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Pension age increase


Dougy
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19 minutes ago, oldypigeonpopper said:

Hello, I can remember many years back there was a lot of aggro when people not from Wales were buying property for holiday homes, 

 It's still much the same these days and many local authorities now levy an additional tax on second homes regardless of the nationality of the owner.

Also a lot of resentment amongst the population for anyone who is perceived to be doing well for themselves and having a second home (regardless of its intended use, investment, BTL etc..) is like a red rag to a bull for some people.

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37 minutes ago, Mice! said:

seems like nothing now, but you have different priorities when your younger.

I can remember when I was in my late 20's starting my 'plan' which involved putting funds into a private pension (called then a free standing AVC) and the "Personal Equity Plan" which became the ISA.  Many of my contemporaries were having fancy holidays, eating out lots, new cars, new kitchens, double glazing (the 'big thing' then), smart 3 piece suits and fitted bedrooms etc.  I was having an occasional break away staying with friends/relatives, I have only ever had 2 overseas holidays since I left school.  I had an older car, and a 'shabbier' home with all second hand stuff in it.  Later in my career, I was on better pay - and things got a bit easier, but I have always favoured saving over spending, and have always been 'careful (many would say mean!) with spending on consumer goods etc.  I have bought almost no 'new' furniture all my life, getting second hand which is a huge saving.

I know not everyone can afford it at all, but for many it is a question of priorities.

Edited by JohnfromUK
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16 minutes ago, Poor Shot said:

 It's still much the same these days and many local authorities now levy an additional tax on second homes regardless of the nationality of the owner.

Also a lot of resentment amongst the population for anyone who is perceived to be doing well for themselves and having a second home (regardless of its intended use, investment, BTL etc..) is like a red rag to a bull for some people.

Hello, I remember some home getting burnt down , even well know celebrities buying second homes just like Cornwall , how on earth are young people living in there family area and not able to buy a home of their own 

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Just now, oldypigeonpopper said:

Hello, I remember some home getting burnt down , even well know celebrities buying second homes just like Cornwall , how on earth are young people living in there family area and not able to buy a home of their own 

We were in Rosthwaite last week, a small hamlet in the lakes. Around 30% of the properties are bought for holiday lets by 1 person as they come up for sale. Apparently he's an airline pilot based in London. 

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3 minutes ago, JohnfromUK said:

I can remember when I was in my late 20's starting my 'plan' which involved putting funds into a private pension (called then a free standing AVC) and the "Personal Equity Plan" which became the ISA.  Many of my contemporaries were having fancy holidays, eating out lots, new cars, new kitchens, double glazing (the 'big thing' then), smart 3 piece suits and fitted bedrooms etc.  I was having an occasional break away staying with friends/relatives, I have only ever had 2 overseas holidays since I left school.  I had an older car, and a 'shabbier' with all second hand stuff in it.  Later in my career, I was on better pay - and things got a bit easier, but I have always favoured saving over spending, and have always been 'careful (many would say mean!) with spending on consumer goods etc.  I have bought almost no 'new' furniture all my life, getting second hand which is a huge saving.

I know not everyone can afford it at all, but for many it is a question of priorities.

Good post John. 
That all sounds very familiar here. From starting saving for a house in my early twenties I carried on like that until, suddenly, I was forty and realised I had spent virtually nothing. So then I began to spend a little as well as save/invest until I gave up full time work and took my works pension early at 53. With a part time job plus pension I had free time and enough money to do, within reason, what I liked.

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2 minutes ago, oldypigeonpopper said:

Hello, I remember some home getting burnt down , even well know celebrities buying second homes just like Cornwall , how on earth are young people living in there family area and not able to buy a home of their own 

I agree. 

Should we instead be asking why can't locals afford to buy homes in their own back yard? Where has the earning potential gone for those people? Why is the only option for a lot of young people living in rural areas to work part time, minimum wage at an ATV experience center or some such? Where have the careers in farming, fishing and industry gone? 

Homes in rural areas have never been cheap so this problem isn't a recent one. 

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5 minutes ago, London Best said:

That all sounds very familiar here.

Much the same as me - although I retired in full at 59 (offered an 'early retirement deal' = hint - take this or redundancy looms), but earlier in my life worked full time and did some self employed work in free time as a 'second job'.  I have to be reasonably 'sensible' in retirement, but should last the course (assuming I don't live to well over 100!).

One of the bigger concerns or worries that I think holds some people back from saving is the worry that there will be either wealth taxes on savings, means tests for pensions where those who have saved are penalised over those who haven't, and 'raids' on savings such as everyone mentions from Gordon Brown.  The 'further left' are forever threatening to take 'wealth' from those who have saved it and 'give it' to 'the poor'.   Threats like this hurt everyone as they discourage sensible prudent behaviour.

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21 minutes ago, Dougy said:

We were in Rosthwaite last week, a small hamlet in the lakes. Around 30% of the properties are bought for holiday lets by 1 person as they come up for sale. Apparently he's an airline pilot based in London. 

Hello, oh what a shame for local people , 

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6 minutes ago, Poor Shot said:

I agree. 

Should we instead be asking why can't locals afford to buy homes in their own back yard? Where has the earning potential gone for those people? Why is the only option for a lot of young people living in rural areas to work part time, minimum wage at an ATV experience center or some such? Where have the careers in farming, fishing and industry gone? 

Homes in rural areas have never been cheap so this problem isn't a recent one. 

Hello, many factors why housing is so expensive, remember gazumping, greedy estate agents , even MPs flipping houses to get more profits, I do feel for the young people today, a 3 bed semi where my son lives sold for £500, 000 plus 🙄

11 minutes ago, JohnfromUK said:

Much the same as me - although I retired in full at 59 (offered an 'early retirement deal' = hint - take this or redundancy looms), but earlier in my life worked full time and did some self employed work in free time as a 'second job'.  I have to be reasonably 'sensible' in retirement, but should last the course (assuming I don't live to well over 100!).

One of the bigger concerns or worries that I think holds some people back from saving is the worry that there will be either wealth taxes on savings, means tests for pensions where those who have saved are penalised over those who haven't, and 'raids' on savings such as everyone mentions from Gordon Brown.  The 'further left' are forever threatening to take 'wealth' from those who have saved it and 'give it' to 'the poor'.   Threats like this hurt everyone as they discourage sensible prudent behaviour.

Hello, it makes you think maybe it was not worth working hard and saving when I know retired people who never saved , live on basic pension and are better off than me 

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7 minutes ago, oldypigeonpopper said:

I know retired people who never saved , live on basic pension and are better off than me 

I agree - it does make you think, but I believe in the vast majority of cases saving has been worthwhile. 

The 'elephant in the room' is that IF you end up needing a high level of care, you (or your family) will have to self fund care until almost all of your savings will have to be used up before any state/local authority steps in - AND (I understand) part of your self funded payment to care providers is used to "cross-subsidise" care costs to local authorities.

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2 hours ago, discobob said:

I would quote Norway which invested the revenue from their part of North Sea Gas I believe - whereas our (from both sides) government squandered it.

We are actually participating in a massive legalised Ponzi/Pyramid selling scheme at the end of the day

👍 Living of our kids futures unable to face upto the reality that it all has to be paid for. 

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1 hour ago, JohnfromUK said:

I agree - it does make you think, but I believe in the vast majority of cases saving has been worthwhile. 

The 'elephant in the room' is that IF you end up needing a high level of care, you (or your family) will have to self fund care until almost all of your savings will have to be used up before any state/local authority steps in - AND (I understand) part of your self funded payment to care providers is used to "cross-subsidise" care costs to local authorities.

Hello, yes I think your only allowed £12,000 savings, they took everything from my dad and gave him £10 a week, this is sometime back 

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3 hours ago, JohnfromUK said:

I can remember when I was in my late 20's starting my 'plan' which involved putting funds into a private pension (called then a free standing AVC) and the "Personal Equity Plan" which became the ISA.  Many of my contemporaries were having fancy holidays, eating out lots, new cars, new kitchens, double glazing (the 'big thing' then), smart 3 piece suits and fitted bedrooms etc.  I was having an occasional break away staying with friends/relatives, I have only ever had 2 overseas holidays since I left school.  I had an older car, and a 'shabbier' home with all second hand stuff in it.  Later in my career, I was on better pay - and things got a bit easier, but I have always favoured saving over spending, and have always been 'careful (many would say mean!) with spending on consumer goods etc.  I have bought almost no 'new' furniture all my life, getting second hand which is a huge saving.

I know not everyone can afford it at all, but for many it is a question of priorities.

Like I said it all depends on the kind of job you have or had, going back to my twenties £50-100 would have paid for our weeks shop, and put fuel in the car, it's not about having fancy holidays or all the new gear it's about getting by on what you have.

If you were getting by and not overdrawn then you were probably quite happy,  and not thinking of retirement at 65 years old

Edited by Mice!
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3 hours ago, Poor Shot said:

I agree. 

Should we instead be asking why can't locals afford to buy homes in their own back yard? Where has the earning potential gone for those people? Why is the only option for a lot of young people living in rural areas to work part time, minimum wage at an ATV experience center or some such? Where have the careers in farming, fishing and industry gone? 

Homes in rural areas have never been cheap so this problem isn't a recent one. 

It is in reality as although perhaps the youngsters couldn't buy initially, renting was usually an option. Now it's that housing stock that's disappearing as soon as it hits the market for holiday homes. As we know, currently there is a worker shortfall pretty much across the board. In Cornwall NHS workers who have come down to fill some of those vacancies even if they can find somewhere to rent, can't afford to do so. One hotelier has built an extension to house the staff he so desperately needs.

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1 minute ago, wymberley said:

It is in reality as although perhaps the youngsters couldn't buy initially, renting was usually an option. Now it's that housing stock that's disappearing as soon as it hits the market for holiday homes. As we know, currently there is a worker shortfall pretty much across the board. In Cornwall NHS workers who have come down to fill some of those vacancies even if they can find somewhere to rent, can't afford to do so. One hotelier has built an extension to house the staff he so desperately needs.

We could solve the housing crisis if there was a will to do it but................... We home owners don't want it in our back yards or to affect the price of our own house so its politically a no no. 

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if you look at what a farm worker earnt in a year as to the average house price it worked out at

 

  1. 1972...........6.1 times the salary
  2. 2022...........11.6 times the salary

 

go figure

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I think anyone planning for the future should look at an AVC to run along side of their pension because you get tax relief on it so each £100 you put in only cost's you £80 ,I did exactly that and it helped me retire early, you can increase or decrease the amount you pay in each month to suit your needs. A few of my friends who had never known about AVCs have done the same after they had been told and have been well pleased with the result. 

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