Re: lie detector tests!

On Mon, 9 Apr 2007 11:10:05 +0100, "Gaz" <gazter@xxxxxxx> wrote:


How do people on very low incomes manage to save anything? Say you are
on minimum wage, part time, with a kid to bring up. How are you going
to be able to decide between contributing 5% this month or
feeding/clothing the baby, infant, toddler or school-age child? And if
the 5% is simply taken off you at source, then effectively you are
receiving less than minimum wage, because the money you have to exist
on is lower still.

You have to make provision for your old age, simple as.

Look at the immigrants from poor countries who came with nothing and
have managed to start and operate businesses here.

If you are on a low wage for the entire of your life,

A circumstance which (Given reasonable health and no disability) is a
lifestyle of choice, if everybody else coppers up and pays for it.

then it is likely you wont accumulate a large pot, government provision
can account for those.

You mean give them money because they haven't saved for their own
retirement, pissed it away down the pub or in Benidorm, or whatever
how are we to know? We can't know so it's up to them to house/feed
themselves.

How does this issue arise ? We all know we need food & shelter, both
now and in our retirement. How can anybody expect others to provide
housing/shelter for them now and then into retirement? Forgive me,
nobody has thus far been able to explain this to me.

Surely if that prospect is on the table before them they won't save at
all will they, and we'll get more and more of them until the time
comes there is not enough paying in to fund those who are "on the
free". Seems to me we got to that stage a while ago.

It's only human nature after all.

A working man on a lowish wage of 15000, over forty years, putting away ten
percent can accumulate a significant pot that could supplement any other
provision.


Will have put away £60,000 over 40 years.

From which he could get an annuity at age 60 yielding £2954 at age 60.

IE £58.80 per week.

Bearing in mind his pension credit could have been reduced and his
income tax would have increased, and his council tax benefit might
have been reduced/eliminated *How much better off will he be*. :-(

It was always a characterisitic of poorer societies to save, no matter how
little they had, as a rainy day wasnt the day you got a dole cheque, but the
day you and your family didnt eat.

We have lost the savings bug. We have no interest in saving, no confidence
in pensions.

This can and does need to be changed around. It should be one of the biggest
political issues, bigger then education and the nhs.

A compulsery pension, which is individual and massive tax breaks aka BOGOF.

Imagine a compulsery ISA, with your contribution, your employers and the
governments. Give people a stake, and watch them change their habits.


You haven't done the sums (see above).

DG

.

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