Plans for over-40s to pay more tax

Well I went on strike for a year to protect jobs for others.
We lost.
I worked my arse off to pay my mortgage off.
I was looking to use my equity to retire at 60 .
Looks like I lost again.
Hey it's ok .
Benefit street is the life for me next life

 

Recent IFS study.

https://www.theguardian.com/inequal...erit-more-than-half-average-lifetime-earnings

Inheritance for people born in the 1980s will be double that of people born in the 1960s, despite wages having barely increased over the past 20 years. Reliable housing is going back to being something that's passed down the generations rather than earned and paid for.

 

You can still use you equity to finance your retirement though?

 

Thats the plan I need to retire at 60 before the government tax me anymore.
Decision made cheers for the heads up.

 

It's Great getting older grumpier and cantankerous

 

If you have a job and you live in barnsley then you can afford to buy a house. Unless you have made terrible personal choices which have meant you cannot get a mortgage.

 

My eldest has worked his nuts off since 16.
Besides travelling round the world he as 2 houses .
You get what you reap in this life hopefully .

 

But what if you divorce or lose your job for a period of time.Not everyone with a job automatically will get a mortgage Its less affordable now than when I was young, house prices have shot up.

 

If only that were true.

 

As I said, everyone with a job. If you lose your job then you're not with a job.

It might not be really afforda to but a massive perfect house but if you work full time and you are prepared to make a few sacrifices to save up a deposit then you can buy a house in Barnsley on minimum wage. I know because I did it. And I didn't buy the cheapest I could find either, in fact the cheapest that I went for a viewing of was around 40,000 less than the house I decided to buy and wasn't in bad condition at all. The mortgage I got £100 a month less than the property I considered renting.
Its definitely affordable if you are realistic about your desires and are willing to avoid your all inclusive two weeks for a year or two.

 

But you're lucky having never lost a job. And if you are on minimum wage you'd likely get a £60 000 mortgage, not many houses around for that even in Barnsley. Plus minimum wage jobs are less likely to be permanent and zero hour contracts .

 

Well I can tell you that there are plenty of houses like that and yes I did buy a house on minimum wage. We can all guess and make assumptions and say we think there might not be many houses around and jobs may not be permanent etc but I can tell you for a fact that I bought a house on minimum wage
There are over 60 properties for sale in barnsley for less than 70,000 right now

Also yes I have lost a job in the past. I was made redundant in my mid twenties

 

I'm not saying its impossible but it's not a given. And its not just because people are feckless with their money
Just wondering which minimum wage jobs are permanent nowadays?

 

The majority of minimum wage jobs are permanent, the majority are also on set hours rather than zero hour contracts.

The biggest cause that people give for not being able to afford a home is "how can I possibly save a deposit", the answer to that is make sacrifices. Cancel the piss ups for a while, don't go on a lads (or girls) holiday and get your priorities sorted. It really is that simple for the majority of people. Not everyone but the majority.

The problem is that most people don't save up for when they do want a home. They decide that they want one and realise that they haven't got money in the bank because they never bothered to save. Me? I was saving from the day I was earning because I knew that money wasn't going to appear in my bank account if I spent it all every week.

 

Mum got her best paid job she ever had at 60 but it also depends if she gets the funding every year to keep her in that job - not all banks look at that favourably. Luckily they managed to have money tucked away and were able to buy their house at a great price - doubt anyone younger in the job she does would be so lucky

 

*and don't have a disabled person to care for.

The houses you mentioned previously wouldn't be big enough or adaptable and you couldn't be doing extensive renovation work.

 

I'll include it in this thread as it's another tax increase being touted... 2% extra VAT on online sales. Instead of getting Amazon to pay more tax, they're just going to make us pay more for using it instead.

 

I don't see how this is discriminatory, other than if you wish to get angry at those already retired because they didn't pay it.

I think nurses and carers should be paid a lot more than they currently are. To do that we might have to increase taxes. If we're going to get to the age of retirement and end up in a care home then we all have to pass through the 40+ age range. So it's the same for all of us. The only way to get out of it is to die first. In which case you'll not need a care home so no point you paying for it.

I'll probably not reach care home age due to lifestyle choices but I don't mind helping to pay for those that will. Or we could clap people in the street 'cos that does loads of good.

 

I agree with lots of your post (especially about paying nurses and carers more) but it’s not true that everyone who gets old needs a care home. It’s also not only old people who need care.

 

Agree it's not true, and not everyone goes to university, or uses a library or ever needs the hospital but I believe we should all collectively pay for the education and health of our society.