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19 year mortgage 8itch

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Posts posted by 19 year mortgage 8itch

  1. 8 hours ago, Kosmin said:

    I think probably a lot more people do have good pensions than unhelpful statistics would suggest. "The average policyholder has less than £20k in a DC scheme" will include 20-30 year olds who have only worked a few years, people who did a few years then got a public sector job etc.

    The pension problem is due to low pay (if you earn 20k or less it will be hard to accumulate much) and ignorance (people who don't have a scheme don't necessarily realise how much they should save, or where). In the last few decades this has been compounded by the housing crisis. Even smart young people who know how much they have to save for retirement can't because they are just paying so much on housing.

    People with moderate to high salaries who get a reasonable deal (a few percent employer contribution and some matching) will have enough.

     https://www.ftadviser.com/pensions/2017/06/07/treasury-savings-from-flat-rate-of-pension-tax-relief-revealed/

     

    Apropos nothing, I suspect that there a bunch of people with exceedingly healthy pensions and far, far more with rubbish ones. 

  2. 9 minutes ago, Option5 said:

    Both are evictions in reality, just the reason is different and the psychological effects. Eviction from a rented property is probably the lesser of two evils as the feeling of security was something you never had, plus, if your evicted for no reason you leave debt and guilt free (albeit angry). A repossession would indicate some kind of financial issue which will probably still be there after you've been chucked out and the psychological impact would, I imagine, be massive.

    #RentersLivesMatter

  3. 6 minutes ago, Kosmin said:

    What? You seem to have misread my post. I assume that most married pensioners do not live in a one bed flat. You replied:

     

     

    I see that now but you were continuing to pluck numbers out of the ether and talking about downsizing like you’d never met an old person.

     

    if the average person had these pension pots, would we have a pension problem? 

  4. 4 minutes ago, Kosmin said:

    I'm assuming 100k and 4% annuity for simplicity below. I'll add in the 8k state pension to remind me that this is a feasible amount to retire on.

    A person who is never married retires with 12k income.

    A modern couple retire with 200k each. They have an income of 24k. They are much better off due to shared consumption (many bills are not double). When one of them dies the remaining spouse only becomes as badly off as the single person on 12k.

    I assume they don't live in a one bed flat. I assume they live in a house with several bedrooms. When one of them dies I believe it is possible for them to sell and buy a one bed flat. In a low price area maybe the house is about 100k and the flat is 50k. In a higher price area the house may be 800k and the flat 300k. In the former case that's at least several years of living expenses. In the latter it's a fund which could provide the living expenses without having to dip into.

    Bot?

  5. 1 minute ago, Kosmin said:

    I'm assuming 500k and 4% annuity for simplicity below.

    A person who is never married retires with 20k income.

    A modern couple retire with 500k each. They have an income of 40k. They are much better off due to shared consumption (many bills are not double). When one of them dies the remaining spouse only becomes as badly off as the single person on 20k.

    Also, how many retired couple already live in a one bed flat? Typically when a spouse dies the surviving one can sell the house and that could probably free up a sum large enough to provide a significant income.

    You get the 4% return the same place as the annuity provider (a mix of equities, bonds, property and cash). It's not completely risk free, but nothing is. I think it might be sensible to buy an annuity with part and invest the other part. If you are quite risk averse just invest the 25% TFC and use the rest to buy an annuity.

    Do these people have pet unicorns as well?

     

    retired couples with 1/2 million pound pensions each living in a 1 bed flat :lol:

  6. 3 minutes ago, Timak said:

    Nope.

    Travel is much cheaper, easier and more accessible than it has ever been.

    I can fly pretty much anywhere on the globe for under £700. 

    I can fly anywhere in the EU for under £100 each way, usually a lot less.

    Having flights full of stag groups and pre-flight security checks is a price worth paying for being able to see the globe. 

     

    #middleclassproblems

  7. 12 minutes ago, IMHAL said:

    So you'll still be able to load up on Pina Coladas whilst displaying your tats - at least you'll be contributing to the local economy - you might be able to wipe your feet on some useless non-Spanish foreigner whilst you at it.

    You seem to be straight out of the cast of Benidorm - have you been exiled from Blighty Mr Matty?

    Fighting prejudice with ad homs - I like your style...

  8. 1 hour ago, Confusion of VIs said:

    So far people of every country, race and creed have had less and less children as they get richer, eventually ending up at below 2 children per couple . You can only get the world population going much above 10bn if you assume that for some reason this will not hold in future, which is an unevidenced stretch.

    Re the current "almost vertical" bit of the growth, almost all of this is accounted for time lag between increased number of births and the death rate catching up. Which is why it will take another 50 years or so to stabilise.  

    Moving back to the UK, not sure that there is much/any evidence that increasing density make countries poorer, but admit I haven't looked at it. I suspect the simple factor that will govern the UK's immigration level is how wealthy we are relative to other countries.    

     

     

    The UK drags in immigrants from poorer European nations, they get richer, is there much real evidence that these people go home or do they stay because the UK is richer? Isn’t this shown by our increasing population?

    Then there is the demographic disaster in their home nations, how is that solved? Because a load of productive people have upped stocks to move abroad? Where do these countries find immigrants from? Admitting even poorer countries into the EU to encourage migration to the new tier of middling nations or allow millions of asylum seekers from outside the EU into the EU to help the economy?

     

    if so what has been achieved? There is more money about but at what cost to the society’s within those countries? This isn't a union of economic assistance, that’s blatant social engineering.

     

    @pig you can sneer all you like at what you think is stupidity and madness. I hope you address your concerns to the EU Troika too and see where that gets you.

  9. 59 minutes ago, crashmonitor said:

    That's really surprising given the state of the Brexit talks and  the fact that politicians on all sides ..... Corbyn, Hammond, Cable are talking down the Uk economy to such an extent that you would have thought the majority of the population had all ready started battening down the hatches and started sucking marrow for food because clearly we are all doomed. Perhaps it suits mortgagees, especially, to talk down the economy so they get zirp forever.

    It’s a just temporary boost to the figures due to all the Remain Ultras preppers stocking up on champagne, chocolate, tulips and beemers.

  10. 1 hour ago, Funn3r said:

    Exactly. This is the problem I have with the Brexiters - according to them one set of artificial boundaries (EU) is wrong and evil, but the other set of artificial boundaries (UK) is wonderful and patriotic. None of it is real and signifies only where King Somefůcker smote King Someotherfůcker a few hundred years ago.

    Look at the residual tensions here after few hundred years. Good luck trying that with 30 countries.

     

    2 hours ago, tomandlu said:

    Well, if you want an objective, although not necessarily the legal definition, I'd say anyone born in this country who holds a British passport, but that's not very helpful.

    Subjectively, I'd say it's anyone who truthfully answers 'yes' to the question 'do you feel British?' On this basis, an emigre to the US, holding a US passport, may very well feel, and largely be regarded as, 'British'.

    Going back to the original question of this thread, "are we on the brink of social collapse", I'd say we're certainly on the brink of a huge social change. Whether that change will be a collapse, or something less chaotic, will depend on how that change is managed (or not managed), and probably your definition of 'collapse'. There are, imho, just too many unstable and irreconcilable economic forces at work to allow the current system to persist. This change isn't necessarily a revolution - it could equally be increasing authoritarianism (which is my main worry).

    Agreed, social change.

    If politicians don’t start pandering to the emotional needs of 20 million pissed off people we’ll end up like the sort of intolerant hell hole where fascist, racist candidates can run for high office.

  11. 4 minutes ago, Hullabaloo82 said:

    Your second paragraph; not really what I'm getting at. I'm referring to the fact that brexit dresses itself up as attempting to restore the UK 's status as a global power but seems entirely driven by insular people whose desire is to shut the UK off from the world. 

     

    What a load of shit.

  12. 8 hours ago, Confusion of VIs said:

    I met up with a few DexEU staff for their regular Thursday night drink tonight. Last time I saw them I commented on their loss of Mojo since then things haven't got any better and in between planning how to get out of the Dept. some very senior people are now briefing journalists directly with their version of how things are going.  

    They wouldn't be drawn on exactly who was being briefed but mentioned a read of todays Telegraph might be useful, so I bought a copy for the train home and surprise surprise Mr Ambrose Evans-Pritchard seems to be pretty well aligned with the views I spent the evening listening to.

     http://www.telegraph.co.uk/business/2017/10/18/eu-transition-deal-dangerous-diplomatic-fiction/

     

      

    Seeing that London was at the epicentre of Remain, do your drinking buddies ever get out of London for a drink?

    What are they doing to gauge Brexit opinions in the places where people actually voted to leave? Not an easy job when you have over 19,000,000 fruit loops and nut cases to ask :rolleyes:

    Or are they just working on a plan of what they think is best for the UK?

     

    As an aside, there was a good comment in the telegraph a few Saturdays ago. Saying how Ed Milliband completely lacked credibility in 2015 after Ed-stone and Bacongate. No one could imagine him being an effective prime minister. It then went on to list the Tory ‘achievements’ since they won that election. Ed would have really been going some to be worse than that. 

    The day after the 2015 election, I remember feeling more angry than I could remember in similar circumstances. It was really quite visceral and I just couldn’t figure out why. I still don’t know why I was angry but I was completely right though.

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