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Re: Article about UK pensions and cost of living

Posted: Mon Feb 05, 2024 11:52 pm
by Deep Blue
beanhead wrote: Mon May 01, 2023 2:53 pmBritish people in general seem to spend a lot of time and money on their homes. All of my relatives are always replacing something or decorating a room or spending cash on the garden.
Most likely because housing in the UK is regarded as permanent rather than disposable. It is worth putting a new kitchen into a 40 year or 80 year old house because people will still be living in them in another 40 or 80 years. This is not the case in Japan when the culture is to tear down and rebuild.

Re: Another article about UK pensions

Posted: Tue Feb 06, 2024 1:52 am
by Roger Van Zant
beanhead wrote: Mon Feb 05, 2024 3:12 pm From the Guardian

The retirement age will have to rise to 71 for middle-aged workers across the UK, according to research into the impact of growing life expectancy and falling birthrates on the state pension.

https://www.theguardian.com/money/2024/ ... ay-experts
I wish I could work until 71 in my current job, but I get booted out the door at 62; unless I want to continue doing the exact same job for half the pay. Such a stupid system in Japan.

Re: Another article about UK pensions

Posted: Tue Feb 06, 2024 1:23 pm
by Bubblegun
Roger Van Zant wrote: Tue Feb 06, 2024 1:52 am
beanhead wrote: Mon Feb 05, 2024 3:12 pm From the Guardian

The retirement age will have to rise to 71 for middle-aged workers across the UK, according to research into the impact of growing life expectancy and falling birthrates on the state pension.

https://www.theguardian.com/money/2024/ ... ay-experts
I wish I could work until 71 in my current job, but I get booted out the door at 62; unless I want to continue doing the exact same job for half the pay. Such a stupid system in Japan.
I read that article, and the biggest problem I see from my experience with this is the fact that most people aren't healthy once they hit retirement age or in their 50s let alone 71ish. This also depends on regional wealth too. Rich areas and usually healthier than poor areas. And if they are healthy, could they still do road construction, bricklaying, roofing, nursing, trucking along with the lifting and handling that goes with that?
It has made me rethink something that I know a lot of people moan and complain about here in Japan. The old guys waving flags to control the traffic, or the car park attendant.
I think I realise it is better to keep them in a job, ( whether we agree or not), for them to earn some money, keep some pride, and have a reason to get up in the morning, not to mention the social aspect of going to work. instead of complaining that the company just isn't efficient enough. kicking them out of a job, making them lonely, sicker and poorer, and shoving them on unemployment, forced retirement, with the resultant early death.
I think I see that some things are more valuable as a society than just profits.

Re: Article about UK pensions and cost of living

Posted: Tue Feb 06, 2024 11:26 pm
by goodandbadjapan
Deep Blue wrote: Mon Feb 05, 2024 11:52 pm
beanhead wrote: Mon May 01, 2023 2:53 pmBritish people in general seem to spend a lot of time and money on their homes. All of my relatives are always replacing something or decorating a room or spending cash on the garden.
Most likely because housing in the UK is regarded as permanent rather than disposable. It is worth putting a new kitchen into a 40 year or 80 year old house because people will still be living in them in another 40 or 80 years. This is not the case in Japan when the culture is to tear down and rebuild.
Yes, and also because the house values increase and putting in a new kitchen, while expensive can add more value to your house if you want to sell and maybe downsize in your retirement years. Here, I could put a lovely new kitchen in my house, but it will barely affect the resale value on such an old house. So on top of the fact the house becomes more liveable (as it would here, too) you have the bonus of a possible return on that 'investment'.

Re: Article about UK pensions and cost of living

Posted: Wed Feb 07, 2024 2:06 am
by Bubblegun
goodandbadjapan wrote: Tue Feb 06, 2024 11:26 pm
Deep Blue wrote: Mon Feb 05, 2024 11:52 pm
beanhead wrote: Mon May 01, 2023 2:53 pmBritish people in general seem to spend a lot of time and money on their homes. All of my relatives are always replacing something or decorating a room or spending cash on the garden.
Most likely because housing in the UK is regarded as permanent rather than disposable. It is worth putting a new kitchen into a 40 year or 80 year old house because people will still be living in them in another 40 or 80 years. This is not the case in Japan when the culture is to tear down and rebuild.
Yes, and also because the house values increase and putting in a new kitchen, while expensive can add more value to your house if you want to sell and maybe downsize in your retirement years. Here, I could put a lovely new kitchen in my house, but it will barely affect the resale value on such an old house. So on top of the fact the house becomes more liveable (as it would here, too), you have the bonus of a possible return on that 'investment'.
I think the government have dug themselves into a hole. The government and the public are practically addicted to house prices going up at crazy rates, and young people are priced out of the market. So I wonder if we might end up seeing the return of endowment policies. Anyway, many people were able to inherit a second or third home and turn it into a letting or AirB&B. Or they were able to move up the housing ladder, and because of the values going up at dizzying heights, when they hit their 55s 60, they've realized they can sit back and relax a bit, either on the income from the rental. (if there is no mortgage) or from downsizing to a smaller property releasing more capital. Then they can retire or semi-retire. It also doesn't help that the chancellor allows those that can afford it, to take a massive amount out of their pension pot. 25% tax-free, if you are over 55%. I think the chancellor thought they were going to go on spending splurges, and I think the pandemic jolted some people to do the math. Of course, there is the health care side too, as thousands of thousands can't work as they languish on the waiting lists after 15 years of cuts.
sadly i know a few who couldn't wait any longer and paid 20,000 pounds or so for an operation.