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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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borntobefree wrote: »I'm in my early 50s and a tail end boomer. I'm surrounded by boomers who don't have adequate pension provision.
QUOTE]
An interesting comment.
Does anyone know of any analysis as to why people retire without a pension or fail to invest enough in one?
I don't and IANAFA but:-
Affordability is one criteria. If you are struggling to pay the mortgage, bills, feed yourself and kids with a limited or inconsistent earned income or in fact no income.
Not being enrolled in on by your employer or employer not offering one.
Having several jobs with deferred pensions that don't perform or broken service.
Inadequately funding a pension in line with income/expectations.
"Clerical Medical"
Poor advice, misselling, inaccurate projections and poor decision in types of pension
Poor fund performance/Stock market performance/Onerous broker/provider fees.
Annuities collapsing which they have done for some years even without QE.
Browns dividend tax raid"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 -
It's all right, nearly all of them are on Final Salary pensions
No they're not - well not the ones I know.
Early boomers born late 40s maybe - boomers born in 50s and 60s not at all. Finally salary pensions were what our parents got "The Silent Generaton".
Of the people I know (I'm in my early 50s):-
1)the one's who work in the public sector keep having the date they can retire moved back. Can you imagine being a school teacher at 67?
2)Plenty of the people I know who work in the private sector have scrappy bits of pension here and there and are clueless to what they have or haven't got.
3)Some I know in the private sector who have quite large pension pots would still get F*** all in the way of an annuity at the moment.
4)I even know one or two self employed people who have nothing but a big house.
Late boomers - "Generation Jones" (b1956 - 1964) they are asleep to the fact that they haven't provided for old age imho....and some are now 60 and some are in their 50s with less than a decade to go.
Maybe they will all have to sell up????0 -
An interesting comment.
Does anyone know of any analysis as to why people retire without a pension or fail to invest enough in one?
Here's mho. "The Silent Generation" were savers and investors (big stock market rises for them) and they had earnings related pensions or they paid SERPs - so they were all covered. Many of them retired early on good pensions - possibly with a nice golden goodbye too. Happy Days.
Boomers are optimists - they think the same thing is going to happen to them too. They think they can put a little bit of money in a pension and miraculously it will turn into a great big pension - they are kidding themselves imho. In fact the exact opposite is happening, governments are raiding pensions at every oppotunity.0 -
An interesting comment.
Does anyone know of any analysis as to why people retire without a pension or fail to invest enough in one?grizzly1911 wrote: »Affordability is one criteria. If you are struggling to pay the mortgage, bills, feed yourself and kids with a limited or inconsistent earned income or in fact no income.
Not being enrolled in on by your employer or employer not offering one.
Having several jobs with deferred pensions that don't perform or broken service.
Inadequately funding a pension in line with income/expectations.
"Clerical Medical"
Poor advice, misselling, inaccurate projections and poor decision in types of pension
Poor fund performance/Stock market performance/Onerous broker/provider fees.
Annuities collapsing which they have done for some years even without QE.
Browns dividend tax raid
And all the above too Bob.0 -
This is probably an unanswerable question as so much depends on where you live and your lifestyle, but what is a "decent pension" by today's standards.
In other words, how much money do you need to live a reasonable life?0 -
As a matter of clarification for the none too bright -- the trolls being ignored will know who they are (they probably already know actually), by virtue of .... er ..... being ignored ....
Glad to be of assistance.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 -
Quote:
Originally Posted by BobQ
An interesting comment.
Does anyone know of any analysis as to why people retire without a pension or fail to invest enough in one?
Quote:
Originally Posted by grizzly1911
Affordability is one criteria. If you are struggling to pay the mortgage, bills, feed yourself and kids with a limited or inconsistent earned income or in fact no income.
Not being enrolled in on by your employer or employer not offering one.
Having several jobs with deferred pensions that don't perform or broken service.
Inadequately funding a pension in line with income/expectations.
"Clerical Medical"
Poor advice, misselling, inaccurate projections and poor decision in types of pension
Poor fund performance/Stock market performance/Onerous broker/provider fees.
Annuities collapsing which they have done for some years even without QE.
Browns dividend tax raid
And all the above too Bob.
Plus in the case of women, part-time workers where sometimes excluded from joining pensions schemes.
Often had contributions returned when they left to have kids (some had to resign, no maternity leave back then).
Advised to opt for reduced NI contributions for state pension as they could claim on their husbands conts.
Many in low payed jobs, possibly multiple jobs which affect NI contrib. Women could be payed less than man and excluded from some jobs.
Also remember that there was a definate lack of financial knowledge back then so people often didn't realise how pensions work. No internet forums back then, and not regularly reported on TV or news papers other than the Financial Times.
I didn't understand how shares worked until my company introduced a sharesave scheme and neither did most of my colleagues other than maybe the university educated managers.
The world has changed a lot over my working lifetime, hind siight is a wonderful thing.0 -
She probably knocked the pensioner cause back a few notches, a good job there was a sensible balancing act from the other two, what a horrible women
Was she the one who was having a go at depressives previously?
I don't really know much about her in truth, all I know is I see her on TV sometimes.
The attitude which gripes me most (and it's got to be an attitude listened to, to get air time slots such as it did), is "don't take my benefits, any money saved will just go into the defecit".
Well, yer....and if everyone said the same thing, we'd simply be bust. The prevailing view, from some is that "were pensioners, don't touch us, or we'll punish you and the defecit is not our concern".
This is why so many of us bang on about "well who's going to pay....your children and their children"?
The piece just summed up how I feel some pensioners think, with such an entitlement culture. It just so happened to appear on my telly box right before my eyes!! Kind of proved what I feel is happening, IS happening if nothing else.
The "i'm happy to lose some if it only goes on X Y and Z" is just a nod in the direction of appeasement. Everyone knows full well that isn't the way things work and we can't pick & choose what our taxes should or shouldn't be spent on personally, or start a campaign threatening politicians.0 -
GeorgeHowell wrote: »As a matter of clarification for the none too bright -- the trolls being ignored will know who they are (they probably already know actually), by virtue of .... er ..... being ignored ....
Glad to be of assistance.
What are you own about?
By all means ignore them you don't need to tell us you are ignoring them.
You lifted the glass didn't you;)"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
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