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Everything posted by Insane

  1. Also in the later years people are normally well past peak earnings . How many older people are in low paid jobs ?
  2. I worked for a company where the normal retirement age was 60 they paid people an extra pension between 60 and 65 until the state pension started. It was known as a step down pension as it reduced at 65. Also it was standard practice when you worked there to buy extra years into the scheme from 40 onwards . So you each year you could buy another year the company matched these extra payments. So at 50 many people had the pension allowance that they would have had at 60 and they retired. I know this was exceptional and when we were taken over and the pension changed to a scheme that was not as generous we were told that the scheme we had been in must have been in the top 1-2% of schemes.
  3. Very True I know many people who have drawn company pensions well before the government retirement age who never worked again. In fact I know very few extended family , friends who worked until 65. With the national retirement age increasing and company pensions being far less generous in the future I wonder how people are going to bridge the gap between no work and no/little pension until they can get their state pension. With people buying homes and starting families later and later in life they are going to reach this time in their lives still with very large financial commitments.
  4. This is the big conundrum. When I left school in 1979 we were told we would soon enter the leisure age , where we would work two days a week and have time to pursue are own interests for the other five days.The time frame usually given was in ten years or by the year 2000. In 1980 the standard working week was cut from 40 hours to 39 (I know some full time jobs were less then this) and more cuts we were told would follow. Nobody said how the wealth would be distributed to enable this but the mantra was for companies to sell goods and services people would need incomes. Now 38 years later and there has been no further cut in the working week , if anything many people seem to work a lot of unpaid over time now coupled with the age of retirement increasing. Many of us now see this as being unsustainable as the crunch has to come at some point where less people earing decent incomes cannot keep it all going . No politician or business (so called expert) even mention a cut in the working week. One thing that has happened is people who fit the TAX CREDITS system earn a full time wage for a part time job but how can that carry on when the wages of the tax payer are dropping and or disappearing.
  5. I think you are right most sales are of the lower priced properties. The area's I look at where nice family homes near the tube and good schools would sell very fast now seem to have this kind of stock sitting on agents books for ages even with (small at present) reductions. People are just not buying them. FTB's have a choice to rent or buy and when they chose to buy they buy the lower priced properties. People who already have a home can make do and stay put as the gaps to move up to a larger property and the associated costs are so big people are just not moving up.
  6. These are all the questions and the issue is we do not know the answers to as we do not know how long we will live. I would hate to take the annuity drop dead in a few years and the insurance company gets the lump sum in a sipp it goes to your estate. A period of high inflation would wipe out the value of lump sums if someone draws down all returns and does not allow for inflation in a period of low inflation it would take a lot longer to reduce the value of the lump sum. Who knows what to do.
  7. Well not necessarily. If you live off the dividends that the invested money earns and don't break into the lump sum it can keep you for ever. When you do die your estate gets the lump sum not the pension company. As you quoted earlier taking a annuity gives a very poor return.
  8. I have a mixed DB and DC pension that I will be drawing at 55 later this year. Some years ago the company I worked for was taken over and we were enrolled in the new companies scheme with our old pension also being transferred into this scheme. When we transferred over we had the choice of keeping DB benefits from our old scheme as DB benefits in the new scheme or changing them to DC benefits. I was one of the few who stupidly changed these to DC. Comparing now with ex colleagues I would have done much better to have kept them as DB benefits. As for the annuity rates they are extremely poor I will not be taking an annuity the new pension freedoms give a much better choice of options and I am taking advice now as to the best way forward.
  9. Pity the young lady did not say " well I work hard so should have been able to buy without having to get into another 20% of debt , but the government rigged the housing market "
  10. A lot of people including myself think that staying in the EU will be very expensive in the future , due to state of the German Banks needing to be bailed out in time. Which will lead to financial collapse in many poorer EU countries. However that is just our opinions no body knows. I also believe that due to extreme levels of government and personnel debt that the UK is going to be in for a very rough ride in the next decade , Brexit or no Brexit but no doubt Brexit will get the blame not the debt.
  11. That is just your prediction , no one including yourself knows the future.
  12. To be honest I am not 100% sure that it is empty. However if someone was living in it they would have a problem getting in and out as the thick bushes are right up to and across the front door.
  13. In the road behind my Dad there is a 3 Bedroom Semi that has been empty for about 20- 25 years. It was left to the only daughter of the couple who died. She lives a few miles away in another 3 bed Semi ( on her own divorced) she refuses to sell it saying that it was her family home. The place is now very dilapidated and I noticed over Christmas that some of the side windows have fallen out so the elements now have access to the inside. About a mile away while parking the car one day just off the high street I noticed a small clump of bushes at the end of the street I was parking in . On closer inspection I realised that there was a detached bungalow behind these bushes the bushes was the front garden that was completely overran this property must have been empty for decades. I have seen other houses like this while out walking in the area . This is an outer London suburb and these places would be £500k + in good condition , what a waste.
  14. On Question time last week a woman on the panel said to the Labour MP that immigration added to the housing crisis. The Labour MP denied this. No one tackled this reply and asked did immigrants bring a house with them ?
  15. Who remembers when they cut the Poll Tax by £140 and paid for this by increasing VAT to 17.5%. Then we switched to Council Tax , they have put this up again and again to claw back that £140 . Then they reduced VAT back to 15% no sorry my mistake they have put VAT up to 20% now . We pay again and again !!
  16. Not before Christmas !! This quote seems to be getting earlier every year. Prior to 1974 New Years day was not a bank holiday in England as it was in Scotland. Since it's introduction with weekends in the equation more and more people seem to take a few days annual leave and link the Christmas holiday and New Years day holiday. This does create a long shut down for business. I am not saying this is a bad result, I have worked in companies where this was actually encouraged as essential maintenance can be carried out and gets some of peoples holiday entitlement used up in one go. But it does seem to now have created a mental block with people, where starting anything new or big cannot be contemplated from October onwards.
  17. It is all about money making and these councils are wringing every penny they can from motorists. I live in Barking and travel a lot in my own borough and neighbouring Redbridge they are both awful and it seems they bring in measures to catch people out and fine them. Lots on this topic in local papers. I recently was involved in a parking issue with Redbridge where I had paid for parking by a company you phone called Ringo. I received a ticket and Redbridge denied I had paid. They claimed they had contacted Ringo and Ringo confirmed that I had not paid. It was only when I went in person to the council offices and refused to move that they rechecked with Ringo and admitted I had paid. I travel on the old A13 which is now a two lane back water as the new three lane A13 is open. It has the inside lane as a bus lane, some parts the bus lane is between certain times then it changes to an any time bus lane. I think this is all to try and catch people out. Driving in the outside lane at many junctions you end up in the filter lane so you need to get over into the inside lane ( the bus lane finishes at these points ) then starts up again a few hundred yards further up the road. So driving down there, there is a constant stream of traffic moving from one lane and then back again at these junctions. Again people have a high chance of making a mistake and entering the bus lane. Councils are meant to be about road safety and the best flow of traffic however I believe many of them are now only interested in doing as much as possible to catch people flouting ever increasing bad rules to make profit.
  18. A great pity that this news was not released yesterday. It might have got some coverage on Question Time last night. I am not a fan of Question Time any more as it is often a very unbalanced debate however housing came up last night a lot was said and it showed that peoples anger is rising. The state of the housing market is at last becoming a bigger political issue all the time now. The BTL landlord in the audience who said he " buys houses that first time buyers won't buy" not sure what he meant by that was demanding that the 3% stamp duty levy be scrapped , so he would then buy more houses and house more people . He got some very strong replies from other members of the audience. The Labour women demanded more social housing but denied mass immigration put more pressure on housing , she was closed down by another panel member. The Tory women gave the usual crap about what they were doing/going to do ect . She got lambasted twice by a very vocal audience member leaving her speechless. The last person in the audience to speak right at the end told the truth. He Said :- The government do not want to build more housing as if they build enough for prices to drop the false economy they have created based on ever rising house prices will burst and there is no other economy.
  19. I cannot remember if is it was the BBC or ITV back then. But whoever it was on the 10pm news each Friday they showed a map of the UK , with someone standing in front of it and they announced who was laying off. As they announced each company and how many jobs were being lost a great big black dot would appear on the map, after a few announcements on certain parts of the map there was no more room.
  20. Yes I believe that student loans, fines and child maintenance are not included.
  21. I knew three people who were repossessed in the last recession. One of these was taken to court and given 28 days to move out. The other two could pay their mortgages with no problem but as the property had dropped so much they just sent the keys back to the lender and moved out. This time around with Bankruptcy being so much easier now and people not ashamed of being unable to pay debt there is a high probability of there being more voluntary repossessions than last time. Just from memory but I am sure I heard 40% repossessed in that crash were voluntary.
  22. +1 I worked for years in the manufacturing department of a major Pharmaceutical company. A trend started to emerge at one point when more and more people seemed to be taken from the shop floor and put in roles that can only be described as add- on's. Some of these were promotions with higher pay others were not but the people filling them kept their shift pay when they switched to day working. These roles we had managed without prior to them being created. When a colleague brought this up in a meeting with management stating that there were less and less people on the shop floor to do the same work , he was told that he was negative for not striving for one of these roles and making comments about people who had obtained them. His answer " if there are none of us NEGAVITE people on the shop floor shoving chemicals into reactors there is no need for any one else" the management failed to reply.
  23. I was visiting a friend in hospital this week, Romford Essex, and got into a conversation with one of the nurses. She is 41 and has been married to a lorry driver for many years, they have one son who is 21. She quoted that they were paying £1,400 a month rent in Essex. Her husband has just inherited £90,000 , at a push they could use this as a deposit take a big mortgage and buy in Essex. However her husbands firm has a depot in the North. So next year he is getting a transfer she will have no trouble getting a job nursing up there and they will go north.
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