Jump to content
House Price Crash Forum
Sign in to follow this  
Executive Sadman

My House Is My Pension

Recommended Posts

http://www.telegraph.co.uk/finance/personalfinance/pensions/8308613/Average-woman-aged-56-has-just-9100-pension-pot.html

A pension pot of £9,100 would generate an annual income of just £564, or less than £11 a week once it has been swapped for an annuity, according to Hargreaves Lansdown, the independent financial adviser.

At least hubby can bail them out.

While women have just £9,100 in their pension pots, men have £52,800.

Oh, maybe not

Also remember reading (on here?) the average public sector pension pot is £250k, the average private sector, £27k. Not that the 4/5s of the sheeple who work for the private sector ever seem to notice this. I guess many of those will have no pension pot whatsoever. Living on the state pension of £6k is doable, but for most sheeple weaned on credit, not very likely.

Obviously if liebour get back in power, given theyve put as much debt as is possible over every young'un in this countrys head i suppose new innovations will have to be found to bail out the boomers again.

With evil eyes Balls as chancellor, i suspect organ harvesting of all under 35s will be the preffered solution.

Obviously i hope it doesnt come to that and a tsunami of houses comes on to the market. More than likely though, most Brits would sooner starve to death than sell for less than what some young buck estate agent tells them their place is 'worth'

Edited by Sadman

Share this post


Link to post
Share on other sites

http://www.telegraph.co.uk/finance/personalfinance/pensions/8308613/Average-woman-aged-56-has-just-9100-pension-pot.html

A pension pot of £9,100 would generate an annual income of just £564, or less than £11 a week once it has been swapped for an annuity, according to Hargreaves Lansdown, the independent financial adviser.

At least hubby can bail them out.

While women have just £9,100 in their pension pots, men have £52,800.

Oh, maybe not

Also remember reading (on here?) the average public sector pension pot is £250k, the average private sector, £27k. Not that the 4/5s of the sheeple who work for the private sector ever seem to notice this. I guess many of those will have no pension pot whatsoever. Living on the state pension of £6k is doable, but for most sheeple weaned on credit, not very likely.

Obviously if liebour get back in power, given theyve put as much debt as is possible over every young'un in this countrys head i suppose new innovations will have to be found to bail out the boomers again.

With evil eyes Balls as chancellor, i suspect organ harvesting of all under 35s will be the preffered solution.

Obviously i hope it doesnt come to that and a tsunami of houses comes on to the market. More than likely though, most Brits would sooner starve to death than sell for less than what some young buck estate agent tells them their place is 'worth'

I think plenty of private sector workers understand that they are having to pay for a pension that they themselves can only dream of. The problem is what do you do about it? The state is very powerful, and can take your money without you being able resist in anyway.

You cant go to the courts, they will say it is all legal, after all the judges pensions are at stake if you were to win your case.

You cant outvote those in power, as the benefit claiming and state employed have a majority over you.

Your only recourse is into the black economy, a risky venture at the best of times. The more they take, the more that option looks like it might not be so bad.

Share this post


Link to post
Share on other sites

My mum and step-dad are in this situation. They have a 3-bed bungalow recently valued at £1million. They are in the process of setting up an equity release scheme where the facility is created at 6-7% fixed-for-life-rate but only activates when they draw the money.

My Dad has a lodger in his 3-bed semi, ~£4K a year tax-free, could take another one if necessary. My Uncle (RIP) did the same.

Share this post


Link to post
Share on other sites

My mum and step-dad are in this situation. They have a 3-bed bungalow recently valued at £1million. They are in the process of setting up an equity release scheme where the facility is created at 6-7% fixed-for-life-rate but only activates when they draw the money.

My Dad has a lodger in his 3-bed semi, ~£4K a year tax-free, could take another one if necessary. My Uncle (RIP) did the same.

When dont they just sell the house and rent !!! :lol::lol::lol::lol:

£1 million for a bungalow, f**king hilarious. I see the problem with UK house prices...they are way too high :lol::lol::lol:

Share this post


Link to post
Share on other sites

My mum and step-dad are in this situation. They have a 3-bed bungalow recently valued at £1million. They are in the process of setting up an equity release scheme where the facility is created at 6-7% fixed-for-life-rate but only activates when they draw the money.

My Dad has a lodger in his 3-bed semi, ~£4K a year tax-free, could take another one if necessary. My Uncle (RIP) did the same.

Yes, my Grandmother did this too, actually worked out fairly well for her given the timing.

However, most seem to think the valuations offered are 'pitiful' or think the equity release guys are trying to rip them off and expect govt compensation. I suspect there's lots of moan threads on MSE on this sort of thing 'i was missold, its my home, i want the money and the house and any profit it makes' so on and so forth.

Share this post


Link to post
Share on other sites

When dont they just sell the house and rent !!! :lol::lol::lol::lol:

£1 million for a bungalow, f**king hilarious. I see the problem with UK house prices...they are way too high :lol::lol::lol:

....every seller has to have a buyer......would there be a buyer? that is the question. ;)

Share this post


Link to post
Share on other sites

I think plenty of private sector workers understand that they are having to pay for a pension that they themselves can only dream of. The problem is what do you do about it? The state is very powerful, and can take your money without you being able resist in anyway.

In terms of people currently retiring, I find it hard to blame the public sector for the fact that private sector baby boomers just didn't bother to make financial plans for retiement - between 1983 and 2003 private sector had a better salary so had every opportunity to put money aside. So really hard to feel pity for private sector baby boomers who, after a life of partying, find themselves poor in retirement.

As to future public sector retirees - CPI inflation adjustment is a big deal, am amazed the public sector unions have not picked up on it. It is a killer.

Share this post


Link to post
Share on other sites

My mum and step-dad are in this situation. They have a 3-bed bungalow recently valued at £1million. They are in the process of setting up an equity release scheme where the facility is created at 6-7% fixed-for-life-rate but only activates when they draw the money.

My Dad has a lodger in his 3-bed semi, ~£4K a year tax-free, could take another one if necessary. My Uncle (RIP) did the same.

Why don't they sell for £1M. Stick the cash in an account that gets 3-4% pa. tax free and live off that ?

£30K after tax will be the equivalent of someone earning £50K plus.

As for a place to live?

Nice 2 bed somewhere outside a major city for £400pcm is surely possible?

PS. Me, I'd sell for the million then head off to asia or some low-cost country and see out my last years. Easy to fly back if required..... B)

Share this post


Link to post
Share on other sites

Why don't they sell for £1M. Stick the cash in an account that gets 3-4% pa. tax free and live off that ?

ppossiobly because the ISA limit is only about £10k ??

;)

Share this post


Link to post
Share on other sites

In terms of people currently retiring, I find it hard to blame the public sector for the fact that private sector baby boomers just didn't bother to make financial plans for retiement - between 1983 and 2003 private sector had a better salary so had every opportunity to put money aside. So really hard to feel pity for private sector baby boomers who, after a life of partying, find themselves poor in retirement.

As to future public sector retirees - CPI inflation adjustment is a big deal, am amazed the public sector unions have not picked up on it. It is a killer.

I am sure that there are some boomers who worked in the private sector who blew their cash, and you dont need to feel sorry for them.

Trouble is, those in the public sector didnt actually put away the money that they should have in order to receive the bumper payouts that they are entitled to. If they had had to save for pensions privately, like everyone else, the take from their salaries would have been so monstrous, they wouldnt have been able to live from day to day with the exception of the high flyers.

So those boomers in the public sector, are now going to get pensions that the money they put aside for, wouldnt have paid for it. The difference, the extra money that is now going to pay for those pensions, will come out of the taxes levied on the young.

Young people in the private sector today, earn much lower wages, and after housing costs, many cannot be realistically expected to save for their own pensions. And yet they are burdened with the entitlement of others. I dont see this situation enduring, at some point the taxes that will be needed to finance all of this will become too great, and someone somewhere wont get what they think they are going to get.

Share this post


Link to post
Share on other sites

ppossiobly because the ISA limit is only about £10k ??

;)

There are surely other suitable products on the market?

Where to millionaires put their cash? :D

Share this post


Link to post
Share on other sites

I am sure that there are some boomers who worked in the private sector who blew their cash, and you dont need to feel sorry for them.

Trouble is, those in the public sector didnt actually put away the money that they should have in order to receive the bumper payouts that they are entitled to. If they had had to save for pensions privately, like everyone else, the take from their salaries would have been so monstrous, they wouldnt have been able to live from day to day with the exception of the high flyers.

So those boomers in the public sector, are now going to get pensions that the money they put aside for, wouldnt have paid for it. The difference, the extra money that is now going to pay for those pensions, will come out of the taxes levied on the young.

Young people in the private sector today, earn much lower wages, and after housing costs, many cannot be realistically expected to save for their own pensions. And yet they are burdened with the entitlement of others. I dont see this situation enduring, at some point the taxes that will be needed to finance all of this will become too great, and someone somewhere wont get what they think they are going to get.

agreed, I think the late stage boomer public sector retirees (1960s babies) will have the biggest shock, just as they run out of democratic political power, and those that came after them will get even more pain, the current 30 something junior public sector management tier, big mortgages, stagnant salaries and pensions that just won't pay out much in real terms

As to early stage boomers (born 1947 to 1960), well they just got lucky (as did pre-boomers with public sector pensions), yep it's wrong that someone else should have to pay, I suspect that effectively those that will pay most income tax over the coming decades - ie those that are on the forced career hamster wheel to service a huge mortgage - will pay the price for bailing out the national finances with a life enslaved to the office. Those of us who choose to work hard for ourselves can sidestep much of the tax with legal creative accounting, pension contributions, timed dividends etc.

Share this post


Link to post
Share on other sites

There are surely other suitable products on the market?

Where to millionaires put their cash? :D

property is one popular tax-efficient option!!!

otherwise, not sure, good question, where indeed? any ideas? offshore somehow?

Share this post


Link to post
Share on other sites

My mum and step-dad are in this situation. They have a 3-bed bungalow recently valued at £1million. They are in the process of setting up an equity release scheme where the facility is created at 6-7% fixed-for-life-rate but only activates when they draw the money.

My Dad has a lodger in his 3-bed semi, ~£4K a year tax-free, could take another one if necessary. My Uncle (RIP) did the same.

Sounds more like a "bungle, oh" to me

Share this post


Link to post
Share on other sites

Young people in the private sector today, earn much lower wages, and after housing costs, many cannot be realistically expected to save for their own pensions. And yet they are burdened with the entitlement of others. I dont see this situation enduring, at some point the taxes that will be needed to finance all of this will become too great, and someone somewhere wont get what they think they are going to get.

Duh the solution is more debt and another ponzi scheme (backed by force) to steal from the youth. Myself I have absolutely zero pension, the fact that my employment history before 2004 is scatty (self employed, worked overseas) means I barely have any NIC contributions as well.... there is always suicide.

Share this post


Link to post
Share on other sites

Yes, my Grandmother did this too, actually worked out fairly well for her given the timing.

However, most seem to think the valuations offered are 'pitiful' or think the equity release guys are trying to rip them off and expect govt compensation. I suspect there's lots of moan threads on MSE on this sort of thing 'i was missold, its my home, i want the money and the house and any profit it makes' so on and so forth.

How much you get depends mainly on your age, at 60 you get about 20% of the house value available as a drawdown mortgage.

Of course if you don`t own a house you get nothing.

Share this post


Link to post
Share on other sites

As for a place to live?

Nice 2 bed somewhere outside a major city for £400pcm is surely possible?

I don't think soooooooooooooooooooooooooooooooooooooooo

tim

Share this post


Link to post
Share on other sites

I don't think soooooooooooooooooooooooooooooooooooooooo

tim

Meh, I find block capitals are much more effective in getting a point across.

Anyway, 400pcm for a 2-bed terraced outside, say, Manchester is easily do-able. He didn't say where...

Share this post


Link to post
Share on other sites

Meh, I find block capitals are much more effective in getting a point across.

Anyway, 400pcm for a 2-bed terraced outside, say, Manchester is easily do-able. He didn't say where...

No way jose!

http://www.zoopla.co.uk/to-rent/property/greater-manchester/moss-side/?q=moss%20side

Moss side £500PCM for a 1bed flat on Alexandra road conveniently next to rape town as well, (alexandra park where there were 10+ rapes over a month)

Or 0 bed shipping container!

http://www.propertyindex.com/RR2557393/Moss-side-Farm-Lytham-Road-Moss-Side-Lytham-St-Annes-FY8/100/

Share this post


Link to post
Share on other sites

No way jose!

http://www.zoopla.co.uk/to-rent/property/greater-manchester/moss-side/?q=moss%20side

Moss side £500PCM for a 1bed flat on Alexandra road conveniently next to rape town as well, (alexandra park where there were 10+ rapes over a month)

Or 0 bed shipping container!

http://www.propertyindex.com/RR2557393/Moss-side-Farm-Lytham-Road-Moss-Side-Lytham-St-Annes-FY8/100/

Ah, Ken, I said outside Manchester ie anywhere with a ME postcode (I didn't say they were necessarily nice, mind):

http://www.rightmove.co.uk/property-to-rent/find.html?locationIdentifier=REGION%5E904&maxPrice=400&minBedrooms=2&displayPropertyType=houses&oldDisplayPropertyType=houses&radius=3.0

Share this post


Link to post
Share on other sites

Your house is an excellent pension, because owning it saves paying rent.

If you're not paying rent, then the state pension is ample, so why worry? My parents are a lot better off now on that pension than they were when supporting a family and a mortgage.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.