State pension goalposts moved again
Discussion
James_B said:
Not minted. Sensible. It doesn’t take much if you start saving early, and then don’t spend all of your pay rises through your life, instead putting a bit more away.
It’s not being pedantic to wonder at the mindset that doesn’t do this. I don’t know anyone, rich or poor who’s not made some sort of provision.
Given the state say that a massive % of people are JAMS it would indicate that those simply cannot save towards the future. It’s not being pedantic to wonder at the mindset that doesn’t do this. I don’t know anyone, rich or poor who’s not made some sort of provision.
Also you say on payrises (I’m assuming you mean annual not promotion) then I’m struggling to remember a year let alone a prolonged number of years in he last 20 years when average U.K. pay has risen by more than inflation.
I know countless of people who have saved nothing either unable to afford it or are naive to it or those that look at their family history and realise it’s highly likely they will not live long in retirement so they take he attitude of live for today and enjoy life you only live once.
Welshbeef said:
James_B said:
Not minted. Sensible. It doesn’t take much if you start saving early, and then don’t spend all of your pay rises through your life, instead putting a bit more away.
It’s not being pedantic to wonder at the mindset that doesn’t do this. I don’t know anyone, rich or poor who’s not made some sort of provision.
Given the state say that a massive % of people are JAMS it would indicate that those simply cannot save towards the future. It’s not being pedantic to wonder at the mindset that doesn’t do this. I don’t know anyone, rich or poor who’s not made some sort of provision.
Also you say on payrises (I’m assuming you mean annual not promotion) then I’m struggling to remember a year let alone a prolonged number of years in he last 20 years when average U.K. pay has risen by more than inflation.
I know countless of people who have saved nothing either unable to afford it or are naive to it or those that look at their family history and realise it’s highly likely they will not live long in retirement so they take he attitude of live for today and enjoy life you only live once.
Randy Winkman said:
Average pay (adjusted for inflation) is lower in the UK than it was in 2008. It's the only time in modern history such a thing has happened.
But as a nation we elected to avoid as much as possible a true lt hard impact in 2008/9/10/11 etc instead companies adjusted and looked at ways to maintain as many actual people employed as posssible. Be it less hours or 4 day week or actually guys if you all take £X5 pay cut we can avoid any loss of heads. There are also those companies who were willing to take pain to keep he good staff knowing at some point it would recover and they would need those people then so to lose them now /it was an investment worth doing. The issue we have now is the highest ever number of people working - and yet we are still borrowing £50billion a year. Let a recession and job losses hit and that gap quickly accelerates.
As a nation we don’t tax enough / stupidly start tax free at £11.5k instead of £0 the pain the remaining workers have to take is huge and by the quirk of 0% then 20% step makes those extra pennies to earn not very appealing whereas tax from the first £0.01 upwards then there is nocrazy marginal rates.
Randy Winkman said:
Average pay (adjusted for inflation) is lower in the UK than it was in 2008. It's the only time in modern history such a thing has happened.
And the inflation figures are a pack of lies in their own right! It is no wonder people are feeling too poor to save for the future - most are.Randy Winkman said:
Welshbeef said:
James_B said:
Not minted. Sensible. It doesn’t take much if you start saving early, and then don’t spend all of your pay rises through your life, instead putting a bit more away.
It’s not being pedantic to wonder at the mindset that doesn’t do this. I don’t know anyone, rich or poor who’s not made some sort of provision.
Given the state say that a massive % of people are JAMS it would indicate that those simply cannot save towards the future. It’s not being pedantic to wonder at the mindset that doesn’t do this. I don’t know anyone, rich or poor who’s not made some sort of provision.
Also you say on payrises (I’m assuming you mean annual not promotion) then I’m struggling to remember a year let alone a prolonged number of years in he last 20 years when average U.K. pay has risen by more than inflation.
I know countless of people who have saved nothing either unable to afford it or are naive to it or those that look at their family history and realise it’s highly likely they will not live long in retirement so they take he attitude of live for today and enjoy life you only live once.
Once you become financially stable, normally at some point in your 20s or 30s, there's no reason you can't put a large amount of every pay rise into a pension.
alock said:
It's wrong to use the country's average pay. An individual might get £20k @ 20 years old and get rises to £60k @ 60 years old. All this could happen while the average UK pay remains unchanged or even decreases.
Once you become financially stable, normally at some point in your 20s or 30s, there's no reason you can't put a large amount of every pay rise into a pension.
You are kind of overlooking house deposit the. Mortgage payments on an asset which like for like v you is materially higher. Once you become financially stable, normally at some point in your 20s or 30s, there's no reason you can't put a large amount of every pay rise into a pension.
alock said:
It's wrong to use the country's average pay. An individual might get £20k @ 20 years old and get rises to £60k @ 60 years old. All this could happen while the average UK pay remains unchanged or even decreases.
Once you become financially stable, normally at some point in your 20s or 30s, there's no reason you can't put a large amount of every pay rise into a pension.
Mortgage and children mean that most people don't have sufficient disposable income until their 50's.Once you become financially stable, normally at some point in your 20s or 30s, there's no reason you can't put a large amount of every pay rise into a pension.
CoolHands said:
I'm not sure why you've written that? For people born after that date, who would have had retirement age of 67, it is going to increase.
It has always been evident to anyone born after that date that reliance on the state pension was unwise.There will, of course, be those who genuinely have no choice. But everyone should have been looking at ways of making themselves less dependent on the state (we should always have done this in every aspect of life...).
PurpleMoonlight said:
alock said:
It's wrong to use the country's average pay. An individual might get £20k @ 20 years old and get rises to £60k @ 60 years old. All this could happen while the average UK pay remains unchanged or even decreases.
Once you become financially stable, normally at some point in your 20s or 30s, there's no reason you can't put a large amount of every pay rise into a pension.
Mortgage and children mean that most people don't have sufficient disposable income until their 50's.Once you become financially stable, normally at some point in your 20s or 30s, there's no reason you can't put a large amount of every pay rise into a pension.
I did that when I was 21.
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