perhaps age related payments are too high is some kind of bastad stealing the food from the mouths of war heroes.0 -
Graham_Devon wrote: »5m 30s in...
http://www.bbc.co.uk/iplayer/episode/b01px5rf/This_Week_10_01_2013/
Brilliant! Janet Street Porter on "Don't you dare touch my benefits".
Did you watch further in where she said she would be happy to give them up if there would be ring fenced for things like helping young people into employment. Although I'm on a fairly low income I would be happy to give up my WFA if I though the money was going to help the young rather than provide tax cuts for the rich.0 -
Did you watch further in where she said she would be happy to give them up if there would be ring fenced for things like helping young people into employment. Although I'm on a fairly low income I would be happy to give up my WFA if I though the money was going to help the young rather than provide tax cuts for the rich.
Agree. Street-Porter is of a course a typical champagne socialist and not to be taken seriously. However she makes a valid point about where the money would go.
I think we've seen the last of tax breaks for the rich for the foreseeable future. The much maligned reduction in income tax highest rate -- partly reversing one of Labour's scorched earth manoeuvres -- which didn't actually bring anything in worth having, was ostensibly to head off a Hollande/Derpardieu type scenario. In practice I suspect it was to buy off the Tory right in the Commons, to allow something else that Clegg was pushing for and which Cameron wanted to accede to. Whatever it was it wasn't worth the symbolic own-goal and the ammunition it's provided for Labour.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
grizzly1911 wrote: »That small pension provision will just be enough to tip people over the pension threshold to ensure they will not be able to claim any benfits or any relief on things like Councuil Tax too. Which is what the state want. The thresholds will keep extending to ensure that "trap" remains.
Many many people are in the self same boat who have strived for years to provide and it simply didn't match the "salesmans" promises. Salesman in the widest sense.
And yet, we have the case of an elderly relative of mine (no longer with us now).
On the face of it, the facts would suggest he had pretty much nothing; no real savings. The state provided a fairly nice bungalow, the heating system was updated, new windows fitted. He received the normal state pension.
The questionable aspect comes from the fact he did have money squirrelled away; just the state didn't know about it.
Villain or player of the system (or both) : you decide. The more the state goes after your money, the more things will shift to the black economy.0 -
And yet, we have the case of an elderly relative of mine (no longer with us now).
On the face of it, the facts would suggest he had pretty much nothing; no real savings. The state provided a fairly nice bungalow, the heating system was updated, new windows fitted. He received the normal state pension.
The questionable aspect comes from the fact he did have money squirrelled away; just the state didn't know about it.
Villain or player of the system (or both) : you decide. The more the state goes after your money, the more things will shift to the black economy.
Villain, because that's evasion not avoidance, and anyone doing that is simply stealing from their fellow citizens. Can never be justified, even though all sorts of people are apparently at it who are supposed to be setting an example to the rest of us.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0
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