how low can I go?

[Cyberman]

The total destruction of salary-linked pensions by Labour means that many pensioners will now be in much greater poverty than if they had not interfered with their crazy taxation. The reduced spending-power of people that will form a larger and larger portion of society will have knock-on effects as lack of their spending power will mean fewer jobs necessary.

Labour and their voters really have destroyed us over the last 12 years, and that is before you even consider the enormous debts that we are now building up that will have to be repaid.

[expat]

The total destruction of salary-linked pensions by Labour means that many pensioners will now be in much greater poverty than if they had not interfered with their crazy taxation. The reduced spending-power of people that will form a larger and larger portion of society will have knock-on effects as lack of their spending power will mean fewer jobs necessary.

Labour and their voters really have destroyed us over the last 12 years, and that is before you even consider the enormous debts that we are now building up that will have to be repaid.

It's largely irrelevant. The biggest factor in old-age poverty will be simple arithmetic. Demographics, as they call it. When you are old, retired, and infirm, you want healthy young people to do things for you. When there are too many oldsters making the demands, and too few youngsters to do the work, not all the wrinklies will be able to get. It doesn't matter if they all have gold-plated pensions, it's a shortage market and somebody is going to be at the bottom of it, and not get what they need.

If you have children, advise them to think about it now. They are worse off than we are. All we need to do is save some money to be ahead of the crowd. But when our children see our generation living off cat food, they are going to come to their senses PDQ and start saving like crazy to avoid that. So any of our children who want to be ahead of their cohort will have to do something special.

[Fred Bloggs]

My kids are 16 and 18, what can hey do? Emigrate, but where to?

[expat]

My kids are 16 and 18, what can hey do? Emigrate, but where to?

Group A: English-speaking, natural wealth, not overcrowded.
Australia, New Zealand, Canada.
USA.

Group B: Europe, advanced economy.
Germany, Netherlands, Switzerland; Scandinavia; Mediterranean countries.

Group C: If not tied to working locally.
Brazil, Chile, Argentina, Uruguay, Mexico.
Morocco, Senegal, Cape Verde, Madagascar.
India, SE Asia, China.

Group D: 2-centre.
Oz + Portugal.
NZ + BC.
Thailand + Morocco.
etc etc

Group E.
Fiscal nomad.
On the road.
On board own boat.

Group F. Away from it all.
Antarctica, High Andes, Patagonia, Caribbean, Indian Ocean, NT, NZ far south.

[OwlHoot]

It's largely irrelevant. The biggest factor in old-age poverty will be simple arithmetic. Demographics, as they call it. When you are old, retired, and infirm, you want healthy young people to do things for you. ...

robots

[Fred Bloggs]

Group A: English-speaking, natural wealth, not overcrowded.
Australia, New Zealand, Canada.
USA.

Group B: Europe, advanced economy.
Germany, Netherlands, Switzerland; Scandinavia; Mediterranean countries.

Group C: If not tied to working locally.
Brazil, Chile, Argentina, Uruguay, Mexico.
Morocco, Senegal, Cape Verde, Madagascar.
India, SE Asia, China.

Group D: 2-centre.
Oz + Portugal.
NZ + BC.
Thailand + Morocco.
etc etc

Group E.
Fiscal nomad.
On the road.
On board own boat.

Group F. Away from it all.
Antarctica, High Andes, Patagonia, Caribbean, Indian Ocean, NT, NZ far south.

Hmmm, Canada and Oz seem a good bet due to natural resources wealth. But one is freezing cold and full of paranoid Canucks, the other is full of nasty bugs and Ozzies!

[Turion]

Expat, the root of your problem was the divorce. Divorce is often the most expensive procedure a man can endure in his lifetime.

After your divorce, maybe you tried to rebuild to your previous home owning status too quickly or too ambitiously, maybe by buying a too grand a property. Perhaps you were betting on the relatively benign contract market we had from 2004 - 2008 continuing.

Getting back to your current problem, a short term fix might be to go interest only on that mortgage. It seems like you have heavy capital repayments on a 10 yr mortgage. Int only would at least keep the wolves from the door until you get new employment. Interest rates are low now so at least the payments will be managable.

[expat]

Expat, the root of your problem was the divorce. Divorce is often the most expensive procedure a man can endure in his lifetime.

After your divorce, maybe you tried to rebuild to your previous home owning status too quickly or too ambitiously, maybe by buying a too grand a property. Perhaps you were betting on the relatively benign contract market we had from 2004 - 2008 continuing.

Getting back to your current problem, a short term fix might be to go interest only on that mortgage. It seems like you have heavy capital repayments on a 10 yr mortgage. Int only would at least keep the wolves from the door until you get new employment. Interest rates are low now so at least the payments will be managable.

You are right about how I got here, but I don't know about next. I have heard that lenders tend to refuse to convert to interest-only now, at least unless there is a repayment investment vehicle in place. Worse, they flag up the applicant as someone in trouble.

Anyway, as my partner succinctly points out, if I get a contract then I can afford the mortgage, if I don't then I can't fford interest-only either.

[AlfredJPruffock]

Time is not what we think it is

So you cannot run out of Time - as Robert Burns put it

The voice of Nature loudly cries,
And many a message from the skies,
That something in us never dies

From my open window as I write this Ive just noticed an overhanging rose bush - and Lo ! A White Rose which has come into bloom - because of all our tears - our eyes - can no longer see - the Beauty that surrounds us - now Isnt it a Pity ?

SomeDay I'll have Money
Money isnt easy to come by
By the time it comes by
I'll be gone

Living a Life of Luxury - doesnt see to be - for me
Thats not for me

Moving around comes naturally

Moving around and Feeling Free

That's For Me ...

SomeDay I'll have Loving
Loving isnt easy to come by
By the time it comes by
I'll be gone
I'll sing my song and I'll be gone ...

... Listen ... the Tardis is leaving - who wants to come along - or are you going to wait for Death to find you ?

[gingerjedi]

You are right about how I got here, but I don't know about next. I have heard that lenders tend to refuse to convert to interest-only now, at least unless there is a repayment investment vehicle in place. Worse, they flag up the applicant as someone in trouble.

Anyway, as my partner succinctly points out, if I get a contract then I can afford the mortgage, if I don't then I can't fford interest-only either.

That's what I was told by the Nationwide when I asked but after complaining that the criteria would only suit someone that didn't need it I was asked if I had considered a payment holiday? …Which was all I wanted anyway.

I then arranged a 12 month payment holiday but chose to carry on paying the interest, apparently I'm entitled to have 2x payment holidays between 1-12 months during the span of the 25 year mortgage.