Politics

[Spider]

5 minutes ago, BobyBrno said:

I think we all agree that pension reform is required but it’ll take a long time. This figure surprised me. I don’t know about younger groups. 
Can’t copy the link.
 

 

That’s a lot of people to prop up in a few years.

surprising that more folk didn’t set spare money aside, especially given the apparent wealth and prosperity the Tories have lavished upon us all for 14 years.

[Mounts Kipper]

6 minutes ago, BobyBrno said:

I think we all agree that pension reform is required but it’ll take a long time. This figure surprised me. I don’t know about younger groups. 
Can’t copy the link.
 

 

Is a national tragedy, imagine having to work until you drop or trying to exist on the UK meagre pension , I’ve said it before but our state pension is amongst the worst in the world for developed countries, a pensioner in Spain gets over 30,000 euros per year. 

[Tonge moor green jacket]

41 minutes ago, Mounts Kipper said:

Is a national tragedy, imagine having to work until you drop or trying to exist on the UK meagre pension , I’ve said it before but our state pension is amongst the worst in the world for developed countries, a pensioner in Spain gets over 30,000 euros per year. 

What level of contribution do they make towards it?

Certainly a lot higher than here.

I suppose you'd need to look at the whole picture with regard to taxation and spending to see how they achieve this.

For example, do we spend heavily in other areas that Spain doesn't?

Whatever the case, gradually increasing the state pension here seems reasonable. 

[Not in Crawley]

1 minute ago, Tonge moor green jacket said:

What level of contribution do they make towards it?

Certainly a lot higher than here.

I suppose you'd need to look at the whole picture with regard to taxation and spending to see how they achieve this.

For example, do we spend heavily in other areas that Spain doesn't?

Whatever the case, gradually increasing the state pension here seems reasonable. 

Its also the cost of living - the UK is an expensive country to live in.

[Farrelli]

1 hour ago, Mounts Kipper said:

Is a national tragedy, imagine having to work until you drop or trying to exist on the UK meagre pension , I’ve said it before but our state pension is amongst the worst in the world for developed countries, a pensioner in Spain gets over 30,000 euros per year. 

Should be better now we have taken back control

[little whitt]

2 hours ago, BobyBrno said:

I think we all agree that pension reform is required but it’ll take a long time. This figure surprised me. I don’t know about younger groups. 
Can’t copy the link.
 

 

If you have a Private Pension 

you life Expectancy when you cash it it 

on Avrage is just 5 Years 

 

[bolty58]

On 17/10/2024 at 17:28, Sweep said:

 

 

 

Sorry, I just took you wanting the Government to fail, meant that you want the UK to fail, as sadly, and you know this, they're linked.

Even if you don't like a Government, and don't believe in what they stand for, you should still want them to do well, so the nation prospers surely? 😜

No. Disastrous so they are ousted quickly is the best result for all in the long run.

[mickbrown]

1 hour ago, Tonge moor green jacket said:

What level of contribution do they make towards it?

Certainly a lot higher than here.

I suppose you'd need to look at the whole picture with regard to taxation and spending to see how they achieve this.

For example, do we spend heavily in other areas that Spain doesn't?

Whatever the case, gradually increasing the state pension here seems reasonable. 

Their toilets are shite. 

[Traf]

2 hours ago, BobyBrno said:

I think we all agree that pension reform is required but it’ll take a long time. This figure surprised me. I don’t know about younger groups. 
Can’t copy the link.
 

 

I haven't got a private pension.

[Cheese]

 

[Sweep]

3 hours ago, BobyBrno said:

I think we all agree that pension reform is required but it’ll take a long time. This figure surprised me. I don’t know about younger groups. 
Can’t copy the link.
 

 

If they're in work, then there will be some sort of private pension (unless they've chosen to opt out) as it's been a legal requirement for Employers to provide one for some time now - although, if you're self employed, I don't know how that works.....but they should have something considering they generally pay fuck all MADMAX 😉

Moving forward, there will certainly be a problem. Mrs Sweeps mum is still working a few shifts a week in Tesco, because she can't live on the state pension and she has a piss poor private pension, and she's 72/73 years old. She also still privately rents, fuck knows how she makes ends meet (well, I suspect she must get some level of benefits) - she'll be working until she drops, sadly

[Ani]

There are rumours that the Govt will increase employers NI contributions in the budget. Uproar, will ruin our competitive position in the world. 
 

There are stories that our Pensioners are amongst the worst pain in the world . Uproar and why are nt the Govt doing anything about it. 
 

Since 2012 employers have had to pay into pension schemes so most people who have been employees will have some sort of private pension. To simply compare our state pension without adding this element in is unfair for those still working.

The self employed who have not got work place pensions are going to be the ones that are in biggest mess. Although no politician is going to come out and say it wonder how many of these have taken a decent amount of income in cash over the years ? A member of our family has a business regularly takes on casual staff cash in hand for jobs he gets paid  in cash, so nothing though books. By regular I mean most days not once a month. 
 

I have a decent private pension but nowhere near the £1m pot you hear mentioned as what is required for a comfortable retirement. Tax and inflation eat quickly into your pot. 

[Ani]

37 minutes ago, Sweep said:

If they're in work, then there will be some sort of private pension (unless they've chosen to opt out) as it's been a legal requirement for Employers to provide one for some time now - although, if you're self employed, I don't know how that works.....but they should have something considering they generally pay fuck all MADMAX 😉

Moving forward, there will certainly be a problem. Mrs Sweeps mum is still working a few shifts a week in Tesco, because she can't live on the state pension and she has a piss poor private pension, and she's 72/73 years old. She also still privately rents, fuck knows how she makes ends meet (well, I suspect she must get some level of benefits) - she'll be working until she drops, sadly

Renters are really stuck. It is a massive part of outgoings, is it worth looking at social housing ? My MIL is in such and it costs fuck all of her savings are below a set level (£15k I think) she has gone above the limit as was saving whilst on the state pension plus a tiny private one. Been buying a new sofa to get her below the limit. 
 

As homeowners we will down size in next 4-5 years and live off that for a few years taking just the tax allowance from pension. 

Edited October 18, 2024 by Ani

[Not in Crawley]

24 minutes ago, Ani said:

Renters are really stuck. It is a massive part of outgoings, is it worth looking at social housing ? My MIL is in such and it costs fuck all of her savings are below a set level (£15k I think) she has gone above the limit as was saving whilst on the state pension plus a tiny private one. Been buying a new sofa to get her below the limit. 
 

As homeowners we will down size in next 4-5 years and live off that for a few years taking just the tax allowance from pension. 

Renting, own my own business, pension pots all over the shop and not paid into one since the pandemic. Earning more than I ever have and its just goes out out and out again. Anyway, now we are settled I am trying to sort this fucking mess out but there is no quick fix.

Sick to back teeth of paying other people's mortagage's off or just paying into their pension pots. Really feeling like we're in a rent trap - and we're certainly not alone, its not just the bottom of the pile that this is biting.

[Sweep]

2 hours ago, Ani said:

A member of our family has a business regularly takes on casual staff cash in hand for jobs he gets paid  in cash, so nothing though books. By regular I mean most days not once a month. 

@Cheesewill no doubt be along shortly asking why you've not reported them to the Inland Revenue

[Sweep]

2 hours ago, Ani said:

 

As homeowners we will down size in next 4-5 years and live off that for a few years taking just the tax allowance from pension. 

Our plan is not too different - we'll downsize and buy a smaller property here, which hopefully will give us a few quid to go towards topping up our pensions (and/or buying a property somewhere a bit warmer, which we can hopefully also rent out when we're not using it)

[Not in Crawley]

3 minutes ago, Sweep said:

@Cheesewill no doubt be along shortly asking why you've not reported them to the Inland Revenue

I might do - we had a really good year last year - but then the monthly tax is eye-watering and fucks up the cash-flow which is the killer for any small business. We're looking at how best to manage it - such as cars etc going through the business. Even paying ourselves more - but that might not work in our favour if NI goes up. 

[Ani]

4 minutes ago, Sweep said:

@Cheesewill no doubt be along shortly asking why you've not reported them to the Inland Revenue

I have nearly always been salaried and when self employed there was no cash in hand, but it is strange when he talks about it. He pays his casuals cash in hand because he gets paid cash so can not put their wages in his books as their is no job to allocate cost to. He does not think there is anything wrong with it as 'everyone wins'. 

[Ani]

13 minutes ago, Sweep said:

Our plan is not too different - we'll downsize and buy a smaller property here, which hopefully will give us a few quid to go towards topping up our pensions (and/or buying a property somewhere a bit warmer, which we can hopefully also rent out when we're not using it)

Downsizing is what everyone plans to do, but a lot less do it in the end as you are going to a 'worse' ( means cheaper and probably smaller) house. My missus works for an estate agent and knows exactly what she wants so hopefully finds something. 
My only criteria is that we have to 'clear' £100k to make it worth while. 
The idea would be then to live of that for a while taking income from private or state pension to use up tax allowance , so realistically paying no tax for 5-6 years which will make us economically inactive 😂😎👍

Edited October 18, 2024 by Ani

[Ani]

10 minutes ago, Not in Crawley said:

I might do - we had a really good year last year - but then the monthly tax is eye-watering and fucks up the cash-flow which is the killer for any small business. We're looking at how best to manage it - such as cars etc going through the business. Even paying ourselves more - but that might not work in our favour if NI goes up. 

Assume you mainly work for other businesses  so cash in hand never an option , I was same when self employed. I do find it rather ironic when people who are taking a lot of cash in hand then moan the Govt is not spending enough on whatever cause is flavour of the month. 

[Not in Crawley]

17 minutes ago, Ani said:

Assume you mainly work for other businesses  so cash in hand never an option , I was same when self employed. I do find it rather ironic when people who are taking a lot of cash in hand then moan the Govt is not spending enough on whatever cause is flavour of the month. 

Yeah - and whilst I'm sure there are many ways to diddle - we set ourselves up with PAYE.

To be honest a lot of theatre tax relief pays us /helps producers - half the shows wouldn't actually go on without it.

 

[Jol_BWFC]

39 minutes ago, Ani said:

He pays his casuals cash in hand because he gets paid cash so can not put their wages in his books as their is no job to allocate cost to. He does not think there is anything wrong with it as 'everyone wins'. 

So long as he doesn’t complain about the funding of the NHS, reduced teaching numbers, strikes, infrequent bin collections, removing the winter fuel allowance, tax rises, or otherwise criticise anything that is impacted by a shortage of government funds 👍🏻

[Sweep]

42 minutes ago, Ani said:

Downsizing is what everyone plans to do, but a lot less do it in the end as you are going to a 'worse' ( means cheaper and probably smaller) house. 

I get that, and when it comes to it, then we might obviously feel differently about it, still for now, that's the plan

[mickbrown]

59 minutes ago, Ani said:

Downsizing is what everyone plans to do, but a lot less do it in the end as you are going to a 'worse' ( means cheaper and probably smaller) house. My missus works for an estate agent and knows exactly what she wants so hopefully finds something. 
My only criteria is that we have to 'clear' £100k to make it worth while. 
The idea would be then to live of that for a while taking income from private or state pension to use up tax allowance , so realistically paying no tax for 5-6 years which will make us economically inactive 😂😎👍

Aye. My mam is still living in the 5 bed house she brought 4 kids up in that we moved to in 1982. 
 

It’s way too big for her, it’s got three floors and I bet she’s not been on the third floor for over 10 years. 
 

My missus has it all worked out. We recently moved with the intention of maximising our capital for when we downsize. She’s already chosen the village she want to move to. 😁

[Jol_BWFC]

36 minutes ago, mickbrown said:

My missus has it all worked out. We recently moved with the intention of maximising our capital for when we downsize. She’s already chosen the village she want to move to. 😁

Is it the one where George Clooney lives?