GCS15 Posted January 12, 2006 Share Posted January 12, 2006 (edited) I've paid income tax every single year since the age of 16 (I'm now 52); last year I paid 42k in income tax, plus NI. I wonder who I have been paying for? Your parents and grandparents. Here in Australia every government employees superannuation / pension goes into one fund. That fund has been spent. There is no pension pot. It's a number but there is no money. THat is to come from future generations. Luckily for the government employees legislation was passed that protects their fund from collapsing. How convenient. Future tax payers will pay for it. OOPS - EDIT as young goat beat me :-) And yes I forgot that your taxes have also gone to everyone with their hand out. Note that my hand is not out. It was but I got slapped in my hour of need. Now I begrudge every dollar in tax over that needed to pay for essential services. ps I've worked since I was 14 1/2 and I believe that retirement is 65 (set when 65 was the average life expectancy) Edited January 12, 2006 by GCS15 Quote Link to comment Share on other sites More sharing options...
Casual Observer Posted January 12, 2006 Share Posted January 12, 2006 (edited) Mainly the already retired plus the unemployed. What! - I paid for the pensions of the generation above me!? And now the working population now don't want to support me?? And they call the boomer generation the lucky one?? I'm gonna organise a protest march... Charlie! The Oldie! - Get your coats, we're off to Downing St. Edited January 12, 2006 by Casual Observer Quote Link to comment Share on other sites More sharing options...
Goat Posted January 12, 2006 Share Posted January 12, 2006 What! - I paid for the pensions of the generation above me!? And now the working population now don't want to support me?? I'm afraid so. The difference is that by the time I retire I can expect to work until at least 70; forget about any meaningful state pension and expect to make significant contributions to my healthcare costs. Quote Link to comment Share on other sites More sharing options...
GCS15 Posted January 12, 2006 Share Posted January 12, 2006 What! - I paid for the pensions of the generation above me!? And now the working population now don't want to support me?? And they call the boomer generation the lucky one?? I'm gonna organise a protest march... Charlie! The Oldie! - Get your coats, we're off to Downing St. I've seen a person win $15k on the Pokies. You'd say they were lucky until you watched them pour it all back in to the machines in the one sitting The problem is Casual Observer is that the generation above you paid your way. The "greatest generation" paved the way for the boomers. But the boomers don't want to play the game fair by doing so for the next generation. At the peak of earnings and disposable income Boomers don't want to "invest" in the kids. Fair enough. Not a decision I'd make but it's not my call. Unfortunately your last line is all to true. Not quite a march but far more effective. You have said that you are A-ok financially. Good luck to you. I certainly don't wish you any ill. Not every Boomer is in the same boat though. Some bought the Pensions Myth. Quote Link to comment Share on other sites More sharing options...
Casual Observer Posted January 12, 2006 Share Posted January 12, 2006 I'm afraid so. The difference is that by the time I retire I can expect to work until at least 70; forget about any meaningful state pension and expect to make significant contributions to my healthcare costs. In all seriousness, when I was 20 I reckoned that the State Pension would have withered on the vine by the time I reached old age, therefore I began to save as much as I could into the company pension scheme. My prediction will come true, I think, certainly by the time I'm 65. I encourage all you youngsters to do the same. I was alarmed to hear my nephew (28) tell me that he intended to invest in property to provide his pension. The attitude of these youngsters is the main reason for high HPI, IMO. The problem is Casual Observer is that the generation above you paid your way. But you just said my taxes paid their way! Since I've paid tax since the age of 16, what did the older generation pay for, beyond a basic education and the usual services one gets from 0 to 16? Quote Link to comment Share on other sites More sharing options...
GCS15 Posted January 12, 2006 Share Posted January 12, 2006 But you just said my taxes paid their way! Since I've paid tax since the age of 16, what did the older generation pay for, beyond a basic education and the usual services one gets from 0 to 16? Your taxes helped pay for their retirement. Their taxes helped pay for your education and those of whom chose to go to university. Remember that the job market has changed markedly in recent years. In Boomers days a Nurse was trained in a hospital and received a wage (slave wage but a wage nonetheless). Today students PAY to learn. Then they get all antsy because they didn't go to uni (and build a huge debt) to "wipe peoples ar535". The course that I am doing used to pay $40k now you have to pay $6k a year to do it. I might be a sucker but I'm persuing a life dream. Anyhow that money is owed to the government, the same government who used to pay $40k+ for people to do it. Ahh it's funny. I sometimes think that the insane broke out and are now running the show. Interestingly many politicians have mental illnesses. In fact it's the illness that drives them. One Boomer bragged to me that they paid $4 in tax last year. I also happen to know that their operations cost in excess of $120k (out of the taxpayers pocket). It's unsustainable. Sooner or later Gen X and Gen Y will relise the futility of busting their hump because of the high taxes they will be paying. Health care in Australia is a mess. If people just scratched the surface they'd be shocked to their core the amount of waste and petty games with peoples lives that the health care system plays. For example. I was shown a machine that has been used twice. It cost $1.5 million. Bought because some doctor demanded it. Neonatal cribs were bought for an ambulance service. Their cost was taken out of another arguably much needed health care area. The cribs were used once and are now obsolete due to inter hospital wrangling. Doctors take at least 6 years to train yet we don't have enough now let alone for the coming demand of an ageing population yet nothing is being done. Health care costs are going to skyrocket. Boomer money will rapidly disappear. The anectdotes that you took the p155 out of were real. These people HAD to sell their houses. They are the tip of the iceberg. The money will come from somewhere and if Gen X and Y don't pay then where? (Serious question) All I'm saying is that Potemkin (sp) would be proud. and again. I'm not paying. Locked out of houses in my home city (prices have trebled wages stayed static or fallen) and made to pay for an education that was once fully paid for. Quote Link to comment Share on other sites More sharing options...
urban_hymn Posted January 12, 2006 Share Posted January 12, 2006 Gold is at a 30 year high.. it would have been a great buy a few years ago.. Now it is heading toward peek.. I don't agree Apom. Adjusted for inflation, gold is nowhere near a 30 year high. (looking for chart, will be back) Quote Link to comment Share on other sites More sharing options...
Casual Observer Posted January 12, 2006 Share Posted January 12, 2006 The anectdotes that you took the p155 out of were real. That wasn't me! Quote Link to comment Share on other sites More sharing options...
GCS15 Posted January 12, 2006 Share Posted January 12, 2006 That wasn't me! oops. My apologies Quote Link to comment Share on other sites More sharing options...
Casual Observer Posted January 12, 2006 Share Posted January 12, 2006 (edited) oops. My apologies I dunno - grouping us oldies together - just like the Nazis Edited January 12, 2006 by Casual Observer Quote Link to comment Share on other sites More sharing options...
no accountant Posted January 12, 2006 Share Posted January 12, 2006 Recent FTBers have got it hard, they have to pay for their own higher education and are being asked to contribute to 3 peoples pensions: 1) their own, because the state pension will non existent by the time they retire 2) current state pensions through NI and tax 3) wealthy granny, who's treating her house as a pension which you have to buy at an inflated price and then slog for 25 years to pay off. Not funny. :angry: Quote Link to comment Share on other sites More sharing options...
Goat Posted January 12, 2006 Share Posted January 12, 2006 Recent FTBers have got it hard, they have to pay for their own higher education and are being asked to contribute to 3 peoples pensions: 1) their own, because the state pension will non existent by the time they retire 2) current state pensions through NI and tax 3) wealthy granny, who's treating her house as a pension which you have to buy at an inflated price and then slog for 25 years to pay off. Not funny. :angry: Also factor in: 1. NHS £80bn p/a - cost & benefit very heavily weighted towards the elderly. 2. Various additional tax reliefs for granny. :angry: Quote Link to comment Share on other sites More sharing options...
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