Protect our pensions petition

[OttersBoro]

we don't pay debt back with taxes. Taxes largely manage inflation in a modern democracy with it's own currency and it's own central bank that can print as much as it wants.

I wouldn't normally say this (aware it sounds pretentious) but I teach Economics at post graduate level (or have done) and that is a weird and wonderful couple of sentances. You have no idea of the scale of economic disaster your last point would create.

 

[stjohn]

Signed.

 

[OttersBoro]

you need to pay more attention then, we are almost as extreme economically to the right as the soviet union was to the left, almost...and we've been moving further to the right with the adoption of neo-liberalism on a regular basis. when people finally come to the conclusion that capitalism is just as extreme and damaging as communism then it's easier to be more balanced.


it's not significant to the point at hand, because it wasn't in the plans of any of the current pension holders. It's a sticky plaster over the failure of neo liberal politics. It's actually just another example of the rich exploiting. The less wealthy having to give up their homes, that they worked their whole lives for, instead of handing down to their children to help them get out of the cycle of exploitation. Who makes money from equity release, the elites, the rich, the capitalists.

Anyway, you are another incarnation of the usual political right person that appears here on a regular basis. So you can argue your dishonest nonsense with someone else. Bye

Boromart - having a conversation on a forum like this would be a lot more fun/ informative if instead of just rolling out stock phrases like Neo- liberalism or ultra capitalism you actually made a point and backed it up with facts to have a discussion. Its a bit like one of those blokes in a pub who has a 5 minute spiel and that comes across as quite educated until you hear the same stuff the following evening.

Believe the UK is around average for metrics based on the public sector as % of economy size, is your point therefore that every economy is ultra capitalist?

Interesting to know that I am right wing, I can honestly say thats the first time in my life I have been accused of that. Previous post I was arguing for tax rises and throughout this thread for intergenerational fairness and that we should look after future generations and ensure they are not saddled with excessive debt, they can afford homes to live in and manage the burden of things like student debt.... when did these points become right wing??

 

[WoodallServices]

I read you need a million pounds pension pot - that would yield around £20000 a year ( private pension)

I think it’s £750k for 30k a year.

 

[the_holgate_roof]

WTF has that got to do with the original post

A question on the same topic, why what’s your problem?

 

[Craggsy2]

Done

 

[Same_as_before]

you need to pay more attention then, we are almost as extreme economically to the right as the soviet union was to the left, almost...and we've been moving further to the right with the adoption of neo-liberalism on a regular basis. when people finally come to the conclusion that capitalism is just as extreme and damaging as communism then it's easier to be more balanced.


it's not significant to the point at hand, because it wasn't in the plans of any of the current pension holders. It's a sticky plaster over the failure of neo liberal politics. It's actually just another example of the rich exploiting. The less wealthy having to give up their homes, that they worked their whole lives for, instead of handing down to their children to help them get out of the cycle of exploitation. Who makes money from equity release, the elites, the rich, the capitalists.

Anyway, you are another incarnation of the usual political right person that appears here on a regular basis. So you can argue your dishonest nonsense with someone else. Bye

Does that make sense to anyone? Added with taxation does not pay off debt? What does?!

 

[Corcaigh_the_Cat]

Question for you Corcaigh and in line with the fact that the State pension has increased in real terms over the decades.

When you were younger did you set up a petition to increase the levels of state pension. When you were paying taxes that paid for a lower state pension were you kicking up a fuss then or is it only now??

By the way if you are say 30 years old and writing that - then all power to you

By the way I am not quite yet at pensionable age but like most people of my age think I have probably 'contributed' to society and have done for many years. Furthermore, I also think my kids contribute to society in a positive way.

As a young man I campaigned for a better deal for pensioners, I'm not a pensioner now.

As an older bloke I've argued for a better minimum wage, to create a higher standard of living for the poorest in society, I'm not one of those that would be affected.

Like most my education was paid for by those older, why shouldn't those who contributed to our well being as a society have a decent retirement, as a nation we can afford it.

 

[Priv]

Seems low to me - I have just under $400,000 in one and that's worth $25,000 a year when I take it in a couple of weeks.

Hay figures

My own private pension indicates a 413K pot will give me an income of around 17-18K per annum.

That sounds about right, should be roughly 4-5k PA per 100k saved.

 

[OttersBoro]

As a young man I campaigned for a better deal for pensioners, I'm not a pensioner now.

As an older bloke I've argued for a better minimum wage, to create a higher standard of living for the poorest in society, I'm not one of those that would be affected.

Like most my education was paid for by those older, why shouldn't those who contributed to our well being as a society have a decent retirement, as a nation we can afford it.

Respect to you Corcaigh

Think it would be great to have these long term issues impacting soceity to be taken out of the hands of politicians who only care about the next 5 years. Education/ Pensions somehow should be decided by some sort of cross bench group to ensure we have fair long term pension policies/ great schools that work for all. Thinking 10 -20 years ahead.

Dont suppose any politician in power would do it though, cans just keep getting kicked along.

Corcaigh, only problem I have is that there is a signfiicant number (millions and millions) of retired people who are very well off. Throwing this triple lock pension and hence this huge state funded pension increase just seems unfair to me, now if it was means tested thats a different story...

 

[Nosmo-King]

Equally there are those coming up to pension age who will struggle big style financially.

 

[Soutra]

I read you need a million pounds pension pot - that would yield around £20000 a year ( private pension)

If you had a £1 million pension pot, invested in a SIPP, you could take £20k a year for 50 years before you run out of money, and that assumes no capital growth at all. If you retired at 60, you'd be 110 before you were penniless. Also bear in mind you get the state pension (assuming you have paid enough contributions) so your pension total would be about £28k pa.

Also the balance of your SIPP does not count towards your Inheritance Tax estate when you die so it's efficient.

Annuities are terrible value at the moment, and will continue to be.

 

[Corcaigh_the_Cat]

Respect to you Corcaigh

Think it would be great to have these long term issues impacting soceity to be taken out of the hands of politicians who only care about the next 5 years. Education/ Pensions somehow should be decided by some sort of cross bench group to ensure we have fair long term pension policies/ great schools that work for all. Thinking 10 -20 years ahead.

Dont suppose any politician in power would do it though, cans just keep getting kicked along.

Corcaigh, only problem I have is that there is a signfiicant number (millions and millions) of retired people who are very well off. Throwing this triple lock pension and hence this huge state funded pension increase just seems unfair to me, now if it was means tested thats a different story...

Those wealthy pensioners will continue to contribute through taxation, perhaps when they die a significant part of the estate they held and didn't need should be redistributed through inheritance tax?

 

[Soutra]

we don't pay debt back with taxes. Taxes largely manage inflation in a modern democracy with it's own currency and it's own central bank that can print as much as it wants.

Only if you want an economic apocalypse to engulf us all.

 

[Soutra]

Those wealthy pensioners will continue to contribute through taxation, perhaps when they die a significant part of the estate they held and didn't need should be redistributed through inheritance tax?

Inheritance Tax is very unpopular and any government trying to increase it will lose votes.

 

[Cardiffdaffs]

In Australia they means test their state pension on assets. The outcome is if you own a home you are likely to have a reduced pension

 

[Corcaigh_the_Cat]

Inheritance Tax is very unpopular and any government trying to increase it will lose votes.

Ah yes, as a nation we can be real tw@ts when it comes to being fair. It's why we're losing credibility across the globe as well as at home.

That's a different argument though. This one, though about preventing an increase in inequality, will win votes, if a leader has the bottle to make an issue of it.

 

[the_holgate_roof]

In Australia they means test their state pension on assets. The outcome is if you own a home you are likely to have a reduced pension

How does that incentivise people to get on, it actually penalises the go getters.

 

[Cardiffdaffs]

I read you need a million pounds pension pot - that would yield around £20000 a year ( private pension)

If you live to 100 when in those last few years your money goes on Carers fees and you haven’t got anything else to spend it on if you live that long. A 1m pension pot would for most people cover you for a salary of about £30,000 comfortably and if wisely invested on low risk portfolio probably more than that for the active years of the rest of your life.

 

[BoroMart]

Only if you want an economic apocalypse to engulf us all.

really, why is that? We've had debt all our life, and it's grown all our life, why do you think any more or any less debt will make an economic apocalypse?

Have you done any research into MMT?