Whatever happened to the interest on savings accounts?

[ColinJ]

You best hope your games come to market.

I do worry that benefits will be cut, but as things stand I would do fine - I would get a total (including pensions) of about £13k/year, which would be ample.

Having said that... I would really like to start paying income tax again as a pensioner! It would mean that I had plenty of spending money, could put some aside for future needs, and could point out to my naysayers that I am actually only 50% deluded!

 

[Jenkins]

Serious question. It seems that more and more people are having to rent nowadays and with the diminishing number of council houses private rents often seem as much as, or often more than, the cost of a mortgage. How do renters manage to pay their rent when they retire?

Chap I work with is eligible for a full works pension, but can't afford to go for another couple of years when his state pension kicks in due to this.

 

[SpokeyDokey]

Fed up to the back teeth re low interest rates.

Apart from heating up the property market and driving prices up they have spawned a whole raft of unsustainable debt that will have people squealing in anguish once rates rise - and they will eventually. Spending will eventually come back to haunt those that were less than sensible about their long-term financial future.

On the personal front it has been very hard to decide what to do with our ISA's and FRB's as their fixed term periods come to an end. On the upside we have only one coming to end in the near-term - in January 2021 (2.55% 3yr FRB with NS&I). And then we are 'off the hook' until Nov 23 when the next FRB finishes.

Funds invested that are due to 'finish' for us in the range 2023-2027 are currently yielding 2.11% overall and in today's market that's not too bad.

Hopefully, there will be some sanity restored in the savings/lending market by then and rates will be higher - fingers crossed.