Parental income

[glassdarker]

So, context, just seen 10% pension increase.

At same time I've been talking about doing something jointly with my mum and dad. So as a result we talked about income. My parents worked in manual/ administrative roles, neither went to Uni, but worked hard all their lives. Retired ten years ago, own house and car. I appreciate that many pensioners won't be in that position.

They both have small final salary schemes (one less than 10k, one less than 20k). They both get full state pensions. After normal bills their disposable income is a 2k a month. 2k a month ! I am blown away !

But bloody hell we are both higher rate tax payers and we are counting every penny (though we have a lot of extra spend due to a disabled DC). But AIBU to be a bit shocked by the difference in how we are experiencing the cost of living crisis ? I am glad they are doing OK and we don't need money from them but I am still a bit jaw dropped by this... and fantasy spending even 1/4 of that monthly disposable income !

No, Brexit hasn’t helped. Not my fault, gov, I voted to remain so did everyone else I know.

Bedrooms aren't just for sleeping; people have offices, libraries, hobbies, small businesses that take up space. Not all old people are sitting around watching Strictly.
Indeed. Many are busy providing free childcare for ungrateful offspring.

Today's workers need to adjust expectations downward. Home ownership is no longer a given, nor are progressively higher salaries or the ability to support multiple offspring.

That's just what the NHS workers need to hear, I have no idea why they are struggling to recruit & retain staff 😆

Brexit hasn’t helped. Not my fault, gov, I voted to remain so did everyone else I know.

Have a slow clap, but it doesn't change the fact that more older people voted for Brexit.

But that wasn't a comment on pensions in general, it was in direct response to being told that we shouldn't expect to own homes, have decent wages or have children. All the while defending pensioners right to expect to maintain 4 bed homes.
Why should we should settle for that?

And providing a home for the offspring who can't afford their own place, for a lot longer than expected. And/or providing house deposits. After in many cases paying for their kids' uni. None of which our own parents needed to do.

I'm doing everything I can to help my kids with what spare savings I have. Meanwhile I have to keep reading that I'm a selfish git who smugly screwed the next generation by, I dunno, just living life as it was back then. I had no reason to think that just buying a house, paying a mortgage and paying into my (compulsory) occupational pension was such an awful thing to do to the next generation.

Oh yes. And I have to take the flack because some people my age voted for Brexit. Even though I didn't.

If I blamed every millennial for something that some do I'd rightly get bollocked for it.

Who is asking you to take the flak?

I responded to a point that said todays pensioners didn't create current circumstances. Are you saying Brexit isn't having an impact? That more young people voted for Brexit? You don't think Brexit is relevant?

I agree that there is intergenerational injustice, but it is a demographic blip. The Pig in the Python as an FT article dubbed it in the mid-80s. The post-war baby boom were so numerous they have distorted politics and markets ever since the 60s, when the first cohort hit 15 and started working. For 60 years, every public policy and consumer marketing campaign has focused on capturing them simply because they were the largest and most rewarding mass market audience to cater for. Whatever the generation was doing, from being teenagers, to parenting, to ageing and retiring, that's consistently been the fastest-growing market segment. Look at anti-ageing skin care... or cruises...

Once we start to shuffle off the mortal coil en masse, there will be fire sales of all the assets and accoutrements we've built up. As individuals, everyone wants their children and grandchildren to thrive and prosper but we've had years to accumulate our weath and it's coincided with a period of immense scientific progress. Sorry for the essay.

Meanwhile I have to keep reading that I'm a selfish git who smugly screwed the next generation by, I dunno, just living life as it was back then. I had no reason to think that just buying a house, paying a mortgage and paying into my (compulsory) occupational pension was such an awful thing to do to the next generation.
See you're just making stuff up here. Nobody that I've read has said any of that stuff. Most people are saying the pension situation is unsustainable and something needs to be done. A very easy starting point would be to means test increases!
All the retired people just seem to be saying that since they've paid NI all their lives that it's not fair to make any changes. But changes have to be made at some point. If it's just that it has to be decided earlier in a working person's life so they can stop paying NI then surely that would be worse for the current retirees. Since its our (as in younger people's) NI that's paying your pensions, so you'd stop receiving them because the money wouldn't be coming in to pay for them.

Exactly. The complainers are very short-sighted. No one "did" anything to them.
And quite frankly the entitlement and expectations of today's 20 to 40 somethings is off the charts.

It's a global economy now. Deal with it. You aren't automatically going to be handed a lifestyle better than 90 percent of the other inhabitants of Planet Earth.

The pensioners paid in for 40 or 50 years, and saved and invested. Get back to us after you've done the same.

And quite frankly the entitlement and expectations of today's 20 to 40 somethings is off the charts.

What nonsense!

All the while defending pensioners right to expect to maintain 4 bed homes. Why should we should settle for that?

Because those pensioners have paid for those houses and they’re their homes. You keep telling us your generation can’t afford to buy a house, how would it help you if we all sold up? Because you can bet your arse we’d sell at market rate, those care home fees aren’t going to pay themselves.

Today's workers need to adjust expectations downward.

Don't come crying when more and more of them do just that and vote with their feet.

As a mid-50s birth, I have a Gen Z child but only one, who will soon get a lump sum from BoMAD to get a foothold on the property ladder, followed by an inheritance in 20 years. We shall do all the right things, as we have done throughout our lives; we worked, saved and planned ahead at every stage.

This is an exceptionally bloody economic mess, and well-off pensioners will have to stump up with everyone else. Not everyone stops paying tax after retiring and most sensible, intelligent people pay their obligations with graace and gratitude. IMO NICs should be levied on income at all ages above the income tax threshold, and I think it will come.

And quite frankly the entitlement and expectations of today's 20 to 40 somethings is off the charts.

I think this comment is shown for being the absolute rubbish it is, by the ridiculous spoilt entitled attitude of the older generation actually:

Today's workers need to adjust expectations downward. Home ownership is no longer a given, nor are progressively higher salaries or the ability to support multiple offspring.

So this poster thinks that the youngers should not expect to have a decent job or home, or in fact, even children, just so we can carry on paying your fat pensions?? Seriously?

A very simple way to help the economy would be for anyone retiring early to continue paying NI contributions until they reach state pension age.
If you’re wealthy enough to retire early then you’re wealthy enough to pay NI.
Also free prescriptions should be on the same basis.

Of course you should have decent jobs, homes and families @Pleasepleasepleaseno but berating and blaming older people is directing your anger in the wrong place. Blame a Tory government that’s created 12 years of wage stagnation, handed billions of £ to its mates and never missed an opportunity to inflate house prices. And never vote the bastards back in again.

IMO NICs should be levied on income at all ages above the income tax threshold, and I think it will come.

agree with this

My DC's entitlement and expectations are built on a lifetime of parental perusal of the business and financial pages of the daily papers. Like most people, we needed and got help occasionally, but we worked overseas to earn the money to get into the housing market, and took the risk of self-employment to make a living. The best-off pensioners of our acquaintance have index-linked public sector pensions, but they were relatively poorly paid in their working years.

I don't think anyone is saying you should all have to sell up. But it's a kick in the teeth that our taxes are increasing to help your generation heat houses lots of us will never have.

Public sector workers are still poorly paid, and now they don't have gold plated pensions either...

Plenty of my taxes pay for benefits and programs and education and health care for children I will never have. If we start targeting certain groups about whether or not they "need" what they have, it will get ugly.

@ZeldaWillTellYourFortune did you yourself not have an education or use healthcare?

Apart from pensions and disability benefits, everything is already targeted.