Current a level students won't get a pension till 77... Lets cut boomers pensions NOW

Tiglath

StevieJ wrote: »

Oh no don't use that word, our resident moral guardians will be after you :eek:

They can kiss my sweet cheeks I'll even let them do it for free and not charge them the going rate ...

mystic_trev

CLAPTON wrote: »

inflation is very low; boomers lived with 20% yearly inflation and had the inititative to survive and prosper.

Actually that worked quite nicely for those with a Mortgage. I was able to pay mine off within 10 years, and I'd moved to a much lager house in that time, taking out an even larger Mortgage! Inflation was your friend if you had large debts, far better than todays low Interest rates!:D

PaulF81

exarmydreamer wrote: »

Actually I am very aware of RAF pay having served with RAF in NI. and dealt with specialist pay such as pilot/special forces pays etc. I also brought the subject up with Sir Gen Jackson on a visit, how the allowances were not favorable towards the RAF on posting.

I am retired and enjoy my tax free military pension now. So no more a shiny than you and no I have nothing to do with the pension decisions of today and nor do you.:)

We retained out of role as its seen as a retention thing these days rather than a skills thing. It was around the stage they were threatening to take that away that I decided enough was enough and pulled the black and yellow. I can deal with cr(p holes in the desert, a threat of a 25% pay cut on top a a 50% reduction in the pension I could have expected was too much.

Enjoyed my time, not looked back since. Qualify for staff travel in 2 months. :T

CLAPTON

PaulF81 wrote: »

My job choice cuts my life expectancy by around 5-10 years. thank christ, because the last thing I would have is me dribbling with dementia in my pea soup past my 90th birthday.

The mistake you make is assuming medical technological advances will continue with the same pace that they have. Even if they do, what is to say they will be affordable (they wont) for the NHS to use them, as many treatments are now (NICE determine whether a treatment is affordable or not, not the taxpayer recipient).

As for living standards, with the global population burgeoning towards 9 billion in the next decade, global resources running out (especially energy supplies, key to cheap food and production as anything else, hence future inflation). The difference with boomer generation inflation of course was pay scales increased (generally here, I know there were exceptions) to match that inflation. What we are facing is a decade plus of stagflation with far fewer school leavers able to afford DECENT university education courses (engineering, finance, law etc).

My generation can innovate all it wants. If it doesn't have ready access to the raw materials to innovate with, we are screwed. China above all others will have far more of a say about our quality of life than our own government will, and I predict this will be true within my lifetime. THis is not going to be made any better by socialism which is already dragging down the innovators to pay for other generations financial mismanagement.

clearly not a half full sort of person are you?

PaulF81

mystic_trev wrote: »

Actually that worked quite nicely for those with a Mortgage. I was able to pay mine off within 10 years, and I'd moved to a much lager house in that time, taking out an even larger Mortgage! Inflation was your friend if you had large debts, far better than todays low Interest rates!:D

You had wage inflation too back then. Which is why inflation then was no bad thing. Maggie used this point to cripple the unions whilst fighting inflation, which in my mind was her greatest (of many) achievements.

PaulF81

CLAPTON wrote: »

clearly not a half full sort of person are you?

You are right, but I use it to my advantage. Made far more money on short selling than I have ever on buying shares.

The Crash helped as well. Whilst many were eating their young enjoying 10% rises in the house price bubble, I was saving and investing in liquid assets. When the crash came, I was fortunate to purchase at 30% below peak price with a 35% deposit.

epz_2

CLAPTON wrote: »

inflation is very low; boomers lived with 20% yearly inflation and had the inititative to survive and prosper.

isn't one of the things that is screwing over the younger generation the lack of inflation.

if you have a large mortgage and start a pension pot with 20% inflation then assuming wages roughly keep up then the reward for saving is substantial.

In the old days you could skip a few holidays and live on baked bean for a few years to end up with substantial assets/savings. by comparison 2% inflation doesn't really benefit the young in the same way.


obviously I am not talking about Zimbabwe style hyper inflation where money has no meaning.

grizzly1911

PaulF81 wrote: »

No because that's been cut in half to pay for the current boomer liabilities too.

This is the real reason for your venom is it not.

At least you have 40 years to do something about it , in a good job, which the tax payer helped train you for (at £1m IIRC), not 10 or less as you suggest.

BobQ

GeorgeHowell wrote: »

The universal state pension is as sacred as the NHS. Even though it is funded out of current government revenue, people consider that they have paid in for it via NI like any other pension fund. It is already taxable. No political party will dare mess with it substantially any time soon -- electoral suicide.

It will probably be phased out over a number of decades. I agree it will be as senstive as the NHS.

When I left school, I fully expected that during my life the number of people who retired without having a pension would fall dramatically and that the state pension would not matter to most people by the time I come to retire. Sure, I realised that there would always need to be a safety net for those who could never hope to make provision for a pension. What has shocked me is the failure of so many people to invest in a pension, or to invest enough in one. In some cases this is due to circumstances, and the financial services industry has not helped, but there were still a good number who adopted a live today philosophy.

But I suspect that over the next 20 years we will see an increase in the level of compulsory contributions to a pension and once that is established the state pension will be allowed to wither over time, particularly for those with occupational pensions well above average earnings.

What I am not convinced about is the notion that longevity will keep increasing.

PaulF81

Actually, I am more concerned about my younger siblings future and that of my own children. The best advice for any go getter in the UK would have to be "dont stick round, emigrate, Pay NI otherwise tax free abroad and come back when you have enough to retire".

The pensions thing smarts personally. But as a supporter of austerity, it would be two faced not to take the pain. The biggest bugbear is the ringfencing of certain budgets and demographics, which is vastly unfair when you consider the significant wealth transfers that have already taken place in the past 15 years - particularly housing.

Government today should be doing more stick and carrot - either you have undeveloped greenbelt or you have maintained pensions benefits, you cant have both. The restrictions of the third runway and restrictions of decent development could easily be overcome with a threat to meddle with pensions.