British pensioners better off than working population

For the first time pensioners have higher average incomes than working age families - £20/week higher vs £70/wk lower 15 years ago -source Twitter

Op-ed: So we pensioners are rolling in money and laughing all the way to the bank are we?

I wonder how many of my retired friends would agree?

In 2001 pensioners were reportedly £70 a week worse off than the working population and now we are £20 a week better off, allegedly.

The Tory triple lock promise on pensions a few years ago helped pensions improve but with a Tory Spring Statement due from Philip Hammond in March that could in theory end.

Former Tory PM David Cameron used the triple lock as a vote winner assuming many older people vote Tory.

But voting and older age is never so simple.

It is not rocket science:

• ​how affluent you are in older age will depend on how affluent you were pre-retirement
• not all people are able to own a home and many older people still pay rent
• pension credit helps poorer pensioners but a couple with a relatively small income will get nothing. That means they still pay Council tax and health costs such as dental in full - 28 Dec 2016 - Guarantee Credit tops up your weekly income if it's below £155.60 (for single people) or £237.55 (for couples). Savings Credit is an extra payment for people who saved some money towards their retirement, eg a pension. You may not be eligible for Savings Credit if you reach State Pension age on or after 6 April 2016
• ​the Tory government likes politics of division and that includes young against old. It is distraction politics and takes the heat from their door
• average or median statistics include those with huge pension pots and company pensions this muddying the waters
• there is new two-tier pension system with a new flat rate pension that excludes older pensioners touted as much better
• the State pension is not a hand out as it is based on hears on contributions
• many pensioners continue to work as they cannot afford to retire. That limits jobs available for younger people
• the government is increasing the retirement age for the working population but with Social Security safety nets removed some people will spend their 60s struggling to survive as they cannot find work. These people will not enjoy a comfortable retirement
• even if a married couple is comfortable in retirement the death of one of them will likely change that
• many older people have spent a life time working and struggling to make ends meet. Would people be happy for them to struggle in older age?

Need more?

Well just think about it.

If pensions are allowed to fall back it will affect future pensioners.

Once you retire there is no bonus, except £10 at Christmas which could be scrapped, or overtime, but a winter fuel allowance of £200 a couple and a free bus pass, which could also be scrapped. The bus pass helps older people get out and about and stay well in a win win situation for the government

Surely the silly think tank research that declares pensioners are so much better off than the working population is easily dismissed however?

Generalisations never work and neither do averages that include the very wealthy and very poor.

Take for instance MPs who may ultimately decide on pensions and more and be included in the think tank research.

In late 2015 the Telegraph reported "So if the controversial proposals to raise MPs’ wages from £67,060 to £74,000 are effected, all MPs retiring at that higher salary will have their existing entitlements applied at that level. Say an MP has served 15 years (see graphs). The pension builds at a rate of 1/40th of final salary, giving 15/40ths or 37.5pc of final salary."

Read the full report here http://www.telegraph.co.uk/finance/personalfinance/pensions/11685857/MPs-hidden-perk-7000-pay-rise-equals-85000-pension-boost.html

Out of four reasons cited by Wales Online for the reported "£20 better off" three will not be available to all. They are home ownership, at least one person in a couple working and a company pension.

"The share of pensioner households in which at least one person is in work has shot up from one in eight in 2001 to nearly one in five. This accounts for a quarter of pensioner income growth since 2000."

Yes work till you drop Britain at least for we the people is the goal.

More
​New pensions bad news for many pensioners
Pensions safe from Tory axe for now but for how much longer
https://www.theguardian.com/money/2015/dec/01/british-workers-worst-pensions-major-economy-uk-retirement-age-oecd
http://www.newtekjournalismukworld.com/latest/lord-bichard-thinks-retired-should-work-for-their-pensions