of
get something like between 1.6 and 2.6 people having to calculate whether they heat or eat.
I mean the problem with that from a simple standpoint is that you're not going to know
which days are going to be incredibly cold or incredibly warm.
But unfortunately if you don't heat your house every day you can get damp which leads to
mould which leads to lots of other expensive problems.
Now the other thing is the unintended consequences.
You're probably going to see a massive uptick probably 20-30% of pensioners trying to get
into hospital either because they... problems, cold and old age actually bring on issues
probably before, during and after winter time.
So we're going to have a massive number of shorties at beds which effectively might just
make that rather than they're saving money they're actually losing money.
Now what there probably needs to be is a massive overhaul in the relevant software that they
use.
So we could have an arbitrary sort of 5000 ceiling above what they're saying and anybody
above that.
They've got all of the relevant returns.
They know what the vast majority of pensioners are being paid on the simplistic tax side
and on the more sort of complex tax side they'll probably get the relevant tax returns.
So it's probably a simple thing of saying well those people over the age or over retirement
age do a simple query and get a list of all of those individuals that don't meet the mark
by a long way and actually mark those forevermore because they are well over the tax bracket.
The whole principle of saying that oh you're going to get money sort of at the end of the
year next tax year.
I mean you need the money now.
I mean you need to feed the meter.
I mean why to they pay as you go so effectively.
So sorry they pay a certain amount in direct debit and then effectively all of the amount
gets sort of calculated in the summer and then they say you need to pay more on your
direct debit or less on your direct debit.
The majority of pensioners are like a lot of people on low income.
They get a particular card which costs them you know 20, 30, 50 pounds and then they slot
it into their meter.
So then I don't think you can run your gas central heating without electricity and I
think what a lot of the old people or retired people do is that they change everything to
electricity.
So they have electric fires so they don't have a standing order where you're using not
a great deal of gas.
I mean gas is going to be phased out at some point.
So it's just going to be you know saving with one hand and we'll see in the news that we'll
be spending twice as much on the other hand which will put pressure on the NHS when they're
trying to get through the backlog where they're dealing with flu and other ailments that happen
at the end of the year.
So I'd like you to listen to what Labour have said.
So Labour will turn the page on Tory chaos with economic security and political stability.
Well not sure about the chaos in general because it seems like a lot of chaos already.
So a Labour government will protect the triple lock on pensions and review the current state
of the pensioners retirement savings landscape to check if the current framework can deliver
sustainable retirement incomes for people.
Well that's good but you cannot say oh you're going to get the money in a year or two.
You've got to pay it now for your energy.
You can't go into arrears.
You don't have something for most pensioners on low income like a direct debit.
So that's got to be rethought.
We will also give the pensioners regulator new powers to intervene where schemes fail
to offer sufficient value for their members.
So effectively it's in the wrong section.
These are people who are saving for retirement.
Is Kendall Labour shadow pension secretary has said retirement should be a time we all
look forward to but more pensions than ever are renting into retirement.
Their children returning home because they're locked out of the housing market and soaring
childcare costs mean the pensioners are taking on more responsibilities they weren't expecting.
Well not always having a home is the answer.
You know there are a lot of information online in regard to the benefits of having a mortgage
and the benefits of renting.
The only thing is is that when you have a mortgage you're regimented about paying because
then they will take the property off you.
If you are regimented and you're paying your rent you have to pay a portion of that into
the stock market in indexes which over time will compound and you would probably have
a better nest egg than having a property which you have to pay a lot of money on.
There's all the repairs and the painting and whatnot and whatnot.
If you have a mindset that you're renting you're going to have a lot less stuff which
will be cheaper to move to your property and then it will also make it easier to actually
move either for a new or better outlook or to find better employment or better schooling.
So you may want to be close to your children when they're at university so you can actually
move and rent as well because a lot of jobs you need to commute for an hour or two and
when you sum that all up of costing probably six or ten grand a year all in and lost time
it'll be better if you had rented.
So I would advise you to actually look at the topics online whether it's better to rent
and the pros and cons or whether it is better to get a mortgage and the pros and cons.
So it's not for everybody somebody wants that reliability but on the other hand you can
make more money in the long term as well as you know changing the boiler needed to fix
this needed to fix that it's the responsibility of the owner if you're renting so those costs
don't come out of your pocket.
If you want a new scenery you can just say well I'm going to move and move to this other
place I suppose it has that mindset that you need to be as minimalist as possible maybe
renting or just getting secondhand furniture rather than buying brand new.
The other thing is that a mortgage isn't right for everybody because you know people have
seen that mortgages have been close to zero or around two percent I mean we've had an
average mortgage rate over the past five or six hundred years of about five and three
quarters to six percent so that's fairly on the high side.
So you know even taking into account the market corrections and so forth if you just be diligent
and stick it in some sort of tracker maybe put it in some maybe a small amount into stars
that will actually give you a different return and over the course of sort of 40 years you
probably get a better nest egg and you get flexibility of moving around because of course
you know once you've bought your bricks and mortar you're the one that are going to have
to deal with any issues with that property you're going to have to update it the kitchen
and the bathrooms and the painting and the flooring and a new boiler fixing all the electrics
and bringing that all up to date.
So looking at how labor will support pensioners I think it needs a radical change to a lot
of these systems it needs to be completely rewritten the relevant software because there's
just no cohesive manner I mean if you wanted to do this in a normal way you would say select
staff from pensioners who have more than X coming in to their house so you'd have to
work out you know how many people are living in that property and determine either on an
individual basis or a house basis and then you can say well we'll pay it out to these
people and we won't pay it out to these people so what we're going to have is we're going
to have a draw on the NHS we can have a draw on the local authority of the people that
are just between the gaps so you're going to have somebody which is maybe 500 or a thousand
over the gap you'll be probably going to get food inflation into the end of the year they'll
probably miscalculate the fuel and of course when you're older you need to have the heating
on more because when you're sick it affects you more so you've got one side where you've
got people that are supported in our environment in the state and the other people where they
have little voice aren't supported so I think they should rescind this until they get proper
changes in the software so they can actually mark and say these people don't get it but
these people do and maybe it should be more of a simplistic thing maybe it should be a
simpler thing where they just put it straight on your tax allowance so you add it straight
to your tax allowance if you earn more than a certain amount then it's just eradicated
so those people that don't earn those sort of amounts they will get that extra benefit
and those people that don't won't so that's probably a simple workaround I hope Keir Starmer
will read this because I think personally the savings will be eradicated by the cost
of the NHS the police the ambulance ambulances the whole principle of people not actually
purchasing the relevant food or going out or having that relevant celebration which
will just impact you've got let's say three million pensioners that would be affected
in some manner so the whole principle of having maybe a monthly Sunday lunch or a Friday lunch
that's out of the question for a lot of these and you'd have that knock on effect that this
will affect the local and wider community because there's the inevitable idea that people
will just cut back because things people don't know where their money will need to go because
the problem is is that you state one inflation rate but every different type of individual
and couple have their own inflation rate you might have a couple who are married with no
children a couple married with children you might have a single person with children you
might have two people retired you've got one person working that all of these people and
up and down the country will have different inflation rates and that is another issue
do you actually dole out the money depending on where you live so in the north it's a lot
cooler than it is in certain areas of the south so do you then give more money when
it's colder you know because then of course if it's minus three you've got to use more
energy than if it's sort of minus one so I think this is needs a radical overhaul and
it needs it soon because you're just robbing one set of individuals and I think that any
savings will be eradicated and you'll probably have a lot more expenses to actually tidy
up the issue now and going forward thank you very much for your time please support my
channel by subscribing and commenting and also in the show notes I've got a donation
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notes thank you very much and have a good day thank you bye