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

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.

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.

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

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.

🙄

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

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

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.

Lucky you!!

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.

Why lucky?

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

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).

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.

It's always been the same though.

Not many people go into care for long. Most never go in, those that do usually die quickly. It's healthy bodies with dementia that eat up care costs.

What is far more common is carers at home. The majority of people do end up with visiting carers and the house is then the inheritance

Agree, last year's gross between us was £44k, with two kids. We have a holiday once a year, have everything we need, no debts. Car bought this year for £8k but I'd been saving for a few years to replace the last one. We don't have to pay the mortgage anymore, however when I finished repaying it 3 years ago the monthly payments were only £320. But I have previously coped on very little money, so I don't know if I'm just good at budgeting and not going overboard on spending. I'm just grateful to have everything that I can afford, but usually there's around £1,500-£2k a month of disposable income so I can save some of it too.

So you manage it by having cheap and then no housing costs. Not so much budgeting as good timing.

Even if I still had the housing costs I'd still have over £1k in disposable income between us though

Perhaps, if you live in a very cheap area. You're £320 mortgage isn't going to have been replicable in most areas in the last decade though.

That kids are blessed with wealth due to inheritance and are financially secure

My boys aren't recipients of inheritance.

you said "same" when someone said their kids were well off de to inheritance

I meant my two are wealthier than my husband and I were at their age, due to their own income. Plus they don't have children yet and we did at their ages - them! 😀

They will get inheritance - maybe. But only from us and not millions!

Their Gran is one of the pensioners who apparently don't exist, the ones living on pension credit and her husband passed away young. My husband's Dad.

My parents have also gone. I got some money from my parents after they died but not the millions people on this thread think every "boomer" had. They were boomers.

Sorry that I mixed you up.

I hope my mum spends all of hers…I don’t want her dying with money left, I want her to live her life and spend to the fullest while she is fit and healthy. Definitely don’t want her propping up my retirement, and I definitely don’t want her to think she has to save to leave me some, only for it to be wiped out in care fees.

£27k is not horrible. You can make do outside of London in a flat or house share