What happens when the baby boomers die?

[LargeSquareRock]

Sorry about the title, but that’s literally it. I’ve wondered this since I was a child.

Obviously we are about to enter a 20 year spike when a smaller number of tax payers support a higher number of elderly people in healthcare and elder care.

What happens in 20 years when the spike is over? Do we have empty care homes, plentiful housing and easily available health care?

I really have no evil agenda asking this- demographics has always fascinated me.

This fascinates me too OP. What will happen to the property!?

There was an article in the Times some yrs ago how they will be a glut of family homes all on the market which hasn’t been the case for yrs & that it will suppress prices as many descendants will need to sell quickly but who knows.

I imagine my property will just get sold and someone will buy it, it's just an average property worth about £300k, what do you think will happen to it, it probably won't be desirable though as it's 1930s and those houses are not very energy efficient, maybe it will go to auction or a builder might buy it cheap, I'm in my mid 60s

But that’s not the norm. It’s really not. My baby boomer mum (1948) and my dad (1938- what the hell is that generation- not Great Depression, not The Greatest), still pay tax on share income because they are self-funded retires. But let’s not pretend this in the norm. It’s not. It will be the next 3-4 generations down that fund the xare. And I don’t object to this at all! What happens afterwards! It’s not an agenda-driven question, I promise.

Not on the same way. It is the first time in history that a high birth rate, high longevity generation will be supported by a low birth rate generation.

Im more concerned about this bit as it’s impacting economically now then what comes after!

Too complex to just base economics on a generation dying out. New advances in health mean people living longer with more chronic disease. Younger people far less healthy lifestyles (food and exercise) so more impact on health. Housing...no idea but the type of housing needed is very different as people can't afford the big houses

My parents are in their 70’s currently live independently but my mother is in recovery from cancer, my father has survived Leukaemia; both have other health conditions/issues.

I’m approaching 50 and will be expected to work until 68 before my pension kicks in. Therefore my parents are likely to need some form of care and I’ll still be working full time. Their home will be sold to pay for that care. My grandmother is in her 90’s, again living independently with family support. My life expectancy on paper means I’m likely to need some form of care at some point.

My husband has MS, and is likely to need some form of intervention sooner rather than later. I’m unsure how that’s going to be funded but it will be somehow.

Many studies showing younger generations suffering various health issues which will need long term care. It really is just a cycle. Population may shrink but need and expectation will increase.

The boomer generation was born between 1946 & 1964. Average life expectancy is about 82, so should see this change between 2028 & 2046.

The other thing that may affect it is a much lower % of boomers lived alone, most of them stayed married (few women had much choice), so one house per two people. Today I think there are a lot more people who want to live alone.

We will move into the retirement villages from fifty plus and free up our family homes (I bagsy one with a pool!), and the house prices will fall. Young couples will be able to afford a small family home on one income again and people can choose how to spend their time with young children.
maybe
sigh

Agreed. My DF is a member of 'the silent generation', born during the war. He's 81 and doesn't need care yet. Those who do are mostly older than him. Boomers were born 1946-1964. We've got many decades of supporting them to come. But after that? Yeah, I'm Gen X and we're a comparatively largely group too. Lots of families of three DC in that generation. What will happen to the property? Well common sense dictates that there will be many more properties available for sale and that should drive prices down. We'll see!

A lot of massive sweeping generalisations in your posts @LargeSquareRock

Babyboomers don't pay tax.

They will all have a house going spare when they die.

They all had waaay more children than people these days.

Have you actually researched anything at ALL?!

Also, guess what: Generation X will take their place as 'older people/elderly people.' 🙄

@CraftyNavySeal

Your parents (unless they are currently higher rate tax payers) and the majority of people will never pay enough tax in their life to make up for pensions and healthcare costs.

You need to earn 41k a year to be a net contributor.

What a horrible comment. Shall we just all petition for everyone to be euthanised at 67? (If they haven't 'paid enough in?!')

That’s me - my parents live in the huge 6 bed home I grew up in while my family of 4 are pleased we could afford a 2 bed flat, but by the time I inherit I’ll be in my 60s so won’t need it either, presumably will sell but will the generation below have the resources to buy a “family” home as millennials don’t, will prices come down massively?

A lot of Boomer finance is in stocks and investments which I’m very ignorant about - what will happen when this is inherited and cashed in? Will the markets crash as everyone wants the cash instead?

Boomers were 1946-64 so the oldest ones are now 78, youngest are 60, so there’s still a way to go in terms of it running through the system. If you look at UNPop estimates they expect the UK population to remain stable to about 2100 due to immigration so there won’t be some massive fall in demand for property or healthcare.

But you can’t have a discussion about this subject as you will just get people saying “all my older relatives pay tax”, “everyone I know has had 3 plus dc” 😆

My boomer finance isn't in stocks and investments

It’s interesting. All of the boomers I know are holding on to large 4 bedroom properties. And I don’t have a problem with that. As a libertarian, I’m all about individual property rights. It’s theirs. Until the point they can’t manage it. And for the first time in human history, a huge glut of people will suddenly (over 10 years or so) not be able to manage their large properties. What happens once they sell and die?

A valid question to ask. I don't think it will other than a gradual change, so if their children benefit from the sale of their deceased parents' house, unlikely to see a glut of houses available, for example.

I am 77 and pay tax. I do wonder why my local council.are spending millions on building care homes that will not be needed in 20 or 30 years time. A cheaper more temporary building would be a better idea.

@OldJohn where do you live ? all the care homes round here are being built by private providers and the council has closed the majority of council run facilities.

They all had waaay more children than people these days.

I thought family size had decreased?

What a horrible comment. Shall we just all petition for everyone to be euthanised at 67? (If they haven't 'paid enough in?!')

Its uncomfortable but there is an issue because most people haven’t paid in enough, no point in ignoring it.

A lot of older houses like mine will become worthless because of green targets, they will need far more doing to them than they are worth, unfortunately a lot of younger people are still buying these houses with big mortgages, I'm expecting DS will just put it up for auction.

Indeed. It seems beyond some people to separate population level demographics and what their mum and dad do.

Lots of ‘elderly baby boomers’ currently pay tax

Approaching 70, both dh and I pay tax alongside almost everyone of our age that we know. Because we still work.

Trust me the buildings they're putting up won't last thirty years.

Without immigration our population is shrinking & ageing.

Indeed. It seems beyond some people to separate population level demographics and what their mum and dad do.

Exactly & I think it’s a huge reason why every government has been able to ignore the issue.

Beautifully written. I could not agree more. And may I add, you will never, ever see a generation like the Baby Boomers age. Glad I was a part of them.