[Nedusa]

A huge number of pensioners live on only the state pension so it must keep pace with the cost of living and inflation. It must be linked to the RPI or the CPI and should not be capped to any artificial figure.

[GiRTh]

Originally Posted by Nedusa

A huge number of pensioners live on only the state pension so it must keep pace with the cost of living and inflation. It must be linked to the RPI or the CPI and should not be capped to any artificial figure.

They should have sorted out their pension ages ago well before they retired. They cant expect the state to subsidise them until they die. What if they live to over 100?

Not my views but the counter arguments to keeping the state pension.

[Nedusa]

Originally Posted by GiRTh

They should have sorted out their pension ages ago well before they retired. They cant expect the state to subsidise them until they die. What if they live to over 100?

Not my views but the counter arguments to keeping the state pension.

I agree the current State pension is fast becoming an anachronism in todays financial landscape. Most people have company or private pensions and use the state pension as a top up. But for the less fortunate who do live entirely on a state pension that pension must keep pace with the cost of living and inflation.

I would like to see the whole subject of Pensions in this country modernised as it is way too complicated at present. Everybody from the minimum adult working age (18) should be required to set up some form of pension provision which they keep all their working life. The amount they receive should be closely tied to the amount they (and their employers) contribute.

[Omah]

Originally Posted by GiRTh

They should have sorted out their pension ages ago well before they retired. They cant expect the state to subsidise them until they die. What if they live to over 100?

I hope you've got yours sorted out - what if YOU live to over 100?

Of course, if you're 25 or under, you might have to work (if you've got a job in, say, 2043) until you're 75, say, 2063, when Ł30,000 now will only be worth Ł8,456.87 then and a 70 litre tank of petrol will cost Ł1,092.80, a loaf of bread Ł13.40, a bottle of wine Ł55.35 and a cinema ticket Ł63.45, assuming, for example, inflation rises at 5.00% and you receive annual interest of 2.40% on your savings after tax.

http://www.hl.co.uk/news/future-inflation-calculator

[GiRTh]

Originally Posted by Omah

I hope you've got yours sorted out - what if YOU live to over 100?

Of course, if you're 25 or under, you might have to work (if you've got a job in, say, 2043) until you're 75, say, 2063, when Ł30,000 now will only be worth Ł8,456.87 then and a 70 litre tank of petrol will cost Ł1,092.80, a loaf of bread Ł13.40, a bottle of wine Ł55.35 and a cinema ticket Ł63.45, assuming, for example, inflation rises at 5.00% and you receive annual interest of 2.40% on your savings after tax.

http://www.hl.co.uk/news/future-inflation-calculator

What does it say directly after that point? Please post it for the whole forum.

[Omah]

Originally Posted by GiRTh

What does it say directly after that point? Please post it for the whole forum.

Remember: If the interest rate you receive after tax is lower than the current rate of inflation you are losing money in real terms.

[GiRTh]

Originally Posted by Omah

Remember: If the interest rate you receive after tax is lower than the current rate of inflation you are losing money in real terms.

Is that what it says? I thought I had said those views were not my own but I was trying to provide the counter argument to people who say pensioners are untouchable.

Interesting that you took the time to research the point you made - providing a quote and a handy link - but didn't take the time to read my post properly.

[Omah]

Originally Posted by GiRTh

Is that what it says? I thought I had said those views were not my own but I was trying to provide the counter argument to people who say pensioners are untouchable.

Interesting that you took the time to research the point you made - providing a quote and a handy link - but didn't take the time to read my post properly.

Interesting that you haven't, even hypothetically, answered my question .....