Is your livelihood at risk due to coronavirus ?

[Stanbill05]

With millions in genuine jeopardy, now wasn't the time to take the tone you did. I didn't think I had an agenda but will give that some thought....No, other than thinking this could be very serious for everybody and we should look after each other, not sure I do

[Elizabeth]

I'm not saying whether I'm comfortably off or not, but if I am I'm not going to tell people like you have done. Especially on a thread like this.
I await you starting your next new thread when you are on your next ski holiday ( or maybe mixing with royalty)

Signed: Elizabeth

[evensteadiereddie]

Probably not, Stanbill, but my "tone" was one of answering a straightforward question in a straightforward way, pointing out indirectly that we will all suffer one way or another, economically or health-wise, and some far more than others. I admit, touch wood oooer, that I appear to be luckier than most....
For those that construe that as being smug, well I'm afraid that says more about their fear, insecurity and weakness than anything else.
The usual desperate ragbag outfit of trolls and their predictably cretinous opinions are irrelevant to me , my shoulders ae broad but, as I have said, I even wish them well.

[RingoMcCartney]

Probably not, Stanbill, but my "tone" was one of answering a straightforward question in a straightforward way, pointing out indirectly that we will all suffer one way or another, economically or health-wise, and some far more than others. I admit, touch wood oooer, that I appear to be luckier than most....
For those that construe that as being smug, well I'm afraid that says more about their fear, insecurity and weakness than anything else.
The usual desperate ragbag outfit of trolls and their predictably cretinous opinions are irrelevant to me , my shoulders ae broad but, as I have said, I even wish them well.

[evensteadiereddie]

I'm not saying whether I'm comfortably off or not, but if I am I'm not going to tell people like you have done. Especially on a thread like this.
I await you starting your next new thread when you are on your next ski holiday ( or maybe mixing with royalty)

Signed: Elizabeth

How thick are you ? The thread asks "Is your livelihood at risk due to coronavirus?" You know, kind of asking how you are being affected/likely to be affected in terms of finance
Others have said they'll struggle, others have said they're not sure, others have said they'll be OK.

Your contribution ? Yet another bitter, resentful exercise in trolling !
Maybe, just maybe, if you aren't prepared to answer the perfectly fair and interesting question the OP asked, you should just **** off and leave the rest of us to it ?

Skiing off, cycling in Spain late Summer.......hopefully. You ? Skeggy ?

Signed : your hero.

[nil_desperandum]

Thank goodness I have a V decent Teacher / Lecturer Pension.
All my self- employed work is cancelled until at least September and the wife the same, and she has no pension.
(One of those who assumed she would get State Pension at 60).
We'll get by but because of our regular outgoings we'll have to use our reserves
So much for being semi retired and enjoying life!

[Elizabeth]

Blimey Ringo, I guess that makes us friends now and I can forgive you for accusing me of being one of the remoaners in disguise on the infamous thread!

[claretblue]

but, as I have said, I even wish them well

very considerate of you eddie!

[evensteadiereddie]

[evensteadiereddie]

very considerate of you eddie!

I know !

[Blackrod]

Some nonsense posted on here. If you are in a properly managed fund the market downturn will not affect you as badly. It also presents opportunity. If you are in a cheap tracker fund and haven’t timed the downturn well you will be hammered and it won’t look cheap.
If you are in a comfortable guaranteed pension ( often public sector who have spent years whinging about pay rises and conditions ) or a guaranteed salary you still need things to be produced, delivered and available to buy from private enterprises. The whole system needs to work. No good sitting there saying look at me with all my money but I’m ill and eating grass and I’m not allowed out.

[evensteadiereddie]

Interesting observations re funds, Blackrod.

Aye but better to be ill, eating grass - smoking, surely - and not being allowed out with money behind you rather than being ill, er, eating grass and not being allowed out with **** all money and even fewer prospects.

[RingoMcCartney]

Well, my generous monthly Teacher's Pension is guaranteed. My tidy lump sump is divided amongst various accounts, the OAP kicks in next September and the missus is earning reasonably well. My part-time building site work, my pin money, restarts in May.
Kids all working in secure jobs, house and car paid for, I owe nothing so austerity - which was going to happen anyway - will not affect me.
I'm just hoping that when it's all over, airline tickets are, eventually, cheap and plentiful. We'll see.

You forgot to mention the many foreign holidays that you can afford to go on Ted!

Not like you!

Why not upload that photo of your skiing helmet that you've previously treated the board to!?

Fascinating stuff! As riveting as those pictures that people put on Facebook of meals they're about to eat.

[evensteadiereddie]

Aye but it''s all living rent-free in that weird little bonce of yours, isn't it ?
So, so boring but you remember everything I've spoken about and uploaded. Weird, huh ?
As I said, you're full of nothing but self-loathing, jealousy and resentment. Your life's crap ? Do something about it. Don't blame others for your weaknesses.

[RingoMcCartney]

How thick are you ? The thread asks "Is your livelihood at risk due to coronavirus?" You know, kind of asking how you are being affected/likely to be affected in terms of finance
Others have said they'll struggle, others have said they're not sure, others have said they'll be OK.

Your contribution ? Yet another bitter, resentful exercise in trolling !
Maybe, just maybe, if you aren't prepared to answer the perfectly fair and interesting question the OP asked, you should just **** off and leave the rest of us to it ?

Skiing off, cycling in Spain late Summer.......hopefully. You ? Skeggy ?

Signed : your hero.

While I was typing you posted the above Teddie

You didn't let me down! I knew it was only a matter of time before you remembered to mention the holidays !

[RingoMcCartney]

Aye but it''s all living rent-free in that weird little bonce of yours, isn't it ?
So, so boring but you remember everything I've spoken about and uploaded. Weird, huh ?
As I said, you're full of nothing but self-loathing, jealousy and resentment. Your life's crap ? Do something about it. Don't blame others for your weaknesses.

Grrrrrrr!

Calm down Teddie.

[evensteadiereddie]

I'm assuming you can read and have chosen to ignore the fact that "Elizabeth" mentioned my upcoming holidays.
"She" asked, I replied. That OK with you ?

[evensteadiereddie]

Grrrrrrr!

Calm down Teddie.

And Ringo's white flag is raised....

I'll repeat - if your life is crap, do something about it. Blaming others might give your little codpiece a tremble but it won't help in the long run, fella.

[Dy1geo]

According to Steve Mnuchin the US equivalent of our Chancellor if the US doesn’t act now with a massive financial package this could lead to 20% unemployment there. The saying is if America sneezes the world will catch a cold and we could see not just a recession but another Great Depression. In short a lot of people’s livelihoods are at risk even those on final salary pensions because a lot of payment increases are capped and one way Governments will deal with the level of debt built up is to inflate our way out of this.

[RingoMcCartney]

I'm assuming you can read and have chosen to ignore the fact that "Elizabeth" mentioned my upcoming holidays.
"She" asked, I replied. That OK with you ?

That's absolutely fine.

Enjoy your new award!!

[evensteadiereddie]

Even so, those at the top will remain at the top and will be eating a better quality of grass than the poorest....

[jackmiggins]

I’d repeat my initial observation regarding pensions. I realize there are some on here with much more expertise in this field.......but I would note that ‘rules’ can be completely changed in certain circumstances.......this may be one of those.

[evensteadiereddie]

That's absolutely fine.

Enjoy your new award!!

Er, aye, OK.

[Devils_Advocate]

Well Ringo is posting again and yet another thread has descended in to childish bickering

[evensteadiereddie]

I’d repeat my initial observation regarding pensions. I realize there are some on here with much more expertise in this field.......but I would note that ‘rules’ can be completely changed in certain circumstances.......this may be one of those.

And a pretty interesting observation, too. I've no doubt that "rules" will change as we muddle along although if such fundamental ones such as legally-binding guaranteed pension and lump sum payouts are scrapped or reduced then those without such luxuries will have fallen by the wayside long before then, I suspect.
We'll see.

[jackmiggins]

Good morning, Jack.

It's my guess you aren't retired and know very little about pensions. Am I right?

Eddie and all the other people on state pensions are guaranteed to receive their pensions - the taxpayer is the ultimate guarantor of their pension arrangements.

All those in receipt of private sector defined benefit pensions are guaranteed by the pension protection fund, which is funded by the all the private sector defined benefit schemes. Yes, if your scheme and employing sponsor fails before you are receiving your pension you suffer a "haircut" on the amount you will receive. Once in receipt of payment you won't suffer a haircut.

Those with defined contribution funds are the ones that are at risk from the stock markets, both on equities and bonds. Each of those funds are the pension savers "own money" and therefore their own risk. But, freedom to manage your own pension rather than be forced into buying an annuity at very poor rates is well worth that risk, if you understand these things.

Of course, current events are the big reminder why transferring from a defined benefit scheme into defined contribution scheme is such a risky idea - and why all the advisors should have said "no, don't do it."

So, no tenterhooks for the retired and no expectations of "reduced payments at any time."

Have a great day, everyone.

Slightly patronising, but glad that you’re happy. Let’s hope the cynic in me is totally wrong.

[evensteadiereddie]

Well Ringo is posting again and yet another thread has descended in to childish bickering

Exactly. Give him enough rope...

[jackmiggins]

Binding can be unwrapped.

[Devils_Advocate]

Exactly. Give him enough rope...

To be fair you've been the biggest prat on this thread and as usual Ringo gets involved and everyone else switches off

[Bertiebeehead]

I think this board has hit a new low, well done all concerned.

[evensteadiereddie]

Devil, you should have started at "As usual.....

But thanks for the heads up.

Note to self....Must remember to plead poverty next time and not answer the OP's question openly.

[Dy1geo]

All those in receipt of private sector defined benefit pensions are guaranteed by the pension protection fund, which is funded by the all the private sector defined benefit schemes. Yes, if your scheme and employing sponsor fails before you are receiving your pension you suffer a "haircut" on the amount you will receive. Once in receipt of payment you won't suffer a haircut.

The worry is many DB schemes and the PPF in particular have a cap on annual increases both pre and post retirement. The danger is with all the massive monetary and fiscal expansion we will have inflation which may be above the capped annual increases leading to a fall in real terms in the value of the pensions.

[evensteadiereddie]

Binding can be unwrapped.

Indeed it can but those without binding will have suffered from exposure long before that, I fear.

[evensteadiereddie]

The worry is many DB schemes and the PPF in particular have a cap on annual increases both pre and post retirement. The danger is with all the massive monetary and fiscal expansion we will have inflation which may be above the capped annual increases leading to a fall in real terms in the value of the pensions.

And that would, given the worst case scenario, be perfectly reasonable and acceptable and, as I've been saying - and not in a smug way - that some folks will take a hell of a beating, some a fair bit and some not so much at all.

[Lord Beamish]

.....

[TVC15]

Wow - new depths being hit on this thread.

To go back to the OP think it is much too early to tell how this will impact on livelihoods but it’s pretty safe to say that for the vast majority of people it will have some negative impact - even if in some cases it means they are going to be a little less well off !!

History does show that the markets bounce back but that does not mean that people’s lives and financial situation necessarily bounce back either. Many people will lose pretty much everything and never recover. There will be some who were hoping to live modest retirements who will no longer be able to and there are others at the younger end of the population who will lose their jobs and will struggle to pay their mortgage or rent with any government measures likely to be just a temporary help.

So obvious answer is it impacts everyone to varying degrees and my personal hope is that if there is anything good that comes out of this is that there will be a more equitable distribution of the pain so that the well off and less impacted can support those that lose their jobs etc.
I understand this might be complicated to implement but I for one would be happy for income tax above a certain threshold to be increased on a temporary basis to be reviewed say annually dependent on where we are with the virus and world economy etc. If this increase in tax was used to support the most vulnerable in society and help get us through this then I think a lot of people would be happy to support this.

[evensteadiereddie]

.....

And, if there's no chance in your shitty life of success ever happening, Ringo, especially now, be very angry, tearful almost, and blame it all on other people.


Grrr !




Meanwhile, the rest of us will do what we can, helping ourselves, helping others.

[KateR]

well I'm, we as a family unit are in a good place right now as things go but am also worried about how the world and life will be in the rest of the year. My head tells me it will be fine, we as humans are a resilient lot and the worst will blow over and things like the market will recover quickly. Yet Saudi & Russia playing chicken is also a problem to the world as we knew it. Yet my heart is worrying, my eldest and his wife working, she's a teacher and can see schools shutting soon, my son can work from home so we will see but I do worry about them and many many others is similar and worse conditions.

Perhaps Eddie being in his position and the good JC/Labour supporter he is will start giving a little back to even things out, he knows me not being of the JC/Labour cult never will. Just kidding Eddie

[evensteadiereddie]

I'm volunteering - what are YOU doing for others?

Just kidding, Kate.

[KateR]

what are volunteering at Eddie, genuinely interested?

[Top Claret]

More pain on the markets today with ftse down 5% and US futures 6%.
Pound is falling like a stone so the prices at the pump won't fall much.
Once we see some light the ftse 100 bounce back will be substantial with the low pound.
Personally I think the ftse 100 will drop another 10% and the Dow etc 25%

[CombatClaret]

Wow, checked this thread out to explain my circumstances and provide some moral support to those also in uncertain situations. Instead it's the usual children in the creche having a good old bicker.

While work is quiet or non-existent in some cases I'd love to go out and volunteer some time but first I need to get the virus & recover. Unfortunately without wide testing I'll probably never know for certain If I'm safe.

[Dinks]

This thread probably goes down in history as one of the worst in Claretsmad & Up the Clarets history,are some of the posters on here adults or fresh out of kindergarten,i think the latter.....unbelievable.

[evensteadiereddie]

You're new to this board, Dinks,I take it.

Kate, you'll find your answer on the "helping out" thread.

xxx

[bfcjg]

Mine is yes, and I should imagine everybody will see some sort of impact.

[pushpinpussy]

Livelihood no. The wife and I both have very well paid professional jobs. However, the country and golf club will have to be put on hold which is a massive downer. Was going to be a fundraiser golf event in Knutsford this weekend which has had to be cancelled. All my best buddies from University, including Alexander, Benedict, Timothy and Rupert were all getting involved and I've not seen them for a few years. All in a good cause as well.

[randomclaret2]

Poor effort...

[NewClaret]

Hi New, I'm a lucky guy, really. I've just stated the risks of defined contribution pensions - if the markets are down your fund takes a hit. Your "health is your wealth" as they say. Feb-2016 I had a heart attack - age 62 - and I was retired earlier than I'd planned. 2 years later I was a lot healthier and got the chance to start working again; a 6 months contract, 3 days a week. Before the 6 months was up, I'd moved to full time - and my health was getting better all the time. That was the real bonus from being back at work: I'm fitter now than I was for some time before heart attack. I said I'd give work 2 years and that's what I've done - if I wanted they'd let me continue.... but, I want to travel and enjoy time with family and my granddaughters.....

So, let's get this coronavirus sorted and all is great.

Glad to hear you’re fully recovered and enjoying your retirement then mate.

Sort Corona, sort Brexit, will be a good year in the end!