Boomers Pension Gravy Train Finally To Be Derailed

chucknorris

missbiggles1 wrote: »

You're only talking about the basic state pension, many people get far more than that with the various add ons.

I think the fact that they are so ignorant that don't even realise this is astounding, and also a massive concern. I think pension poverty is going to become a massive issue in the UK, especially from people that that don't realise that you have to try and plan for your retirement.

enthusiasticsaver

My DH and I belong, just to the Baby Boomer generation and indeed my DH has just retired early at 58 with a very good private company pension and we have no mortgage. However this is because we saved 10% of his salary since 1983 and I have been doing the same with mine in my LGPS and stocks and shares isas so these have certainly not been given to us and have involved a lot of sacrifices. Our state pensions don't kick in for another 8 years.

House prices though were much lower when we got on the housing ladder but interest rates were higher and both my DH and I have benefitted from DB pension schemes but far from buying up rental properties like some of our contemporaries we helped our children buy their first houses (in their mid twenties). We do intend to enjoy a comfortable retirement but that is through our own financial planning and have certainly not had any state help - only benefits we ever got was child benefit. I fully expect by the time we get to SPA our company pensions will probably be means tested and we will get nothing.

We voted to remain in the EU as well so please do not tar us all with the same brush.

Thrugelmir

DiggerUK wrote: »

I pay my share towards what retirees need to keep themselves in good stead. I will do this without wingeing until I claim my state pension, winter fuel payment, bus pass, free prescriptions, et al, when I eventually retire. Then I will continue to pay tax, without wingeing.

I knew my payback for paying was that it would be 'quid pro quoed' back to me in retirement. So stop wingeing, and pay your insurance. This is one insurance policy that is backed by the government, not some shyster financiers..._

Backed by taxpayers of the future. Governments have no money of their own. Easy to make commitments without spelling out the consequences. Black hole in the budget isn't going to magically disappear.

Thrugelmir

Increasing VAT is inflationary. Adding two percentage points to a vatable item would increase its retail price by 1.7%. When inflation was at zero, and with an inflation target of 2%, VAT could have been increased without having a detrimental effect on the economy.

VAT has far wider implications than just the cost of a retail item in the shops. The inflation target is rather arbitary. As individuals suffer their personal rates of inflation. A VAT rise would hit lower and middle incomes the hardest. Given your political stance seems out of alignment.

I would have thought this was self-evident. The normal route to buying a home is to save for a deposit, take out a mortgage, and pay it off over 25 or 30 years. People will typically pay off a mortgage at 50/55. So if you are buying a property, for 60% of your working life you are likely to have a mortgage.

Then your knowledge of the housing market isn't very good. Nor your maths. As relatively few people have the funds to purchase a property in their early 20's.

Until recently, most lenders would not give you a mortgage with a term that went beyond pensionable age.

Lenders did in the lead up to the GFC. The MMR changed the situation a couple of years back. Although lenders were already adopting different business models. The problem for borrowers is evidencing retirement income. Pension savings are at very low levels currently. So the option is limited to those that meet affordability criteria.

steampowered

I don't believe the current level of benefits provided to pensioners are sustainable. Here's why:

While the average 65-year-old has enjoyed a net £223,183 state subsidy above the tax paid, a new-born child will have to contribute a net £159,668 over their lifetime.

Source: http://www.telegraph.co.uk/finance/economics/8384449/NIESR-Taxes-must-rise-by-90bn-a-year-to-fund-baby-boomers.html.

ruggedtoast

CLAPTON wrote: »

one wonders whether it is an evolutionary thing

maybe the specie has peaked with the war generation and is now declining steadily : no more entrepreneurship, no longer have the ability to build a house, no more ability find the way to the voting station etc.

so yes the millennial generation will probably revert to living in caves and listening to tales of past glories

lets face it, no-one from the war generation would vote for people like corbyn, mcdonnell, abbott etc

And there we have it. The 6th of November 2011 and Clapton's train reaches its final destination.

Eugenics Central.

Now Boomers are the master race.

Disgraceful.

DiggerUK

Thrugelmir wrote: »

Backed by taxpayers of the future. Governments have no money of their own. Easy to make commitments without spelling out the consequences. Black hole in the budget isn't going to magically disappear.

That's not a comment of any relevance. What isn't paid for by future tax revenues ?
Monarchy, palace of westminster, military, police, fire service, health service, coastal defence, national parks, roads....?

This constant wingeing about 'black holes' in state budgets is the propaganda of the austerity brigade......anybody with grey matter no longer accepts that nonsense. Witness the "tory tanks now sitting on labour lawns" policies of Chairman May..._

CLAPTON

ruggedtoast wrote: »

And there we have it. The 6th of November 2011 and Clapton's train reaches its final destination.

Eugenics Central.

Now Boomers are the master race.

Disgraceful.

if, as you claim, the people under the boomer age i.e. under 50 have lost the ability to build houses and find their way to the polling station, then what else can one conclude?

Nick_C

Thrugelmir wrote: »

VAT has far wider implications than just the cost of a retail item in the shops. The inflation target is rather arbitary. As individuals suffer their personal rates of inflation. A VAT rise would hit lower and middle incomes the hardest. Given your political stance seems out of alignment.



Then your knowledge of the housing market isn't very good. Nor your maths. As relatively few people have the funds to purchase a property in their early 20's.



Lenders did in the lead up to the GFC. The MMR changed the situation a couple of years back. Although lenders were already adopting different business models. The problem for borrowers is evidencing retirement income. Pension savings are at very low levels currently. So the option is limited to those that meet affordability criteria.

Your arrogance and ignorance are surpassed only by your lack of comprehension.

whattochoose

Doesn't the UK have one of the lowest state pensions in Europe, which makes the title of this thread somewhat laughable?