Where did all the money go.
Mar 2, 2016 10:49:15 #
Is it the same in the USA.
It does make you think doesn't it.
Medical science is helping mankind live longer but it seems that we should feel guilty for being a drain on society for taking our pension that we've paid for.
Just to cheer you up how did a pension we all paid into suddenly become a benefit. ?????
Worth some thought - Where did all the money go????
IT MAKES YOU THINK !
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 vacation, 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 !!!
And 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.
It does make you think doesn't it.
Medical science is helping mankind live longer but it seems that we should feel guilty for being a drain on society for taking our pension that we've paid for.
Just to cheer you up how did a pension we all paid into suddenly become a benefit. ?????
Worth some thought - Where did all the money go????
IT MAKES YOU THINK !
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 vacation, 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 !!!
And 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.
Mar 2, 2016 10:55:40 #
On this side of the Atlantic we have the same situation with our Social Security. All the money came from the workers and employers and government mismanaged the investment.
Mar 2, 2016 13:28:08 #
Absolutely right Terry...plus your pension is bloody well taxed..a double whammy!!
Mar 2, 2016 13:35:22 #
Mar 2, 2016 13:36:52 #
Any account that a positive balance at the end of the budget year is spent on year end parties and hookers.
Mar 2, 2016 13:53:05 #
No-one in the UK pays into their own government pension. If you're working and paying taxes, then you are paying for the current generation of pensioners. When the pension was first introduced, you were only expected to live for 5 years after retiring.
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