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It isn't what we're doing that's changing the climate; it's how many of us there are doing it.
GIF
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Eddie Smith
6K posts
Eddie Smith
@EdwardDanSmith
Customs Compliance - HS Classification - Incoterms 2020® - Advanced Tariff Rulings - ex-Alpine popman
Nottingham, England Katılım Eylül 2021
2.8K Takip Edilen826 Takipçiler
@boilmyhead @afneil Child poverty (relative) falls when median wages fall or benefits increase, which is not the good news you think it is.
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Every measure you list involves spending wealth.
You don’t list one measure that creates wealth.
And if you don’t create wealth you will soon run out of it to spend, which is already happening (hence all your extra taxes and borrowing).
Rachel Reeves@RachelReevesMP
Minimum wage rising 📈 State pension increasing 💷 Two child limit abolished 🏡 Child poverty falling 📉 Rights at work strengthened 💪🏻 Labour promised change. We are delivering change. theguardian.com/commentisfree/…
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@Decline_Observe @boomer_ish Young people are ignoring the triple lock argument and suggesting old people sell their homes.
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@boomer_ish Bullshit.
We asked if the Triple Lock could be stopped.
And you boomers went mental.
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I find it interesting that we’ve paid for this younger generations grandparents pensions, but they don’t want do the same for our generation
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@germanicrapist @TGP144 @Landeur On *average* total payments are higher but this does not take into account employer contributions, which almost doubles what the employee pays in. On that metric, the average qualifying beneficiary pays in more than they receive. Also, many people don't make it to pension age.
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@EdwardDanSmith @TGP144 @Landeur It's not even true what you said that they've "done their bit". Total pension payments to boomers are in excess of what they paid in yet you are parroting their propaganda despite not being one? Why are you such a raped slave?
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What are you willing to sacrifice to ensure that young people have homes & work & fantastic lives?
Something? Anything? Nothing?
Tinebob@Tinebobagain
To be clear, I want young people to have homes & work & fantastic lives. I can’t imagine why anyone wouldn’t. But this hatred of older people is not acceptable. And it IS hatred. Pure venom I have no idea where it came from but it will not end well, for anyone Change course.
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@TGP144 @EdwardDanSmith @Landeur Not to mention all of the myriad of indirect wealth transfers like rapidly appreciating real estate. In totality, boomers have received far more than they've ever given. And why shouldn't you expect that? It's literally what they voted for every time
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@2147mill Would you go all in £20k though? I'm thinking £5k steps.
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Tuesday market open is going to be horrendous I feel
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@BenedictSpence "...the retirement they failed to prepare for..."
The state pension they were promised?
Without the state pension the welfare system is going to collapse under the weight of pensioners claiming all the other benefits they will become entitled to.
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Pensioners will call you heartless for not wanting to fund the retirement they failed to prepare for, and then shrug when you ask them how we should pay for children.
GIF
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@BenedictSpence @overlook61 You do realise pensions providers include the state pension in their forecasts for retirement planning?
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@overlook61 You had half a century’s heads-up that you needed to plan for retirement, had the means to do so, failed to do so, and that’s someone else’s fault?
Hmmm.
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Hell hath no fury like a Boomer who’s been asked to pay for something.
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But this is for 40 years contributions (I will have paid 51 years when I reach 67) and obviously does not include the employer contributions, which are higher than employee conts. Correct?
With employer contributions my total would be more like £250k or more (my contributions are already at @ £110k with 7 years to go) and I have mostly earned below average wage throughout my working life.
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@EdwardDanSmith @peterrhague I'm guessing so. It assumed 15 years of pension payments, which is probably the average. That's unless you want to believe nobody lives past the age of 82.
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The first task of UK politics is to fix this. Anybody refusing to is not fit to lead the country.
Joe Reeve - 🇬🇧/acc@isnit0
For the retired people in the comments claiming "I paid more than my fair share". Actually, most of you didn't. You're being subsidised by me, my peers, and the children we won't be able to have.
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@CALEBWAREAGLE7 And the reason you're living in your overdraft is because you're wasting money on luxuries you don't need.
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It's like taking out a 15–20% APR credit card to feed the homeless every month while you're already living in your overdraft & can't pay the card off, so the interest keeps compounding.
Noble intentions don’t make something economically sustainable.
The UK deserves to collapse.
Renée Hoenderkamp@DrHoenderkamp
Why do people hate the elderly so much? So tired of listening to the left and some on the right, demonising pensioners for daring to draw a pension, mainly after 40-50 years of hard graft and tax paying. The same people don't want to discuss or demonise in the same way the 1 million 18-24 year olds not working/paying tax and only taking from the state. Or the ballooning benefits bill for those who decide that their ailment means that they can just take from the state regardless of contribution. Benefits should be an acute lifeline or safety net for the very small percentage of us who cannot work or need help to get back to work; not a lifetime activity for those who could but don't work. Leave the elderly alone; £12,500 a year is hardly a bounty and they earned it.
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@BWoodzy99 "...the average pensioner has paid in less than they receive..."
Many people don't make it to pension age. Of those who do many will die before they receive what they paid. That's the nature of pensions, both public and private.
The failure is in government spending, not oldies.
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The years of contribution, not the amount of contribution, determines eligibility. The pounds and pence amount you pay in has zero bearing on what you are paid out (hence how the average pensioner has paid in less than they receive over their lifetime)
And not a single penny of your NI funds your pension. That money is all spent by governments throughout your lifetime.
Renée Hoenderkamp@DrHoenderkamp
I'm tired of hearing ' you don't pay in to' the state pension because if that's true, why do they assess your NI contributing years and then decide how much you get depending on contributions? (PS, I know it isn't a pot - but you do pay in to get it)
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@MrHreviews Let's be honest, we could apply "unfundable" to any area of government spending. Without the state pension millions of pensioners would be plunged into poverty and welfare spending would be even higher. It would be self-defeating.
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@EdwardDanSmith Whilst I agree, obviously, it doesn't matter if it is unfundable. Which is the very premise of the post.
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The UK is going to collapse on its current trajectory. It's not up for debate, it's going to implode. Every decision politicians make is as if the country is rich and we aren't, we are in huge debt.
The pensions conversation is one of those, it's unfortunate that it becomes a slagging match between the young and the old.
No one wants their gran to freeze and die, obviously, the young do also want to be able to have children and buy a house.
It's a cold hard fact that everyone has been miss sold the pension scheme in the UK. What money you paid in, is not what you are taking out. Your pension is currently being funded by the young and their tax.
The elderly, need the young, but the young need the opportunities of the old to continue the Ponzi scheme of the pension and indeed the NHS.
Neither are sustainable.
I don't know what the solution is that would keep everyone happy, the situation is such that if you're young I would advise opening up a private pension and saving now. You won't have a state pension. That's the attitude you need to have. Disconnect yourself from the state as much as possible, in every aspect.
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@AaronBastani Jesus H Christ. It's as if AI and automation don't exist. 🤔
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An ageing population can’t permanently receive an ever expanding part of national output.
This is common sense. Nobody is being demonised, or hated. It’s mathematics.
Renée Hoenderkamp@DrHoenderkamp
Why do people hate the elderly so much? So tired of listening to the left and some on the right, demonising pensioners for daring to draw a pension, mainly after 40-50 years of hard graft and tax paying. The same people don't want to discuss or demonise in the same way the 1 million 18-24 year olds not working/paying tax and only taking from the state. Or the ballooning benefits bill for those who decide that their ailment means that they can just take from the state regardless of contribution. Benefits should be an acute lifeline or safety net for the very small percentage of us who cannot work or need help to get back to work; not a lifetime activity for those who could but don't work. Leave the elderly alone; £12,500 a year is hardly a bounty and they earned it.
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@alansritchie @richardparke15 @danielmgmoylan @francessmith Paying off the mortgage is only recommended if you are in serious debt. Also, there is a 20k limit on ISAs. It depends on individual circumstance but generally you are better off leaving funds in your pension.
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@EdwardDanSmith @richardparke15 @danielmgmoylan @francessmith Pay off a mortgage, transfer it to an ISA, or gift it to children would all be sensible options
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I always want to know what these people would replace the Triple Lock with and why it would always be cheaper.
Or do they just (at heart) want to scrap pensions?
Iain Dale 🏴🇬🇧 ⚒️@IainDale
One day, a politician will have the bollocks to say in public what they're quite happy to say when the microphone is off, and that is this. The Triple lock is unaffordable and must go. We all know it. And I say that as someone who in four years would benefit from it.
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@alansritchie @richardparke15 @danielmgmoylan @francessmith Yes. I know. But no financial advisor would recommend you withdraw 25% of your pension pot. What would you do with it?
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@EdwardDanSmith @richardparke15 @danielmgmoylan @francessmith No, you can take a tax free lump sum of 25% of your pot. Or if you don't take the lump sum you pay tax on only 75% of your pension drawdown. Effectively a basic and higher rate of 15% and 30%
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@starmerstie @WuffJustice Maybe remove means testing for child benefit rather than impose means testing for the state pension?
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@WuffJustice It’s tapered at 60k and you have to pay some of it back and it stops at 80k
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Why isn’t the state pension means tested to the same level as say child benefit. If you’re getting an income of 50k a year why can you claim a state pension on top
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My error :) I'm looking for the word "welfare" but struggling to find it.
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@EdwardDanSmith @BWoodzy99 “Social Security and Benefits act 1992”
“Descriptions of contributory benefits “
“This part creates a benefit called state pension”
GIF
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@alansritchie @richardparke15 @danielmgmoylan @francessmith "Private pensions are already 25% tax free..."
Because that is money you haven't spent yet. It gets taxed 25% when you withdraw it from the fund.
You're thinking about ISAs ???
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@EdwardDanSmith @richardparke15 @danielmgmoylan @francessmith What should the effective tax rate be for parents and pensioners?
Private pensions are already 25% tax free to encourage people to save for their retirement, but why save in a pension if £10k private pension income means-tests away £3k of state pension?
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