The baby boomer generation have not paid in enough to support their collective health care and social care needs, no.
neither did the generations before them. If you think about it, when the welfare state for this started in 1945 it started providing free care and state pensions immediately.
to have had any hope of ‘paying enough in’ the system should have only started paying out once those first paying in reached retirement age.
the state supported my grandmother on a final salary index linked pension (teacher) for 32 years of retirement. She spent the same number of years working. No way did she pay in enough for that. She died aged 92 in the 2010.
when state pensions were brought in most people died in their early 70s. Lif expectancy is now well into the 80s.
so the whole system has been in deficit for a long time. Partly a consequence of the NHS treating people and helping them live longer lives.
Baby boomers paid in all their lives but there’s also the question of whether they have paid ENOUGH to cover the costs they are and will generate.
the simple fact is that they haven’t.
this has been known for a long time. Read the Dilnot report from a government commission on health and social care costs published more than a decade ago which set this out clearly.
Dilnot suggested increasing inheritance tax with a cap system to pay for it.
but it’s wildly unpopular with the boomer generation.
Theresa May out some of these plans in her general election campaign in 2018. And did very badly.
boomers think working age people should pay for them. But here simply aren’t enough of us, - when the welfare state stated there was something like 30 workers for every retired person. That’s dropping rapidly and will get to about 5 working people for every pensioner at its worst point.
clearly that’s unsustainable and the tax burden on working people is already at an all time high.
it is very unjust.
but basically either boomers pay more tax or they get crappy health and social care.
we need to have a grown up conversation about how to support the years from 60-90. Full retirement support by others just isn’t sustainable.
we need to start thinking of it in phases, with a longer shift from working full time to fully retired. So older people pay in for longer.
and affluent pensioners should be taxed more on the pensions they receive (higher if retiring early too) AND their assets. Houses, holiday homes. Especially in the south east if you want to sit on all that you should pay more tax on it.