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Wed 15 Sep, 2004 06:53 am
Britons are not saving enough for retirement.
A 1 and a half % increase in income tax may be needed to fund this.
The next 10 years are going to be painful. With the baby boomers dropping out of the workforce in droves, there's going to be ever increasing pressure on the rest of society to produce the resources to care for an aging population.
Why are Brits not saving enough for retirement?
Britons not saving enough for retirement
One reason is that some pension providers have collapsed,the chancellor has raided pension funds,share prices have collapsed etc etc.
There's probably not enough left over after living expenses to save.
WILSO - In the States, I feel that the combined tax rates, for the majority (Federal, State, Local, Excise, Proporty) exceed 40% (some over 50%). Factor in as you say living expenses and there is not much left.
How do tax rates compare there??
Britons not saving enough for retirement
I,a severly disabled person am beginning to hate being on Social Security.
In view of the taxes people pay, I am thinking of leaving money to help taxpayers in their retirement.
woiyo wrote:WILSO - In the States, I feel that the combined tax rates, for the majority (Federal, State, Local, Excise, Proporty) exceed 40% (some over 50%). Factor in as you say living expenses and there is not much left.
How do tax rates compare there??
In Oz, the situation is similar to what you describe.
Wilso - Apparently, the question was too difficult for you to answer.
Have a nice day.
Without doing precise calculations, I feel I did answer it. See the post above yours. (Oz=Australia)
Correction,it appears that 57 Billion £ needs to be saved.
Well, this happens in Austria and Germany, happened in Switzerland, they noticed it in France, the Scandinavian countries try to find some remedy against it ...
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