You don't have to be a millionaire, or wealthy, not to need a taxpayer handout.
There are plenty of people below retirement age, in greater need.
Winter fuel allowance
- Thread starter Trazor
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You don't have to be a millionaire, or wealthy, not to need a taxpayer handout.
There are plenty of people below retirement age, in greater need.
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Not at all a valuable contribution, then.
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And do you need an extra £4 per week? Honestly?
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Almost 30% of pensioners live in millionaire households. It really isn't just "a few".
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They are also trying the honesty approach. Refreshing. Some might decide they don't like the fiscal rules. It appears that the Tory added a few other factors that went "can consider ............. some factors". Reeves I suspect will stick to using the basics as they are intended to be.
Optics. In the end it comes down to what has been achieved come election time. There may be other similar style solutions when the budget is released. Lots of areas are broken so where is the money to fix going to come from?
A more interesting question is if any future party would reverse things back to exactly how they used to be? That wont stop them making noises about it.
There will be some well I paid for others so want the same deal. Also people should look after their eventual needs neglecting variabilities from person A who has done well and B who hasn't to some degree.
IFS numbers
Some important context for this: the share of those aged 65 and over who pay income tax has risen dramatically over time, from 36% in 1990–91 to 44% in 2000–01, 49% in 2010–11 and 62% in 2022–23.28 -- May 2024
I just copied the google header from this link
A new triple-locked personal allowance for pensioners? | Institute for Fiscal Studies
Reintroducing a higher pensioner personal allowance would be another example of the Conservatives reversing a recent Conservative Chancellor’s policy.
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Not sure that's relevant to what I said, but ok.
Me? Perhaps not, but there are lots living close to the edge.
I don't really see any relevance between the value of the home, and whether the occupant is living in poverty, or not. What are you suggesting, that pensioners should sell up the home they treasure and have worked hard for all their life, just to be able to stay warm?
Pensions, like wages, should properly reflect the cost of living.
Use an advert for info?
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I'm suggesting that pensioners in million pound households don't need £4 a week handouts, some of it coming from the poorest in society.
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"It’s not just the top 1% who are rich. It’s not even the top 10%. About a third of the 12 million over-65s are wealthy. How can they be well off as pensioners? It’s because they have a generous occupational pension and property wealth beyond anything they might have considered when they bought their first home.
They are millionaires. More than that, they are millionaires with very little to spend their money on.
This third of pensioners has none of the transport, clothing or food costs associated with full-time work. Their disposable income is beyond what many working families could ever achieve through higher wages or even promotions.
Their wealth is like a tax on the young. They hang on to property in the hope that it will rise in value and, when they die, be bought by someone younger with an astronomical mortgage, mitigated only partly by their own inheritance."
www.theguardian.com
There are more up to date figures but I think the above explains it well.
They are millionaires. More than that, they are millionaires with very little to spend their money on.
This third of pensioners has none of the transport, clothing or food costs associated with full-time work. Their disposable income is beyond what many working families could ever achieve through higher wages or even promotions.
Their wealth is like a tax on the young. They hang on to property in the hope that it will rise in value and, when they die, be bought by someone younger with an astronomical mortgage, mitigated only partly by their own inheritance."
It’s time for Britain’s millionaire pensioners to pay up | Phillip Inman
The retired are having a great time at the expense of young families thanks to generous pensions and property wealth
www.theguardian.com
There are more up to date figures but I think the above explains it well.
Of course, you could, as an alternative, see it as some form of reparation for life spent working hard, struggling for money and being frugal. Hence, they deserve all they have achieved, and enough income to pay the bills, without disposing of their hard won assets to meet the bills.
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I'm yet to be convinced that losing a £4 a week handout means that millionaire pensioners can't pay their bills.
If your home is worth £1M, and you have no savings, you are reliant entirely on income - the pension. Over the limit, you will receive very little in the way of financial concessions. The £1M home will also likely need lots of expensive work to be done upon it, just to keep it in an habitable state. I often see such homes, on Homes Under the Hammer, where the owner has passed away.
The UK pension is one of the worst in Europe. The pensioners of the UK deserve better, than penny-pinching by government.
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