State Pension rant

[Marco]

When we moved into our first house all we had was a new bed, a cooker, two stools and my audio system. We sat on the floor to listen to music, and sat on the stools to eat at the 'breakfast bar' in the kitchen. It was a while before we bought a small work-top fridge. Laundry was done at the local launderette; and when it closed a couple of years later we were obliged to buy a washing machine. And since I don't like being a slave to paying for things by instalment, paid for everything in one go.

I guess things were a little different in your day.

Just over a year before Del and I were married, in 1991 (I'd been living with my parents up until 1989), we bought our first house, a 'quarter-villa' in Glasgow (such as shown here: https://www.thehouseshop.com/propert...53-7ph/2528448), which is basically 4x one-bedroom flats built into the one property, and it was already fully furnished, not exactly to our tastes, and came with 'luxuries' such as an automatic washing machine, but good enough to last us until we could afford to 'do up' the place ourselves.

We had great times there, as it was in a nice quiet, secluded spot on the south side of the city, near where we both worked. Anyway, as my parents mostly always had an automatic washing machine (although I have memories of a 'twin-tub' being used by my mum in the 70s), I've always been used to having one. Still couldn't tell you how to use it, though!

Marco.

[Joe]

Honestly though, the lack of washing machine or iron usage, by moi, is by mutual consent! It's always been the same. I do everything else around the house, apart from the cooking. Del will do the ironing, usually whilst watching the programmes she likes on TV, whilst I'll be out cutting the grass or washing her car

We've compromised; neither of us do any ironing. It was mostly my 'work shirts' that needed doing, and they're all sat in the wardrobe now and only dusted off for weddings, christenings and funerals. Someone upthread referred to ironing underwear. I'm hoping that was a joke, though I do know someone who irons sheets. FFS.

Caroline mostly does the washing, as she likes to prioritise what gets washed and when, but I know how to programme the machine if necessary. Like others, we were reliant on the laundrette for the first few years, and I never found it too much of a hassle as long as I had a book to read. The tricky bit was tumble-drying things so they were neither soaking wet or too dry to iron.

[Marco]

Nice to see you checking in again, Joe. Where have you been hiding?

Marco.

[AJSki2fly]

Here's the scenario:

My friend was born September 1953, I was born July 1954. We started school on the same day and travelled through school in same school year until we were 17 and then left on the same day. We started work on the same day and continued work without a break. We retire - he receives his state pension starting on his 65th birthday, I have to wait until I am 65 and 10 months old!

Even worse with my wife, who's birthday is November 1954 - just missed out on collecting hers at age 60 by a few months and so has to wait until she is 66!!

I think if you spoke with my Sue she would have something to say on this, she was born in 1961 and has to wait until she is 68 and is most annoyed about the change. She appreciates the change to 65 for her as when she started work we were told pay in and get a pension at 60 for women and 65 for men and understands the need to address equality, however she is quite annoyed at being hit with another 3 years.

For me its a question of mismanagement of the state pension pot by successive governments of various colours, I am pretty sure that if the truth was know it has been raided from at various times to shore up an ailing economy and poor political desicions with complete disregard for what it meant for future generations. Add to that the scandalous behaviour of some pension/insurance companies in the early 00's who raided the pension funds they were supposed to be trustees of to shore up their own businesses, this destroyed millions of private individuals pension values in the future, mine lost 2/3 of its value and has left us with difficult decisions as we approach retirement like many other. Its all bad new if you ask me, with a load of serious spin put on it from governments and and various pension/insurance companies many of whom are now queueing up to offer equity release products and yet again strip wealth from people.

[Joe]

Nice to see you checking in again, Joe. Where have you been hiding?

Marco.

Partly in the University library, partly, more recently, up a stepladder decorating, where I'll have to go back to in a few minutes.

[ianlenco]

I'm pretty sure there is no such thing as a state pension pot, it relies on the payment of those working now to pay for those retired. The post war baby boom hasn't helped this balance nor has the increase in life expectancy. Same goes for most pensions in the public sector ( I think local authorities are the exception) pensions rely on current contributions of those working. Think back to all those public sector employees who were offered generous early retirement settlements basically to get rid of folk on the top end of the scales and replace them with cheaper, younger workers - how short-sighted was that!

[AJSki2fly]

I'm pretty sure there is no such thing as a state pension pot, it relies on the payment of those working now to pay for those retired. The post war baby boom hasn't helped this balance nor has the increase in life expectancy. Same goes for most pensions in the public sector ( I think local authorities are the exception) pensions rely on current contributions of those working. Think back to all those public sector employees who were offered generous early retirement settlements basically to get rid of folk on the top end of the scales and replace them with cheaper, younger workers - how short-sighted was that!

Your probably correct Ian about the state pension pot in recent years, sadly. However I think its a bit different with pensions purchased with Insurance/Pension companies, whether by individuals or companies, effectively the individual pays to buy into a managed pot of funds split across areas of investment to spread risk and gain return on the sums invested, so for example government stock, rights, gilts shares and bonds etc. the trustees of each fund are then supposed to make decisions that based on actuarial advise to gain the best return for the funds as a whole. That is in my simple mind how it works, in some cases individuals can choose how they spoilt their bit of the pot.

Unfortunately we live in a topsy turvy world with respect to getting rid of old and replacing with cheaper younger models, not necessarily better.

Regards

Adrian

[Minstrel SE]

governments that have been bumbling through for decades, a country nine times its total worth in debt and a giant ponzi scheme ...what could possibly go wrong? The biggy is coming folks and the state pension age will only rise

The formula is basically this if you can put it in algebraic terms for me

You die before collecting state pension = happy government.

Keep smoking and drinking folks because the government dont give a shit and havent a clue what they are doing other than milking us for all we are worth.

I totally agree that life is for living but the way its going many people cant even aford the rent now and watching the telly with one bar of the old leccy fire on will become a luxury

[walpurgis]

Unfortunately, they seem to have the wrong end of the stick and have forgotten that they work for us. Instead of governing on our behalfs, they assume that it's us that need governing.

[spendorman]

Unfortunately, they seem to have the wrong end of the stick and have forgotten that they work for us. Instead of governing on our behalfs, they assume that it's us that need governing.

Here here, also local Councils have forgotten the same thing.