Gutted about NI rise

[CarryOnNurse20]

I know we need it and we have so much money to pay off. But we have been scrimping and saving after a hard couple of years. Every penny is accounted for from pay day to pay day. I’m a nurse and my pay has been capped/below inflation my whole career. And now the NI rise means any savings etc we have made will now be gone. I’m gutted.

Depends on if you supported lockdowns or not. If you did then YABU as the money had to come from somewhere. If you didn't then YANBU.

And now the NI rise means any savings etc we have made will now be gone.

Isn't it something like £11 a month on about 25k?

Have you calculated just how much the increase would be for you?

Yes OP, you are paying for the privilege of allowing others people to pass on inheritance to their children. It’s absolutely bonkers.

Boris is an idiot, I hope his cabinet are strong enough to stand up to him

Apparently the cabinet haven't even seen the proposals and are expected to simply rubber-stamp them.

It's absolutely ridiculous that the burden will fall mostly on working, young people who are already paying huge amounts for their own housing. They should just put some kind of tax on housing which has increased in value by 1000s of % over the last twenty years. Most of the people needing social care should be paying for it from their housing increases, they are the ones with all the untaxed assets, huge pensions and buy to lets.

It’s an extremely unfair way to raise money. It makes my blood boil that very wealthy pensioners will not be paying anything towards this.

You are defintely not being unreasonable OP.

We are fairly comfortable but looking online I think we will lose about £55 per month as a household . It's not going to make us destitute and we will still be able to save enough but it's a kick in the teeth for people who worked all the way through the lockdowns and didn't believe in them.

I'm sorry you are in a situation where it will have more of an impact on you OP.

We quite simply can’t afford it and we won’t benefit from it either as we’ll have to pay for our care if we need it.

It will cost me around £50 a month too. I can find the money, but it infuriates me that this is going to help the asset rich hold onto their wealth. I have an elderly aunt in a care home who has already had to sell her home and run her assets down, and frankly, by the time it's my 'turn' to benefit, I expect the cap will have been abolished anyway. I think this is really going to blow up in his face.

The richest people in this country have become significantly richer during the CV crisis.

I don't see why the working population needs to support our profligate and crony-riddled government when the wealthy elites have gained during this time.

You have every right to be upset.

It will be hard for many people, but there is a flip side is using the on thr nhs which I’m sure you know is struggling and a cap on care costs at 80k means so many people won’t loose their homes etc some of which aren’t worth much more.

I’m not sure what you earn but hopefully it’s on the region of twenty quid a month for you and you can find a way to make ends meet.

Someone will come along soon to tell you how lucky you are
It’s a massive kick in the teeth.

YANBU. My wealthy in laws think its fair enough though because they've paid their taxes eyeroll and they've suffered most of all through not being able to have any of their 6 foreign holidays a year for 2 years. They've lost 2 years of their lives don't you know I expect their perspective is not unusual sadly.

Possibly an unpopular opinion, but I think it bizarre that older people expect to hang onto their homes as well as take up a new home in a social care setting.

I will only need one home when I'm older, and care also. Having an asset I can sell to fund that is perfectly logical. Sad, but then so is lots of stuff associated with aging. You're entitled to be sad, but expecting to pass on thousands and have your care funded is taking the piss.

Bring on euthanasia. I want the freedom to die, and to live well before that.

(caveat, yes yes, lots of different circumstances etc)

Is there a calculator anywhere that shows how much it will be

I agree op. It's going to have a massive impact on people who live month to month. I'm not sure how we could cut back more than we are. Everything goes up except wages.

Completely agree with @thecatsthecats I think it is appalling that tax will be increased for the working to allow people to hang on to houses to pass down as inheritance. If people have the means to pay for their care in old age then that is what they should do. I despair.

This means in a lot of cases they will be taking from the working poor to give to the asset rich. So unfair!

@InpatientGardener

YANBU. My wealthy in laws think its fair enough though because they've paid their taxes eyeroll and they've suffered most of all through not being able to have any of their 6 foreign holidays a year for 2 years. They've lost 2 years of their lives don't you know I expect their perspective is not unusual sadly.

@InpatientGardener my PIL are like that too, always sending memes complaining that their state pension is not high enough despite them going on numerous holidays per year (they are away for another 3weeks in the UK in Sept and abroad in spring) absolutely no self awareness about how good many of the 'boomers' situations are.

I do hope this will stop “normal” people voting Conservative. They always shaft these people.

Problem is it's going to unfairly affect the "younger" working population who have already born the brunt of the covid crisis financially - we all knew there would be a long term price to pay but it needs to be across the board and crucially all age groups including pensioners who largely financially haven't been affected in the last 18 months the same way the tax paying working population has but also it needs to be means tested

YANBU. It’s not to benefit the people who need care. It’s to benefit their heirs. Basically allowing rich people to leave their assets to their children. Everyone pays but only the rich benefit! It’s shocking.

@sst1234

Yes OP, you are paying for the privilege of allowing others people to pass on inheritance to their children. It’s absolutely bonkers.

This ^

Let's not forget that only under 65s pay NI, even if they are working. The average age someone inherits is 61 years. These people will benefit without having to put much extra in NI wise (as they'll only be affected by the increase for a few years).

However, the amount younger generations put in in extra NI over the next 50 years or so is likely to almost wipe out any inheritance they get. Especially once you factor in life expectancy increasing, pension age increasing and inflation rising (which the cap may not move online with).