Thursday, 24 June 2010

Worm Food


I notice the Govt is planning to raise the age of retirement to 70 on the understanding that we are healthier and therefore can be taxed for longer before we get a paltry pension from the hundreds and thousands, if not millions we have paid in over our life times.

I like to believe that I control my own destiny and the State will not be the ones telling me when I can stop, I will. This means taking responsibility for my own retirement.

In the UK, we use property as our pensions. We constantly upgrade our houses to the highest possible level we can sustain and then downsize using the capital for our retirement. Other European countries tend not to do this, due to decent state and occupational pensions, hence the lack of property bubbles. You don't expect to own a house in Germany until your parents die and leave you theirs and likewise, your children will own their first property when you kark.

It is, of course in the States interest that you should provide for your own retirement but it is also in your own interests. What we saw under New Labour was the state attempting to enslave the public by over reliance on benefits, including pensions whilst ensuring that those who could provide for their own pensions were bled to death to feed the ever growing army of servile "client voters". Raising the age of retirement to 70 is simply the new Govt's way of forcing you to succeed at your own private pension if you wish not to die of exhaustion at your desk.

So do it. Get savvy. Get a second property and never sell it, ever. Even if you have two small properties and only live in one, you will never starve and you can raise two fingers to the State in the full knowledge that when you have had enough of paying taxes, your second property is going to fund your retirement, not the whims of a Politician peddling his lies to the gullible and the feckless. It costs a lot less than you think. Instead of buying a RangeRover during your life, buy a property. There's a reason Communists hate private Landlords. They hate competition and they hate you not having to rely on them, the all powerful, benevolent yet brutal State. And mark my words, the next generation will fall for the lies of the Socialists, just as we did and our parents did. It may take 20 years, but they will be back again offering the feckless and idle, the gullible and the stupid whatever it takes to secure power over us all.

I watched my parents do shit jobs for the State for decades on the premise that "ah, but we'll get a good pension at the end". Both died aged 69 to howls of laughter from the State. I can hear the shuffling of nervous feet of over 7 Million state workers as we speak. Times up. You're own your own. You always were, you just never realised it.


55 comments:

DM Andy said...

OH, I actually agree with you, but your solution only works if you find a serf to rent the 2nd property off you thereby effectively buying it for you.

That's why I loved the Child Trust Fund, because there was a chance, just a chance that a child would be able to come out of that with a good start towards a deposit on a house. If that kid didn't blow it at 18, then even with a low paid job careful investment they would be able to get a home of their own by age 30.

Of course the property-owning classes wouldn't like that because then there's no-one to leech money off in private rents. So almost the first act of the new government was to get rid of the CTF.

Anonymous said...

Of course there is always the fucking joy of buying a shell of a house that the lazy idle fuckers from the council with all their resources won't buy and do it up. So you can pay CGT 50% coming your way soon way to go.

Old Holborn said...

Anon

Good tax advice will see no CGT paid. The art is not to sell it but to live the life of fucking Reilly from the rental income whilst laughing at the state.

works for the Duke of Westminster

Old Holborn said...

DM.

Plenty of serfs out there. Labour made sure of that.

Electro-Kevin said...

I'm researching this option coincidentally (I agree with you btw) But it's not simple and it's most certainly not easy to rent out. For those of us who need to take out loans to do it there is the ever present worry about voids and maintainance (especially if doing it over a distance) - your yield also needs to be good to build up a buffer against incidentals, just covering the loan costs is not good enough.

We also looked at upsizing and going interest-only without an endowmwent hoping that inflation will eat away at the capital sum at dealing with it end of the mortgage term, downsizing if necessary. At least you get to live in a big house for 20 years but your living costs go up and your living opportunities down. This works if house prices keep rising at present trends - I don't have much hope for our economy long-term.

My advice ? Don't fret so much about old age that you forget to live now - when you have your health and (in some cases) your looks.

Make your kids clever and always stay on good terms with them - and their partners. Do not be too judgmental of them. Remember that one day they might be wiping your arse.

Electro-Kevin said...

There is also the issue that when you are old and frail some predatory fucker will rip it all off you anyway.

aresubi said...

The State Pension was *always* supposed to be a con for most people - you were not expected to be on it for long. The age of retirement should have been pushed up as life expectancies increased but it wasn't, hence the substantial cost we have now. It was never meant to pay for millions of people.

The same is true of benefits.

"Raising the age of retirement to 70 is simply the new Govt's way of forcing you to succeed at your own private pension if you wish not to die of exhaustion at your desk."

Absolutely. The retreat of the welfare state is something to be applauded.

Old Holborn said...

EK

Buy the biggest house you can afford. As you say, you get to live in it.

Mate of mine earns more than Cameron yet lives in a one bed flat he bought in 1983 "to save money". He'll be the richest man in the graveyard

Electro-Kevin said...

I can't believe how much risk I was taking in being prudent !

We stuck with a 3 bed semi for financial security - fools ! But then again we have as much space as we need and I hold few worries about the coming downturn.

QG said...

Your advice appears to be another (self serving?) attempt to keep the property bubble going and postpone our economic problems for a while more. There is nothing our political classes would like more than another house price boom to keep the middle classes happy. http://renegadeeconomist.com/headline/man-900-houses.html

Old Holborn said...

QG.

At no point have I endorsed a housing boom. Try reading a few of my posts on austerity.

what i am suggesting is

consume less
make do
stand on your own two feet
invest wisely
don't rely on the State
getting the CAPS key fixed on this laptop

QG said...

OH,

I do read your blog often and agree with a lot of what you say but I cannot square the promotion of a rentier nation with progress (getting away from or rid of a bloated state is another matter.) I don't think we're going to agree on much here so I'll finish with a question.

'invest wisely'

Is property really such a good buy at this point? Remember we've just been through a massive house price boom and governments can easily tax property because it cannot hide or run away. Being ready to emigrate if things get really nasty might be a better plan.

Shanghai's Right Wrist said...

Talking of worm food 4-1 Fnrrr Fnrrr.

Electro-Kevin said...

We are going to revert to living like Asians. That's what poor people do and what our ancestors DID do.

It's only relatively recently that generations expected live apart from each other with their own front doors and their own bills to pay.

The biggest investment we can make is in the abilities and the wisdom of our children - for our own sakes and for the Country's. We will be better for it and the national IQ will begin to rise again.

If the worst comes to the worst our whole family can weigh in and start a business.

E-K & Sons

Funeral Directors

There will be no shortage of freshly throttled grandparents who were too stupid to raise their kids properly.

Anonymous said...

OH said:
>Buy the biggest house you can afford.

Provided that "afford" doesn't mean "take out a massive great loan for and pay several times over in interest", I'd agree.

debt is not wealth

Anonymous said...

Start an offshore company (e.g. in British Virgin Islands) and use that to buy your house. Yes you need to save first. Mortgages are for retards.

Catflap said...

Get a coastal sea going boat to live on.
Shoplifting and fishing.
It's the future :)

Electro-Kevin said...

Or - if you find yourself in old age penniless and friendless find the nearest person who was a member of the Brown Government and kill them.

You will be looked after for life then in conditions that are the envy of pensioners everywhere.

sike said...

buy two properties? the last fuckers in government put the price of any property out of my reach

Old Holborn said...

sike

Rubbish.

Follow the links on the page. 2 bed flat for £30K?

If all else fails, Bulgaria prices start at about a quid

Old Holborn said...

Indeed Catflap.

Get a houseboat. Fantastic quality of life at a fraction of the cost of bricks and mortar

lilith said...

Or get a van, nail down a sofa bed, pack a bucket and the dog and let the house...

lilith said...

....to someone who can afford to pay the bills...

McEgan's Confessional Priest said...

Looks like some of McEgan's fellow travellers might be facing some awkward questions over the next few weeks...

Belgian Catholic offices raided in sex abuse probe

Oooh Matron, indeed !

Jubble said...

"Get a houseboat. Fantastic quality of life at a fraction of the cost of bricks and mortar."

As one who lives on a houseboat, I should be fascinated to read the details of your definition of "fantastic quality of life" and of "a fraction of the cost".

Ron Broxted said...

I see housing benefit is going to be limited to a maximum of £400 per week. Do they expect the long term unlemployed and feckless idle bastards like me to move downmarket?

Brumman said...

So do it. Get savvy. Get a second property and ...

FULL OF FUCKING SHITE.

How many people of us (im in the West Mids), ordinary working clsss folk, have any money left for a fuckin SECOND property?

Theres no fuckin industry left here, the UK produces fuck all. And to be frank you're talking aload of tory bollocks. My savings, and my pitifully small earnings go on buying FOOD! Or buying the missus such luxuries as a new cooker.

Second property... I ask you.

caesars wife said...

I have some agreement with what you say OH , its only a 100 yrs or so since the workhouse was deemed such an outrageous fate that a state pension was introduced by a young Winston Churchill.

There is somthing of an art to understanding pensions as you inevitably end up talking about time spans longer than parliaments . The need to manage well what you have has never gone away , as you point out the state does not turn up at funerals , you are just on the database .

The main problem has been that pension potts have been misused , by those on ridculous salaries that do not put into plans and have early retirement .

Early retirement was supposed to reflect length of service from the days when hard jobs meant you were probebely clapped out by 55 , the scamms of getting a redunacy package only to be rehired on another state job on higher salary and ergo bumped pension is another take .

I am not mean about people reciving affordable pensions , but doesnt it tell you somthing about the socialists , letting fat salaried piggies in there client state raid pensions making it unstable for low paid workers . labour did abolutely nothing and indeed encouraged the building of this funeral pyre .

Its is complex , but Labour have made it unstable , ,it would be interesting to see how much of the borrowings were just funding pension liabilities .

If you in the public sector on 40k a year if you cant save enough money to retire on is beyond a joke , contributions makes people more attentive to efficnecy and management of there pensions , putting a cap on ? say first 30k is basis on which state is liable , I know they have said they will protect current in place agreements , but that is costing us more in taxation in the future .

again though it depends on your view should the state fund champagne pensions or a basic level of security and thanks (in the case of armed forces).

funny how labour have not even squeaked about what there £50bn of cuts were going to be , funny how they knew it was £50bn but seem unable to tell us all what they were whilst shouting "tory cuts" when there wuld have been "labour cuts" of the same ammount. Tut tut still trying to cover arse by lying to public .

Old Holborn said...

Brumman

Funnily enough, I have never lived in the Midlands (or Bangladesh) for exactly the reasons you noted.

In your next life, study hard at school and move to where the work is. That'll show tossers like me, eh?

Anonymous said...

All those cheap places in your link are in bloody Scotchland.
No fucking than-you!

Old Holborn said...

anon

amazingly, fags cost the same in Scotland, wages are pretty much the same in Scotland, living costs are pretty much the same in Scotland as are taxes. Not property though.

I can only conclude that the Scots are such lovely people, no one wants to live next door to one. Or in the same building. Not even the Scots

Can't say I blame them

caesars wife said...

dont know if its true , but one figure i caught today was that 12mn people do not have a pension plan , surely not after 13 yrs of wonk labour, what a failiure or is that not cyrrently in pension plan erm cough er hem , which is a bit different .

McEgan's Ugly Sister Beth said...

OH, here is an amazing fact about Jockland. Out of a population of five and half million there are only 155,000 net tax payers, all the rest take more out the pot than they put in. Well done you hard working English taxpayers.

Olly Garchy said...

But a second house you say, for financial security.

Indeed, an excellent idea. All other forms of 'pensions' could be raided, re-regulated and the goal posts moved yet again. Moreover, the financial services companies that run these pensions steal from them at vast rates.

Owning a second home is such a brilliant idea the MP's took it on wholeheartedly and ensured the taxpayers bought one for them.

That's how good an idea it is.

Old Holborn said...

Well done, Olly

You got it. Do what they do. It's made them rich

caesars wife said...

I think OH may be trying to form an idea about the differnece between wealth and money .

in zimbabwae you could hold a million cash in your hand and it wouldnt buy the weekly shop .

Interesting stuff but diverseity in pension source has other benefits , besides it would force house prices up (and rents) and would keep them high .

Anonymous said...

OH parents left him a packet, no need todo fuck all except keep on banking.

Ah the smell of finance in the morning... smells like Victory.

Old Holborn said...

CW

Money is worthless. Ask a banker (or a taxpayer)

Wealth on the other hand is the ability to live independently and protect you and yours.

For some to achieve this, they need to be millionaires and good luck to them, for others, all it takes is an acre of land and a little knowledge.

You choose which is easiest.

Old Holborn said...

Anon

Nah. For info, I don't even have a bank account anymore.

Ron Broxted said...

OH, have you given any thought to bartering as opposed to using cash? There are a number of small groups mainly in rural locations who are experimenting with this system. Cash is a means of controlling our lives.
It works like this you take three brace of pheasants to the local pub with a restaurant and the landlord gives you three pints in return. The pool cleaner shags your missus and does the pool for nothing.

Old Holborn said...

Ron

Buy one, get one free has been "de riguer" in Minty's massage parlour for at least two years.

Ron Broxted said...

OH, but will you still want to visit Minty's when then staff are still working in their mid sixties? Rooney might welcome it, but who else wants to chill out to the sound of creaking joints. That said the ability for a sex worker to remove their lower and upper sets of false teeth might present possibilities.....Ooh matron!

Electro-Kevin said...

Perhaps we should take something from Scotland after all ...

...the local diet of fags, whisky and deep fried Mars Bars washed down with Iron Brew.

Then a pension plan need not be an issue.

Old Holborn said...

Kev,

The light that burns twice as bright, burns half as long.

Hospitals are full of elderly athletes dying of nothing at all.

Remember. One Life. Just ONE. You're an awful long time dead.

Gregory said...

The loons in Westminster have not yet woken up to the nature of money and what it really is. They are continuing the old regime/system under new management with different bells and whistles.

Until they wake up and read what I have just read we shall never get out of the hole.

http://realitymoney.page.tl/

Old Holborn said...

Gregory

So don't play the game. 2 million years of your ancestors didn't.

How the Tories are screwing you said...

1. Climate Change: £18 billion per annum, mainly via disguised levies in energy bills.

2 The multicultural society: £13 billion per annum.

3 The EU: £15 billion per annum.

4 Overseas Aid: £9 billion per annum.

5 The unnecessary Afghan War: £3-5 billion per annum.

Anonymous said...

We are going to revert to living like Asians." I do as I live in Thailand the reason that we have extended families here is the same reason we had them in the UK before welfare became "your family" no dole here. As for money China and Chinese people own half the world and as with all empires the UK one is fading fast. A couple of years ago I used to get 76 Thai baht to the £ now 46= £1 gets any worse I will have to ask the beggars to make room for 1 more.

caesars wife (blue nunn bloodbath event ) said...

QT was a bit of pointless match , even Peter Hitchens rambled and for some reason his daily mail blogg went offtrack today with a full collum devoted to tearing a piece off a stupid blogger who thought Peter never read history, however his comment on grammer schools was almost so precise I felt the words academy being destroyed , do they help bright poor kids ?? CW couldnt help but wonder if Peter was right and framed it very well in what he said . again though ed balls ducks question on what cuts he would do and rubbed rather a lot of salt in vince for betraying the the balls bolshoivics club at being in power despite wasting loads of tax payers money in marginal seats in the election. Caroline lucas is about as green as red robbo was tory .

on TW Diane continued with salt rubbing and glee at hughes gradually becoming the vain trigger for the socialists return to delusion and ruining the country again. Will hutton made his useual metaphore mix , oh you know debt isnt that far off other crisis , we should just take longer to pay it etc etc , will still thinks there are lots of people making things like trainers , sportsware , garden pots and solar garden lights in the UK and not importing everything because they are so cheap. But then he let a nice long running issue slip with the "northern venture capital fund" CW wants to know when will someone see that giving money to start up businesses whilst cheap imports are just an internet click away , is a waste of money .

whilst every economist believes in free markets , when is the light bulb going to light up , that says actual manufacturing location is important to jobs , that then go on to supply the home market , within a free market ideal .

you wouldnt need tax payer business grants if there was secure home market , some goods may well suite small manufacturing units that could be placed in any unemployemnt troubled town , banks would lend if business could show they had contract to supply but i have to admitt funding pipe s have been very effective for Labour to cover up the demise of manufacturing and dead towns/zones that cant supply city economies with anything, oh yes give local newspaper headline "x million to be spent on business startups in region" completely forgetting that as soon as funding goes they fail or someone walks off with some money , if business has arrived at the not doing anything stage until goverment throws us some money this country is slithering down the pan .
Trainspotters may go eurosceptic yet CW hears that all rolling stock is to be renumbered into new 12 digit euro numbers , the bastards there our trains (alas not made in uk anymore but none the less) , cant we even have our own railway anymore .

Punisher said...

I was sorry to hear that your parents died in their late sixties, Old Holborn. If one or other of them has passed away before reaching puberty the world would have been spared from having to read your ravings and rantings on this sorry excuse for a blog. Britannia has more literate and relevant piss-stains of her torn, menstrual and semen stained crotchless panties than you do in your postings.

They say you can judge a man by the friends he keeps. Judging you by your supporters you are clearly an inbred, cretinous, semi-literate, poorly educated, slope-browed, simian, onanistic, coprophilic, fascist, closeted, sodomitic, pusillanimous, shirt-lifting, turd-burglar.

Fuck me!


Your readership is, for the most point, more primitive than Neanderthals - and those poor fuckers died out 25,000 years! What a pity nature and evolution hasn't put you sorry bastards out of our misery, permanently.

Fucking pond-life!

Thank God that Domestos bleach is capable of killing 99% of shit like you!

Arseholes!

Anonymous said...

Holby becomes a rent seeking parasite looking for priced out young serfs to keep him in the style to which he has grown accustomed.

Sad.

Nestor said...

This is whatt my mother has done to help me through university and plan her retirement.

She bought an old 2 bedroom council flat,using a bank loan. (15% of capital needed) We spent a few weeks making it into a 3 bedroom flat. (converted living room.)

So instead of me paying my rent to a stranger (with the help of my parents) they pay it towards the mortgage as well as the rent for the other 2 rooms.

So essentially the other two people renting are paying the mortgage and I get to stay essentially for free.

When I finish Uni she will rent it out and it will provide her with a smallish amount to live from when she retires from the surplus of the 3rd persons rent.

Anonymous said...

Any more on your FREEMAN lifestyle OH?

Anonymous said...

If people are stupid enough to borrow money they shouldn't moan about working (for the bank) until they drop. You only have to look at the stupidly expensive cars and crap they buy to see that they have more credit than sense.

Stu said...

What Socialist government have we had in the last 60 years?

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