What is a good salary?

[Worsleyweb]

50% of my money goes on ex wives and kids and the current Mrs. I think i could happily live on a grand a week if it was just me to worry about. So 100k a year after tax is about £6k a month 20 x that - £2m pot and would be enough for anyone to live like a king really and never run out. I think once you get above £100k a year it makes negligible difference to you- you just become a **** or are able to help others out. The things i enjoy most - sitting on my arse, walking, watching football and swimming cost fuck all really.

My daughter is a nurse on 25k and clear £1600 a month ish after student loans etc - she woud not have a penny spare if i didn't sort her out.

I am going to go for 2 of you on £50k a year and you should be ok ish!

 

[Mr Kobayashi]

Yeah I was gonna say. If you really wanted to have a national pension scheme, then you would have people contribute to a compulsory savings scheme that is held and invested until they retire. Then you can trade in the savings for a certain level of pension. But what actually happened is people were promised a cut of future tax revenue in exchange for paying for current pensioners. And if the future tax revenues aren't enough to pay for all of the pensioners, it's ultimately not economically viable no matter how much you personally paid in. We could easily end up in a situation like most of the world where older generations get very limited government help and basically have to rely on family to pay for them in their old age. It costs me 20 quid every time I visit my wife's grandma, for example (and she has two).

Can you not just give Wayne their numbers ?

 

[halfmist]

Yeh I understand that mate but say you have a 100k pension pot and drawdown 10k a year
After the 25% tax free
Your gonna be taxed 20% on that drawdown
Effectively 2k of the state pension per year.
So you’re getting fuckall after paying 43 years of Nat insurance.
Of course they will argue these days it’s not just state pension it’s nhs etc but try get an operation these days it takes years.
Anyway I’m just ranting lol

But isn’t the other side of the argument that the Government of the day reduced the amount of tax you had to pay when you made the pension payments. Higher rate taxpayers saved 40% basic rate 20%. Chances are higher rate tax payers benefit the most because unless they have a fantastic pension or lots of other income they are only paying 20% when they draw but got 40% when they put in

 

[halfmist]

Simple.

1. Savings on Housing Benefit.
2. Rents from the tenants x 40 years (life of loan).

We used to do stuff like this without thinking about it. But then someone decided it was better to use public money - note, public money - to subsidise relatively wealthy and very wealthy private citizens instead.

As I said, most of my proposal is pure Thatcherism. What isn't is straightforward 1950s consensus politics, which gave us the best society humankind has ever created. Unlike the current shit tip, which is gradually turning into a damp and cold version of Brazil.

Well good luck persuading any politician to think about a 40 year plan when Electioneering. They would also have to borrow massive amounts to fund the capital projects you suggest which pushes the cost of borrowing up and mortgage costs, again not a vote winner.
Finally a lot of those on low cost/ subsidised rent housingcall it what you like are benefit claimants so economically your robbing Peter to pay Paul.

 

[halfmist]

I'm 35 and resigned to the fact there either won't be a state pension, or the age you can take it will be too late. I think the government effectively acknowledged this too when they brought in auto enrollment onto company pension schemes a few years back.

The younger generation (which I include myself) really need to ensure they are contributing a good amount of their salary or they will have to work until they die. But it's difficult when salaries are relatively low, and cost of living is high.

You’re definitely the loser but hopefully for you, fewer workers will mean higher wages and better conditions to cushion the blow

 

[halfmist]

50% of my money goes on ex wives and kids and the current Mrs. I think i could happily live on a grand a week if it was just me to worry about. So 100k a year after tax is about £6k a month 20 x that - £2m pot and would be enough for anyone to live like a king really and never run out. I think once you get above £100k a year it makes negligible difference to you- you just become a **** or are able to help others out. The things i enjoy most - sitting on my arse, walking, watching football and swimming cost fuck all really.

My daughter is a nurse on 25k and clear £1600 a month ish after student loans etc - she woud not have a penny spare if i didn't sort her out.

I am going to go for 2 of you on £50k a year and you should be ok ish!

Spot on, above a certain amount, unless there is a very expensive hobby to fund it just ends up getting saved or spent for spendings sake buying upgraded versions

 

[oldius]

50% of my money goes on ex wives and kids and the current Mrs. I think i could happily live on a grand a week if it was just me to worry about. So 100k a year after tax is about £6k a month 20 x that - £2m pot and would be enough for anyone to live like a king really and never run out. I think once you get above £100k a year it makes negligible difference to you- you just become a **** or are able to help others out. The things i enjoy most - sitting on my arse, walking, watching football and swimming cost fuck all really.

My daughter is a nurse on 25k and clear £1600 a month ish after student loans etc - she woud not have a penny spare if i didn't sort her out.

I am going to go for 2 of you on £50k a year and you should be ok ish!

1600 a month for a nurse with an average rent of 1188 a month. How we value people!

 

[RACHACE]

Me and the Mrs run a smallish business and do on average 3 - 4 days a week, I do more when I can as it keeps me out of her hair....We finish mid afternoon, no commute, 60 seconds away, no stress, great staff and very good customers. No mortgage since 2000, kids grown up and buggered off, nothing on tick and everything paid for. Well I say everything paid for, we do have a BTL type mortgage with about £40k to pay off on a holiday rental which we go to most winter weekends. We dont go short, we dont struggle either and dont spend a great deal but I'm sure we could find room for a larger salary but at my age I've stopped taking on the world in the vain hope of winning and spend my time just fucking about doing blokey things. We do this on about £50k between us.;

So what's a good salary?

 

[roach3]

I am afraid it’s always been like that as regards pensions whoever is in power.
It’s not all bad though, those paying in to a private pension will have had tax relief on the payments in and when the private pension pot is ready to pay out, 1/4 can be taken tax free.

Yeh I understand that mate but say you have a 100k pension pot and drawdown 10k a year
After the 25% tax free
Your gonna be taxed 20% on that drawdown
Effectively 2k of the state pension per year.
So you’re getting fuckall after paying 43 years of Nat insurance.
Of course they will argue these days it’s not just state pension it’s nhs etc but try get an operation these days it takes years.
Anyway I’m just ranting lol

 

[roach3]

But isn’t the other side of the argument that the Government of the day reduced the amount of tax you had to pay when you made the pension payments. Higher rate taxpayers saved 40% basic rate 20%. Chances are higher rate tax payers benefit the most because unless they have a fantastic pension or lots of other income they are only paying 20% when they draw but got 40% when they put in

Fair enough mate