Pensioners better off than workers ?

macabethiel · 14-02-2017, 00:23

Well that's an interesting headline but I reckon that like all statistics there are some lies in there as well !

I am 68 and not only am I a pensioner but yes I am better off in terms of disposable income compared to 15 years ago. But............... I still work part time at two jobs. I live within my means. My wife will not get her OAP for another 5 years so works part time and as much overtime as she is offered.

After 25 years I am mortgage free and half way through that mortgage period I was paying over 10% interest rate but when rates fell I kept the repayments the same.

We had the same 3 Piece suite for 20 years and our present one is 15 year old ! We had a Sony 14" TV as our only television for another 18 years and our average car ownership has been buying a 6-10 year old vehicle and keeping them for an average of 7 years.

My pension is less than half what I took home in earnings when working as I was unable to do the full 30 years service before I hit 55. (That's all changed now but I could only elect to sign a 1 year contract that may or may not have been extended year on year subject to performance to stay in my job with T&C's that I was not happy with so I left the Fuzz)

To qualify for my OAP I had to work for 44 qualifying years so guess what I think I deserve to have some disposable income at last!

And here's the bug all my extra work attracts BRT tax band and I pay tax on my work pension. With Tax & Vat on most things plus fuel duty I estimate my actual tax paid to the Exchequer to be 35-40 % of my income.

14-02-2017, 00:23	#1
macabethiel Senior Member Join Date: Aug 2008 Location: Derby Vehicle: Freelander & Jeep GC 3.0 Posts: 4,416	Pensioners better off than workers ? Well that's an interesting headline but I reckon that like all statistics there are some lies in there as well ! I am 68 and not only am I a pensioner but yes I am better off in terms of disposable income compared to 15 years ago. But............... I still work part time at two jobs. I live within my means. My wife will not get her OAP for another 5 years so works part time and as much overtime as she is offered. After 25 years I am mortgage free and half way through that mortgage period I was paying over 10% interest rate but when rates fell I kept the repayments the same. We had the same 3 Piece suite for 20 years and our present one is 15 year old ! We had a Sony 14" TV as our only television for another 18 years and our average car ownership has been buying a 6-10 year old vehicle and keeping them for an average of 7 years. My pension is less than half what I took home in earnings when working as I was unable to do the full 30 years service before I hit 55. (That's all changed now but I could only elect to sign a 1 year contract that may or may not have been extended year on year subject to performance to stay in my job with T&C's that I was not happy with so I left the Fuzz) To qualify for my OAP I had to work for 44 qualifying years so guess what I think I deserve to have some disposable income at last! And here's the bug all my extra work attracts BRT tax band and I pay tax on my work pension. With Tax & Vat on most things plus fuel duty I estimate my actual tax paid to the Exchequer to be 35-40 % of my income.