Surging inflation could punch a financial hole in millions of pensions, wiping up to 17 years of retirement income off savers’ retirement pots.
Cost of goods is forecast to rise by 2.5pc this year
This is, of course, just he time that everyone should be investing in 1% bonds to save for their pension.
You forget Tim, that in the magnificent Spud-U-Topia to come the State will provide all through the benefice of its central planner, the cubed Professor. Private savings will be so unnecessary that the State will be forced to remove them for the good of the people.
Maybe it’s time to invest in crypto. Seems to be a safer bet than most investments, although I don’t know why.
@Arthur the cat
I heard wombat droppings are cubed. Does that apply to the Professor?
Crypto has nil inherent value, gold has some (electronics, de-icing aircraft windscreens, corrosion-proofing, tooth fillings …)
Anyone whose pension is not inflation-proofed suffers badly from inflation. That’s all the self-employed and most of the employees in the private sector (I’m part of a minority not badly hurt because I’ve got a mixture of DB Pension, State pension and self-employed pension) – but a university “professor” should get an inflation-proofed pension from USS.
The 17 years wiped off must relate to those who retire at 55 and/or live to 100 – otherwise an average age of death of 87 or 88 implies that their inflation-crushed pension is only worth 6 of the expected 23 years
Ritchie’s USS pension can’t be that much. He was at City University for 4-5 years and some of that was part time.
I wonder what his private pension is like. He’s still working at 63 and appealing for donations on his blog, so it can’t amount to much. Perhaps he took his own advice and has been investing in 1% bonds. Now he want us all to be as miserable as him.
Inflation is one of numerous reasons that the present Tory “victory” euphoria wont last–if it still exists even now.
I hear that low-end clerking Civil Service pensions have gone up by 0.5 this year in line with the Govts scam RPI shite. So even the “public sector will be laughing” stuff isn’t true now. Not for most of them with a rise 1/5 of inflations actual rate.
Inflation is how the scummy state hopes to duck its drunk sailor spending. But there will still be loads heading for UC off the Great Paid Holiday. Only way around that is for Spewknack to keep writing funny money cheques=more inflation on top of job losses and vast numbers on UC. Maybe for years in a flat job market also crowded with the imported legions Tory turds are helping in not keeping out. All adds up to..?
Well I think “Good Old Boris” BS is already dead. Not yet has “That Fat Fuck Johnson” reached national consciousness–prob because of all the dim cowardly maskie virus/vax-freek mugs still squealing.Likely less than 1/3 of pop now. But TFFJ it is on the way.
Can someone translate the above into English, please?