Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: shina on January 14, 2013, 11:23:49 pm
-
Its been on the news about the new state pension. They say that the self employed will be better off as we dont get a so called secondary pension and they are now going to make it up to allow for it.
I dont know anything about a so called secondary pension, and are we really going to be better off.
There must be some on here that are good with the whole pension stuff, I for one am not
-
Duno but wouldn't bank on it
-
the govermet never do any god for the joe blogs always looks good but like they say always look at the small print , example 50 p tax for the rich well if the bankers pay up on there bonus they will be hit high tax , but wiyh the small print wait another couple of months to get bonus pay very little tax ???
-
You WILL be better off. Currently self employed people can only receive the basic State Pension (£107.45 per week).
When the new rules kick in, you will receive £155 per week regardless of whether you are male or female, employed or self employed.
And how long do you think you're going to survive on that? Even allowing for the annual adjustment for inflation, you will still only receive the equivalent of that sum. Plus you won't be eligible to claim it until you are (in the case of a late teens -early twenties) at least 70 years old.
Do you think you will be able to save enough in your working life to pay you a decent living wage? You will need in the region of £1/2million plus to give you anything like enough to match your living standard while you were working.
Even with my private pension (which I paid in for over 25 years) my total income from State and Private is just £161.45 per week.
-
There's still some unexplained factors.
At the moment you need 30 years N.I. contributions to qualify for the full state pension after 2017 I believe you will need 35 years!
You need 1 years contributions minimum to get a state pension (reduced and means tested) after 2017 you will need 10 years minimum contributions.
I have not been able to find out if after 2017 the new flat rate applies to those without enough contributions such as stay at home mums regardless of how many years contributions they have or if they will need the 35 years.
Some are going to be big losers and some winners.
We are being ripped big time - they want us to die working and not pay any pension.
When my wife left Uni she expected to retire at 60 that was bumped up to 65 for equality with men and now it is 68 and expected to rise by another year or two.
8 years in one generation is a lot to lose - o.k. we are living longer but not that much longer !!!!
-
I also think the disparity between public and private sector pensions is unfair. Look at Ian Lancaster's figures. Private pension schemes are a rip off, yet many public sector pensions are non-contributory (though they say that they take this into account when setting wage levels).
And yes, I will be getting a public sector pension and lump sum at age 60; good for me, but I still don't think it's fair.
-
Who cares il be cleaning windows till my last breath.
-
Who cares il be cleaning windows till my last breath.
Maybe, maybe not. Maybe you'll get arthritis and be unable to work? Or possibly lots of other possible stuff.
-
Who cares il be cleaning windows till my last breath.
Maybe, maybe not. Maybe you'll get arthritis and be unable to work? Or possibly lots of other possible stuff.
Exactly .. who says you will be cleaning windows above 65? my dad is 66 and he needs a new hip has heart problems and few other stuff.. he has done mechanics and 32 years working in a factory, he couldn't possibly work now even if he wanted to be dead by the end of the year... 10 years ago i wouldn't of said that... you get OLD! and you feel it.
-
Quote - Who cares il be cleaning windows till my last breath.
Exactly, it's ok working into "old age" but it depends on the job you do.
Window cleaning is physically hard work but not too bad if you're healthy enough.
But how about roofing or road digging or climbing telegraph poles or laying blocks all day or spreading concrete or any number of similar jobs when you're in your 80's and not too well?
The ones making these decisions sit at computer screens, attend meetings and drink coffee and munch biscuits all day, on good salaries with expenses and for them that is WORKING so they can't see any reason why doing hard physical work shouldn't also go working into our 80's and maybe 90's. :o
-
Who cares il be cleaning windows till my last breath.
I will be doing the same stopped paying into pension last year gave up paying £300 a month after last statement saying a would get about £7,500 pension after paying in for 35 yrs .
I will get more aches and pains but i am sure i can manage 8-16 hrs work a week and make far more than a pension would pay . Mike
-
So are we all saying then that a private pension is a waste of time. I always think that times are bad now but if you ride the storm, then on the other side i.e in my case 25years time it would have been worth it.
I do worry about getting old. I didnt 10 years ago but now i do, if I dont save in a pension then I think I may be gutted when I come to retire.
Also I have always thought that I would just do windows part time in my old age but we never know how well we will be. My knee is already playing me up :'(
-
So are we all saying then that a private pension is a waste of time. I always think that times are bad now but if you ride the storm, then on the other side i.e in my case 25years time it would have been worth it.
I do worry about getting old. I didnt 10 years ago but now i do, if I dont save in a pension then I think I may be gutted when I come to retire.
Also I have always thought that I would just do windows part time in my old age but we never know how well we will be. My knee is already playing me up :'(
If you wanted to retire on about £500 per week in 25 years time, you would need to start now and save £385 a week, 52 weeks a year to build up enough of a pot to pay that.
-
The money i now dont pay into a pension has allowed us to buy or new home and have a much better and happier life which is worth far more to me and my wife .
Than paying into and pension and hoping i can afford to retire after paying thousands of ££££££ over 30 yrs .
-
So are we all saying then that a private pension is a waste of time. I always think that times are bad now but if you ride the storm, then on the other side i.e in my case 25years time it would have been worth it.
I do worry about getting old. I didnt 10 years ago but now i do, if I dont save in a pension then I think I may be gutted when I come to retire.
Also I have always thought that I would just do windows part time in my old age but we never know how well we will be. My knee is already playing me up :'(
If you wanted to retire on about £500 per week in 25 years time, you would need to start now and save £385 a week, 52 weeks a year to build up enough of a pot to pay that.
Really, Stuff that.
-
The money i now dont pay into a pension has allowed us to buy or new home and have a much better and happier life which is worth far more to me and my wife .
Than paying into and pension and hoping i can afford to retire after paying thousands of ££££££ over 30 yrs .
So have you reduced your pension or stopped.
-
why worry by the time i retire you have to take in
1 will there be any money in the pot
2 how many changes to policies with diffrent goverments in
3 have they raised retirement age
so if you are retiring in the next two years i would nt worry
-
Build a few good rounds up and sale @x10 ;D
-
I have had a company pension in the private sector and in a public sector job .
The private one was less expensive to pay in and worth much more .
The so called disparity in private /public pension is exaggerated and depends on the job .
Mp's do very well with pensions , teachers fire brigade etc dont .
-
I have had a company pension in the private sector and in a public sector job .
The private one was less expensive to pay in and worth much more .
The so called disparity in private /public pension is exaggerated and depends on the job .
Mp's do very well with pensions , teachers fire brigade etc dont .
But as it was a 'company' pension, presumably your employer was required to make a contribution similar to yours?
-
There's still some unexplained factors.
At the moment you need 30 years N.I. contributions to qualify for the full state pension after 2017 I believe you will need 35 years!
You need 1 years contributions minimum to get a state pension (reduced and means tested) after 2017 you will need 10 years minimum contributions.
I have not been able to find out if after 2017 the new flat rate applies to those without enough contributions such as stay at home mums regardless of how many years contributions they have or if they will need the 35 years.
Some are going to be big losers and some winners.
We are being ripped big time - they want us to die working and not pay any pension.
When my wife left Uni she expected to retire at 60 that was bumped up to 65 for equality with men and now it is 68 and expected to rise by another year or two.
8 years in one generation is a lot to lose - o.k. we are living longer but not that much longer !!!!
35 Years isnt that bad up until a few years ago it was at least 40, they dropped it to 30 and now are putting it upto 35, so still better.
Biggest problem with pensions as I see it is they can be changed at anypoint and there is sod all you can do about it. We are raising the age to 76, nothing you can do. We are dropping the amount we pay per week, nothing you can do. We are changing how we calculate the percentage of rises you will get, nothing you can do.
If ever there was a case of not putting all your eggs in one basket, saving for retirement with only a pension would be it
-
pensions are the biggest con known to the self employed !
dont fall for it .
-
The money i now dont pay into a pension has allowed us to buy or new home and have a much better and happier life which is worth far more to me and my wife .
Than paying into and pension and hoping i can afford to retire after paying thousands of ££££££ over 30 yrs .
So have you reduced your pension or stopped.
Stopped paying in altogether pension pot is just under £21,000 i can track its performance on a investors website curent profit is 21.53 % .
The pension company still manage it in the same way and will get a lump sum and a small pension from the age of 65 .
Currently i am not eligible for the state pension till i am 67 yrs old .
My priority will be getting my mortgage paid off early no point paying into a pension if you have fair sized mortgage to pay . Mike
-
I know house owners want to leave it to their kids (I do) but at the end of the day you can be sat on something with a value of 100-250K (except DMSL 1 mill) that you can draw on.
So sell your round at 65 and have a good time for a year or two then:
Let's say at 67 you want an extra £400 a month to be "comfy" above your pension so get 60K out of your house and invest it, pay yourself 4.8K a year and you'll prolly get 13/14 years at that level.
Then you'll be 81 (if alive) drinking soup out of a baby cup and ready for your first nappy in 80 years!
And your kids will be wondering whether the house is gonna be sold for your so-called "care." If not the 60K you've drawn down will now cost 100K, your house will prolly be worth 150K so a bit left over for the funeral a party and a family holiday.
You know it's the way forward.
-
I have never bought I rent, but when I turn 67 and get state pension then my benefits will pay the rent, I hope. Thats how it works at the moment.
Must say that from all the coments on here I am completley put off from paying into a pension
-
Yes they did pay in but it was still private sector , I was making the point that all the stuff in the press about so called gold plated public sector pensions is simply not true .
There are also still plenty of private sector jobs with good company pensions if your willing to work hard and do the necessary qualifications .
You choose to be self employed because you can earn more or work less and have more flexibility.
You also choose to pay into a pension or invest in other ways or not at all .