Its not wrong.The Pensions and Lifetime Savings Association say "comfortable retirement" for a single person household needs an annual income of £43,900. That means with a 4% drawdown I'd need £1.1 million in my pension pot.
Who has £1.1 million saved!!
Surely that can't be right, have I messed up somewhere?
I support more aggressive IHT (ie making it inescapable) and I would be hurt by this.
Damn, why hasn't any chancellor ever thought of just slashing spending on a raft of stuff in half? Problem solved!
Maybe for the top top teir of inheritance I agree but I'm not sure for the middle and working classes. Education and the availability of good paying craft/trade/professional careers is a greater issue. My grandparents generation were working class council house living but the next generation got good schooling and careers in heavy and manufacturing industries transformed them to middle classes. Their chidren didn't inherit lifechanging amounts what they inherited was good educational opportunities and the guidance to go into secure professional work. Someone inheriting a few hundred K has been lifted with regards to property ownership, but unless they havea career and a pension that will soon be eaten by old age costs and I question if it really raises the family with any permanence.
lol really? a huge number of working couples are on less than that and likely have higher outgoings.
Probably paying for the boat people
slashing spending on a raft of stuff in half? Problem solved!
The money goes to their mates.Some Government just needs to get a grip on the deficit and reduce spending elsewhere.
What exactly is the £332bn "Other" spending going on? £100bn on servicing our debt is getting ridiculous.
Cut that Other in half, that would solve the deficit and pension crisis in 1 go, with surplus left over to start paying down the debt, which would free up more money from interest payments each year.
It's not rocket science. Governments are just utterly incompetent.
Ask someone earning £25K a year if they can afford a pension,it's a jokje. Most can barely afford rent. The government should have created a public pension fund decades ago.
We've just had 14 years of a Government trying to reduce the deficit I would imagine if that £332Bn of Other wasn't important they would have cut it by now. Unfortunately the UK's biggest problem is growth and the MASSIVE Quatatitive Easing we did destroyed growth for a generation, cheap credit pushed into assets was safer and easier than investing in productivity. The Government (cheered on by pretty much everyone) bought the central banker BS and we are left paying the price. Added to Rachel Reeves crusade to prove the Laffer Curve experimentially and the UK's very high proportion of index linked Gilts we are in deep stuff. If we're unlucky a fiscal crisis appears in the next 4 years and 10% cuts to all Government spending will feel like we've been let off lightly or the next Government of whatever flavour is going to have to take an absolute hatchett to benefit spending to turn the corner on the deficit. This Labour Government shot itself in the foot (or should that be country in the head??) right out of the gates with it's NIC's incresae and lax pay restraint in the public sector, the first is hitting tax income and employment and the second has increased inflation and thus those index linked Gilts are biting us.Some Government just needs to get a grip on the deficit and reduce spending elsewhere.
What exactly is the £332bn "Other" spending going on? £100bn on servicing our debt is getting ridiculous.
Cut that Other in half, that would solve the deficit and pension crisis in 1 go, with surplus left over to start paying down the debt, which would free up more money from interest payments each year.
It's not rocket science. Governments are just utterly incompetent.
Sometimes I think people see IHT as you don't get anything above the threshold. You still have the generous tax free amount (isn't it up to 1mln?) and only then is it taxed.
The way to do it put all your income for the first two years into a sipp.if you earn 100k stick the max allowed so if you earn 50k stick around 37k. Do that for two or 3 years. Then go back to reclaiming your wages. By setting it like that and you have 20 years it would leave in such a great spot when coming to retirement.
Hmmm this has opened a cab of worms, but some very interesting opinions and views.
So I'll save my money into an ISA rather than private pension, and as I've accrued enough years for a full state pension, stop paying into it and move abroad... Live out the rest of my life in paradise until 68yrs old when I find out my pension has been cancelled because they can't afford it...
