To think it’s crazy that National Minimum wage is £27k

You are correct, of course.
I don't know why so many people keep talking about huge inheritances. Who knows what will happen in the 30 years or so between now and when millennials (those who are particularly fortunate, rather than the majority)? It could all go on care costs or get lost in a stock market or property market crash. It's very unwise to make assumptions that everything will be marvellous going forwards.

If you actually read what I wrote I said '3 full people'. Presumably your working children pay their personal expenses so you/your husband do not fully support 5 people.
I see that it's MIL's friend who subsidises your rent, not your MIL. You only pay 60% of the market rent.
You also claim carer's allowance, presumably DLA, probably UC, free school meals and child benefit too. Therefore your income is much increased and subsidised by the tax payer, as I said. All these benefits and the rental savings add up to a great deal, probably doubling your income in real terms.

I am not angry that you receive subsidies but it does annoy me when people post that they get by on a small salary when they do no such thing. It's simply dishonest to pretend that you do and are some kind of budgeting genius. It make others feel inadequate (not me personally because we are both earning very good salaries but plenty of others).

Exactly. As though entrenched inequality will benefit everyone...

Why lucky?

Anyone who pays into a pension can cash it in when they get to 57. Anyone.
Yes means testing pensions would just lead to widespread early cashing in off pensions and early retirement. Most people's private pensions are not large.

Lucky you!!

They will if they have saved into them. And will put themselves in poverty if they cash them in. And if there is ever means testing of the SP, it will encourage even less saving and even more cashing in.

Millennials won’t have the ability to do that. Fortunately they may have parents with inheritances that can be used to support the children of millennials , but they didn’t have that luxury

This is why house shares are advertised on right move for letting. A house share ranges from £500-£800 in my area with bills included. So leaves the £1800 net pay with £900/1000 disposable income.

It was the way people lived in lodgings in the 1960s and 70s - thus the sitcom rising damp

Because you have to talk in generalisations to discuss something impacting 10s of millions of people. Do I think some millenials are going to have great retirements…duh! But is the OVERALL level of wealth going to be comfortably lower than current pensioners, absolutely.

🙄

Lots of people have cashed pensions in early. Often to help the younger generation with house deposits

Public sector workers will continue to be fine on retirement, their pensions will adequately top up the SP to a comfortable level.

The rest will very much be have / have nots. No savings or spunked it all in early retirement (coz there is nothing to stop you doing that) = living on SP & almost in poverty. The ones who saved diligently and made their contributions over a long period will be fine. And hopefully not penalised for doing so.

I said that you’re making sweeping generalisations. It’s very obvious that a significant number of millennials are doing very well for themselves. Your categorisation of all boomers being rich as Croesus and all millennials struggling is risible. It has no credibility.

Mine are the same. Also their friendship circle.

No, yours is situational bias.

Seriously, just look it up, all of the information is there…I can’t do that for you

Lots of older people bought the equivalent of those £90k flats on 100% mortgages. Then they got rid of that because of the high rate of repossessions.

I know I’m nit picking but it's not actually quite that much.

if you work a 40hr week it’s £26.4k.

That gives you a take home of just over £22k or around £1800 per month, less if you have a shorter working week of course.

The average rent for a one bed flat in my region is £850 with average utilities £250 so you can manage but you will not be able to save much and with the average price to buy the same flat at £90k you will struggle to buy.

Does he? Omg! I barely have any private pension to look forward to so if they cut the state pension I'll really be up shit creek 😳

My nephew has a higher income than me. He is 24 and I am on £32k.

It’s a generalisation. Two of our adult millennial kids are far wealthier than we were at their age and will be even more so when they reach our age, thanks to inheritance. Their friendship circle is exactly the same.

ok poor choice of word saying wealthy given that this could be representing net worth not income. I should have said have more disposable income and lower costs, greater spending power etc.

It was fairly obvious given my other posts, but yeah…thanks for your contribution 🤦‍♀️

When you finish working you shouldn’t have more money available each month than someone working, yes your net worth will be higher, so you will be able to access funds more easily, but your general day to day it shouldn’t happen.

When millennials retire they will not have anywhere near the level of wealth (adjusted for inflation) or income available as the generation of pensioners now. It’s fact, it cannot be argued. It is widely known, understood, accepted, that millennials will be the poorest generation.

Yup 💯 but I think maybe down to slightly younger than 40, probably closer to 30-35 - but basically millenials are screwed

So would I. We're on £24,000 take home (we do get DLA for our son and my husband gets CA on top of that) with no rent or mortgage and we're not buying new cars or going on holiday.

Yes

Which young people -they will need to inherit off richer, older people surely?