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Damien Green has proposed that the over 50’s pay an extra £350 a year to pay for social care, seeing as everyone is expected to live longer shouldn’t this be spread across the entire work force? My other bone of contention is that the majority of people over 50 left school at 16 and went straight into work and have probably paid an extra 5 years worth compared with kids that today stay in education for what seems like forever..
[Post edited 29 Apr 2019 7:07]
favourite cheese mature Cheddar. FFS there is no such thing as the EPL
It’s a disgrace and will only get worse under Comrade Corbyn As my old man says... I came into this world with nothing and I’m gonna make sure I leave it with nothing Spend it don’t save it, they’ll only take it off you when you need it most
Cherish and enjoy life.... this ain't no dress rehearsal
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Over 50’s NI contributions on 21:33 - Apr 29 with 1843 views
Over 50’s NI contributions on 19:48 - Apr 29 by Snipper
I was told that if you sign over half your house to a trusted relative, the government can’t touch your house to pay for care, as they can’t sell half a house.
Is that right? If it is, that sounds the way to go.
My in-laws have put their house in a trust fund that is supposed to stop it being taken for care costs.Theyll only know whether it works if they need care. They paid about £3k to set it up 3-4 years ago.
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Over 50’s NI contributions on 22:08 - Apr 29 with 1790 views
Over 50’s NI contributions on 21:33 - Apr 29 by Watford_Ranger
This thread nearly made it to double figures without someone mentioning foreign aid. FFS.
To be fair any country that is running a space programme shouldn’t be receiving aid from anywhere else. Rather than a set amount surely it should be replaced with a disaster fund, prime example in tonight’s news being Mozambique.
favourite cheese mature Cheddar. FFS there is no such thing as the EPL
Over 50’s NI contributions on 22:03 - Apr 29 by stowmarketrange
My in-laws have put their house in a trust fund that is supposed to stop it being taken for care costs.Theyll only know whether it works if they need care. They paid about £3k to set it up 3-4 years ago.
Hope it works out for you. Wish my folks had done that 15 years ago. Cost an awful lot of money so far.
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Over 50’s NI contributions on 02:09 - Apr 30 with 1695 views
PLEASE PASS THIS AROUND, UNTIL EVERY ONE HAS HAD THE OPPORTUNITY TO READ IT... THIS IS SURELY SOMETHING WE ALL NEED TO THINK ABOUT!!!! THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE PENSION IS THAT THEY FORGOT TO FIGURE IN ALL THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED OLD AGE PENSION. WHERE DID ALL THAT MONEY GO? Remember, not only did you and I contribute to our Pension, our employer did, too. It totalled 15% of your income before taxes. If you averaged only £15 000 over your working life, that's close to £220,500. Read that again. Did you see anywhere that the Government paid in one single penny? We are talking about the money you and your employer put in a Government bank to ensure that you and I would have a retirement pension from the money we put in, it was not money that the Government had any right to spend elsewhere. Now they've started to call the money we paid in an 'entitlement' when we reach the age to take it back. If you calculate the future invested value of £2500 per year (yours & your employer's contribution) at a simple 5% interest (that's less than what the govt. pays on the money that it borrows from overseas), after 49 years of working you'd have £892,919.98. If you took out only 3% per year, you'd receive £26,787.60 per year and it would last better than 30 years (that means until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit! If you bought an annuity with the money and it paid 4% per year, you'd have a lifetime income of £1976.40 per month. THE CROOKS IN GOVERNMENT HAVE PULLED OFF A BIGGER ROBBERY THAN THE GREAT TRAIN ROBBERS EVER DID. Entitlement!!?? My foot !! IT'S MY MONEY!! I paid IN cash for my pension. Just because they borrowed the money to spend on other things, that doesn't make my pension some kind of charity or handout!! Remember MP's benefits? --- free healthcare, outrageous retirement packages, 67 days paid holidays, three weeks paid holidays, unlimited paid sick days. Now that really should be called welfare entitlements, yet they have the nerve to call my O A P retirement payments entitlements? We're "broke" and the government can't help our own OAPs, our ex-service personnel, our orphans or our homeless Yet in the past few years we have provided aid to Haiti, Chile, Turkey, India, Pakistan, etc., etc., etc. Literally, BILLIONS of Pounds !!! But they can't help our own citizens! Our retired seniors living on a 'fixed old age pension have to beg social services to receive additional aid, while our government and religious organizations pour hundreds of billions of £££ tons of food to foreign countries! They call the old age pension an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first place? It was supposed to be in a securely locked box, not to be used as part of the Government's general funds.
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Over 50’s NI contributions on 10:57 - Apr 30 with 1567 views
Over 50’s NI contributions on 10:45 - Apr 30 by jonno
I've just seen this - it seems relevant;
PLEASE PASS THIS AROUND, UNTIL EVERY ONE HAS HAD THE OPPORTUNITY TO READ IT... THIS IS SURELY SOMETHING WE ALL NEED TO THINK ABOUT!!!! THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE PENSION IS THAT THEY FORGOT TO FIGURE IN ALL THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED OLD AGE PENSION. WHERE DID ALL THAT MONEY GO? Remember, not only did you and I contribute to our Pension, our employer did, too. It totalled 15% of your income before taxes. If you averaged only £15 000 over your working life, that's close to £220,500. Read that again. Did you see anywhere that the Government paid in one single penny? We are talking about the money you and your employer put in a Government bank to ensure that you and I would have a retirement pension from the money we put in, it was not money that the Government had any right to spend elsewhere. Now they've started to call the money we paid in an 'entitlement' when we reach the age to take it back. If you calculate the future invested value of £2500 per year (yours & your employer's contribution) at a simple 5% interest (that's less than what the govt. pays on the money that it borrows from overseas), after 49 years of working you'd have £892,919.98. If you took out only 3% per year, you'd receive £26,787.60 per year and it would last better than 30 years (that means until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit! If you bought an annuity with the money and it paid 4% per year, you'd have a lifetime income of £1976.40 per month. THE CROOKS IN GOVERNMENT HAVE PULLED OFF A BIGGER ROBBERY THAN THE GREAT TRAIN ROBBERS EVER DID. Entitlement!!?? My foot !! IT'S MY MONEY!! I paid IN cash for my pension. Just because they borrowed the money to spend on other things, that doesn't make my pension some kind of charity or handout!! Remember MP's benefits? --- free healthcare, outrageous retirement packages, 67 days paid holidays, three weeks paid holidays, unlimited paid sick days. Now that really should be called welfare entitlements, yet they have the nerve to call my O A P retirement payments entitlements? We're "broke" and the government can't help our own OAPs, our ex-service personnel, our orphans or our homeless Yet in the past few years we have provided aid to Haiti, Chile, Turkey, India, Pakistan, etc., etc., etc. Literally, BILLIONS of Pounds !!! But they can't help our own citizens! Our retired seniors living on a 'fixed old age pension have to beg social services to receive additional aid, while our government and religious organizations pour hundreds of billions of £££ tons of food to foreign countries! They call the old age pension an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first place? It was supposed to be in a securely locked box, not to be used as part of the Government's general funds.
I may be wrong but isn't that 15% to cover the NHS and pension? If so that's where they'll claim it went.
Over 50’s NI contributions on 22:03 - Apr 29 by stowmarketrange
My in-laws have put their house in a trust fund that is supposed to stop it being taken for care costs.Theyll only know whether it works if they need care. They paid about £3k to set it up 3-4 years ago.
My business is in this field and unfortunately this sort of thing only works 50% of the time. The council will challenge the reason why the property was put into trust and will do anything in its power to show it was done for this specific reason. Totally worth it if it comes off but anything regarding putting properties into trust should be treated with caution. Hope it works out!
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Over 50’s NI contributions on 11:44 - Apr 30 with 1534 views
Over 50’s NI contributions on 11:03 - Apr 30 by BuckR
My business is in this field and unfortunately this sort of thing only works 50% of the time. The council will challenge the reason why the property was put into trust and will do anything in its power to show it was done for this specific reason. Totally worth it if it comes off but anything regarding putting properties into trust should be treated with caution. Hope it works out!
Out of interest, rather than a Trust I was told converting home ownership to tenants in common (husband and wife, partner etc) is the better option, is that correct?
As I understood this option, as an example, if you make a Will then each of you make your half out (under tenants in common) to your children. Whoever's the first of you to go, then your children now own 50% of the property. Now that does involve a bit of trust but I'd rather my kids screwed me over than the bloody government. Anyway, if the survivor eventually ends up in a Care home then only their half is liable towards care home costs. Still means half the house is lost to your kids but that's better than losing the whole house.
Likewise, if the first to die went into Care then the Social could not touch your half of the property a) as you'd have your wife/husband still alive and b) protected by the Will under Tenants in Common.
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Over 50’s NI contributions on 12:19 - Apr 30 with 1499 views
Over 50’s NI contributions on 12:10 - Apr 30 by stevec
Out of interest, rather than a Trust I was told converting home ownership to tenants in common (husband and wife, partner etc) is the better option, is that correct?
As I understood this option, as an example, if you make a Will then each of you make your half out (under tenants in common) to your children. Whoever's the first of you to go, then your children now own 50% of the property. Now that does involve a bit of trust but I'd rather my kids screwed me over than the bloody government. Anyway, if the survivor eventually ends up in a Care home then only their half is liable towards care home costs. Still means half the house is lost to your kids but that's better than losing the whole house.
Likewise, if the first to die went into Care then the Social could not touch your half of the property a) as you'd have your wife/husband still alive and b) protected by the Will under Tenants in Common.
That’s basically what I was saying.
But say for example, your wife and yourself own 50% each, then one of you need a care home, is the other spouse liable to costs for the care?
It’s a sad state of affairs when the state can take what’s yours.
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Over 50’s NI contributions on 12:29 - Apr 30 with 1489 views
Over 50’s NI contributions on 11:03 - Apr 30 by BuckR
My business is in this field and unfortunately this sort of thing only works 50% of the time. The council will challenge the reason why the property was put into trust and will do anything in its power to show it was done for this specific reason. Totally worth it if it comes off but anything regarding putting properties into trust should be treated with caution. Hope it works out!
So what’s the best “protection” in your opinion?
Interested as my old fella went down the trust route years ago and he’s had a letter from the solicitor saying may need a revisit due to change in law. If so that’s a disgrace as the law change should only effect going forward in my opinion
My message to him is sell up and spend the inheritance on enjoying himself. Him and my Mum have been rocks to me and my sister and we are old enough to stand on our own feet
I’m I turning into an anarchist?
Cherish and enjoy life.... this ain't no dress rehearsal
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Over 50’s NI contributions on 12:40 - Apr 30 with 1477 views
Over 50’s NI contributions on 21:33 - Apr 29 by Watford_Ranger
This thread nearly made it to double figures without someone mentioning foreign aid. FFS.
Yes ! Quite significant that it's the first thing people think of, they've been warded off higher taxes for the online giants, higher corporation tax and rich individuals paying a bit more.
I'm not one of the Momentum crew, btw !
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Over 50’s NI contributions on 12:44 - Apr 30 with 1470 views
Over 50’s NI contributions on 12:19 - Apr 30 by Snipper
That’s basically what I was saying.
But say for example, your wife and yourself own 50% each, then one of you need a care home, is the other spouse liable to costs for the care?
It’s a sad state of affairs when the state can take what’s yours.
As I understand it, No. But I'm not a solicitor, only going on this from fairly recent memory.
LBlock, same as you, I was telling my mum that for the last ten years but there's something about a lot of that age group, they think the sun shines out of the authorities ar ses, and it's only when it's too late they find they're being screwed over for basically having the 'audacity' to save every spare penny they could manage.
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Over 50’s NI contributions on 12:47 - Apr 30 with 1465 views
Over 50’s NI contributions on 12:10 - Apr 30 by stevec
Out of interest, rather than a Trust I was told converting home ownership to tenants in common (husband and wife, partner etc) is the better option, is that correct?
As I understood this option, as an example, if you make a Will then each of you make your half out (under tenants in common) to your children. Whoever's the first of you to go, then your children now own 50% of the property. Now that does involve a bit of trust but I'd rather my kids screwed me over than the bloody government. Anyway, if the survivor eventually ends up in a Care home then only their half is liable towards care home costs. Still means half the house is lost to your kids but that's better than losing the whole house.
Likewise, if the first to die went into Care then the Social could not touch your half of the property a) as you'd have your wife/husband still alive and b) protected by the Will under Tenants in Common.
Yes tenants in common is an alternative option but as you say does involve a lot of trust. But again they will try to value the surviving spouses half as an asset if they really want to. I would say it is the better option and would actually say most households would probably benefit from that ownership structure anyway but as regard avoiding care fees there is just no guaranteed solution.
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Over 50’s NI contributions on 13:17 - Apr 30 with 1426 views
Over 50’s NI contributions on 12:19 - Apr 30 by Snipper
That’s basically what I was saying.
But say for example, your wife and yourself own 50% each, then one of you need a care home, is the other spouse liable to costs for the care?
It’s a sad state of affairs when the state can take what’s yours.
I'm currently looking into handing the house over to both my lads so they own It, we will pay them a rent of say £1 per Month and keep a rent book in a way that will keep it above board. Not sure if this will work as 'get out' so to speak but like I say i'm just looking into it.
My Father had a profound influence on me, he was a lunatic.
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Over 50’s NI contributions on 13:31 - Apr 30 with 1409 views
Over 50’s NI contributions on 13:17 - Apr 30 by ted_hendrix
I'm currently looking into handing the house over to both my lads so they own It, we will pay them a rent of say £1 per Month and keep a rent book in a way that will keep it above board. Not sure if this will work as 'get out' so to speak but like I say i'm just looking into it.
I think you have to pay the market value rent or they might it is a con to avoid having it used as an asset. Whether they give it back in cash on the sly is another thing officer.
If only everyone on here was rich enough to be able to con the system like most very rich people do.
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Over 50’s NI contributions on 13:36 - Apr 30 with 1393 views
Over 50’s NI contributions on 13:31 - Apr 30 by stowmarketrange
I think you have to pay the market value rent or they might it is a con to avoid having it used as an asset. Whether they give it back in cash on the sly is another thing officer.
If only everyone on here was rich enough to be able to con the system like most very rich people do.
Not 100% sure but if any asset signed over is done more than 7 years then they can’t touch it.
favourite cheese mature Cheddar. FFS there is no such thing as the EPL
Meanwhile, who do we think wins when private companies generate income, 80% funded by taxpayers, take the cash then fail to deliver, only to be bailed out by the taxpayers again to get their business in order to sell it?
Over 50’s NI contributions on 12:29 - Apr 30 by Lblock
So what’s the best “protection” in your opinion?
Interested as my old fella went down the trust route years ago and he’s had a letter from the solicitor saying may need a revisit due to change in law. If so that’s a disgrace as the law change should only effect going forward in my opinion
My message to him is sell up and spend the inheritance on enjoying himself. Him and my Mum have been rocks to me and my sister and we are old enough to stand on our own feet
I’m I turning into an anarchist?
Only real way of making sure you are valued under the threshold is to actually gift your assets to your children early whilst surviving past 7 years after the gift thus avoiding inheritance tax, but obviously these are steps that very few people will take as it means trusting your kids not to go and blow the lot! In all honesty the only advice I would give is to not explore any of these avenues without seeing a very savvy solicitor first. None of these options provide any kind of guarantee and can get some people in a real mess
[Post edited 30 Apr 2019 15:43]
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Over 50’s NI contributions on 18:27 - Apr 30 with 1263 views
There are some valid points made here, but I can't help wondering whether anyone on this (predominantly male) site said a word when women just short of 60 suddenly and without any warning found themselves obliged to work an extra six years to get a pension?
Or do we only care about having to pay extra NI when it is us?
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Over 50’s NI contributions on 18:32 - Apr 30 with 1259 views
Over 50’s NI contributions on 18:27 - Apr 30 by CiderwithRsie
There are some valid points made here, but I can't help wondering whether anyone on this (predominantly male) site said a word when women just short of 60 suddenly and without any warning found themselves obliged to work an extra six years to get a pension?
Or do we only care about having to pay extra NI when it is us?
Women can’t have it both ways, either they want equality or they don’t, easiest thing would have been to bring the men’s retirement age forward to 60!!
favourite cheese mature Cheddar. FFS there is no such thing as the EPL
Over 50’s NI contributions on 18:27 - Apr 30 by CiderwithRsie
There are some valid points made here, but I can't help wondering whether anyone on this (predominantly male) site said a word when women just short of 60 suddenly and without any warning found themselves obliged to work an extra six years to get a pension?
Or do we only care about having to pay extra NI when it is us?
They shouldn’t be able to change someone’s retirement age and pension so late in their working lives.Once you reach 50 it should be set in stone,because most ordinary people won’t be able to make the difference before they retire.
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