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AIBU?

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To think the standard of living for retired people had to change

1000 replies

downdowndowndowndown · 09/11/2023 14:50

I'm a millennial. I will retire in my seventies. Many in my age group will be still paying their mortgage off well into their sixties. Many will never be able to buy. This is not a moan about that.

My mums generation were able to buy cheaper houses in the eighties. Some have also inherited well (houses which their parents owned and didn't have to sell to pay for care, which had risen in price to above a million). They had better pension plans. Some were able to go to university for free and their degrees actually meant something in the workplace: They often paid off their mortgages in their forties. I see a lot of my parents relatives have retired early and have very enviable lives.

Two uncles have retired in their early sixties. They are both in good help. They spend their days on many holidays, eating out multiple times per week, going to garden centres, renovating their beautiful houses, helping children financially and with childcare. They will have presumably worked out their finances and could afford to continue to live like this for the rest of their lives! Possibly thirty more years!

I think they are possibly going to be unique in their quality of life. We will never have that and I don't see my children's generation having things any earlier.

In essence the generation before me were mostly fortunate, unless personal situations changed their financial situation or they lost their homes during the nineties interest rises. Retirements and pensions were never designed to support people for three decades and that things had to change hence raising the retirement age and making people pay more towards their care.

OP posts:
Thread gallery
11
Crikeyalmighty · 09/11/2023 14:51

I totally agree -

PatrickGammon · 09/11/2023 14:54

.

Coyoacan · 09/11/2023 14:55

Here we go!

ArseInTheCoOpWindow · 09/11/2023 14:56

My Dh is 64 and still working. Our lives will be nothing like you have described. We won’t have enough money. One of the reasons is we encouraged our Millenials to live at home until they’d saved up for a house deposit.

We charged very low rent or board. So we supported them for a long time and were unable to save for our retirement because of this.

We didn’t all have it golden in the 80’s.

Maybe we should just shoot everyone after 10 years of their pension that they paid for?

Haydenn · 09/11/2023 14:56

Yes of course but no party- conservative or Labour wants to be the one to make this call. They’d never get in power again. Instead the can will keep getting kicked down the road until the whole system implodes

Mylovelygreendress · 09/11/2023 14:57

Here we go - another ageist thread . Why does MN allow these ?

downdowndowndowndown · 09/11/2023 14:59

@Mylovelygreendress I haven't said anywhere that they don't deserve it, this is about social care policy and politics. This could never continue. From an economic standpoint.

OP posts:
disappearingfish · 09/11/2023 15:01

It's impossible to claim any single generation had it better, particularly when you look at inequalities for women, people with disabilities, black people etc.

House prices were cheaper but access to finance was much more difficult. University was free but open to a much smaller percentage of people. Jobs were more stable but careers were much less flexible. No one generation has "had it all".

Best thing to do is make the best of your life and get involved in politics to make it better.

ArseInTheCoOpWindow · 09/11/2023 15:01

downdowndowndowndown · 09/11/2023 14:59

@Mylovelygreendress I haven't said anywhere that they don't deserve it, this is about social care policy and politics. This could never continue. From an economic standpoint.

But your uncles paid into their pensions. They aren’t getting state pension. So they are living off what they saved.

downdowndowndowndown · 09/11/2023 15:02

@ArseInTheCoOpWindow everyone gets a state pension don't they?

OP posts:
Mylovelygreendress · 09/11/2023 15:03

downdowndowndowndown · 09/11/2023 14:59

@Mylovelygreendress I haven't said anywhere that they don't deserve it, this is about social care policy and politics. This could never continue. From an economic standpoint.

Re-read what you have written . If your only concern is social care why have you gone on about your older relatives etc etc .
It is yet another pop at us oldies .,

stripesfarm · 09/11/2023 15:03

We are in our mid 60s and still have a mortgage. We work and have no plans to retire soon. We bought property late 1980s, and lost almost half the value in the crash, and saw interest rate rises to around 16%. Our mortgage payments more than doubled, we could barely eat, as every penny went to paying the bills. We couldn't sell, as the value of the house had plummeted to just over half what we paid, so it wouldn't have helped.
We didn't all have it easy you know.

Overthebow · 09/11/2023 15:05

I don’t know, I’m a millennial and actually think our generation is fine compared to previous ones. We had good access to universities with cheaper fees than they are currently, house prices were lower than they are now meaning lots of us could buy in our mid-late twenties, lots of us will benefit from boomer parents inheritances and the government brought in auto entitlement into pensions so we’ve been saving into workplace pensions for a while now. Obviously not everyone will have had the same experience but lots have and that’s the same across any generation. It’ll be the generation below us which will be hit more.

Octavia64 · 09/11/2023 15:07

No, not everyone gets a state pension.

In practice however if they don't and they have no income there are other benefits.

ArseInTheCoOpWindow · 09/11/2023 15:08

downdowndowndowndown · 09/11/2023 15:02

@ArseInTheCoOpWindow everyone gets a state pension don't they?

Yeah, but they don’t get them in early 60’s.

66/67 maybe.

BloodyHellKen · 09/11/2023 15:11

OP, you've forgotten to mention how your mums generation are now hogging all the large family homes and how they should all be moved out to small granny flats to your generation can move in 🙄

Mylovelygreendress · 09/11/2023 15:11

disappearingfish · 09/11/2023 15:01

It's impossible to claim any single generation had it better, particularly when you look at inequalities for women, people with disabilities, black people etc.

House prices were cheaper but access to finance was much more difficult. University was free but open to a much smaller percentage of people. Jobs were more stable but careers were much less flexible. No one generation has "had it all".

Best thing to do is make the best of your life and get involved in politics to make it better.

Exactly ! I well remember the double figure mortgage rates , 3 months Maternity Leave, both of us working F/t plus a second job at weekends.
So I won’t feel guilty for retiring at 62 nor will I feel guilty for having paid off our mortgage and enjoying our lives .
We help our adult DC with childcare and financially before I get accused of being selfish .

PaminaMozart · 09/11/2023 15:11

Is it 35 years of NI contributions to get the full pension?

which is still only pocket money compared to state pensions elsewhere.

how would you manage on c £800 a month?

Cyclebabble · 09/11/2023 15:11

I agree that life is tough for GenZ and milenials. Particularly around being able to buy houses. However this is not a competition. Many in my age group approaching retirement are not in the fortunate position you suggest. A much smaller percentage of us were able to go to University and we have gone through the dark days of the 70s 80s and 90s. When you are younger you can influence your own future as you get older time runs out more and there is less opportunity to do so. I think we need a government which cares about everyone and does not play one group in society off against another.

plumtreebroke · 09/11/2023 15:12

stripesfarm · 09/11/2023 15:03

We are in our mid 60s and still have a mortgage. We work and have no plans to retire soon. We bought property late 1980s, and lost almost half the value in the crash, and saw interest rate rises to around 16%. Our mortgage payments more than doubled, we could barely eat, as every penny went to paying the bills. We couldn't sell, as the value of the house had plummeted to just over half what we paid, so it wouldn't have helped.
We didn't all have it easy you know.

Likewise, we had virtually nothing left at the end of the month having paid the mortgage at 15%, We couldn't afford to eat properly or heat the house. We didn't have a TV for a number of years after the B&W one someone gave us (second hand) died. No gadgets, no foreign holidays (in fact no holidays) for years. I do get sick of people saying how easy it was! I guess expectations were less and we were grateful for what we had, and just buying a property as the first in both our families was an achievement.

PurpleChrayne · 09/11/2023 15:12

Maybe we should just shoot everyone after 10 years of their pension that they paid for?

Don't give the Tories ideas!🤣

IClaudine · 09/11/2023 15:14

Retirements and pensions were never designed to support people for three decades and that things had to change hence raising the retirement age and making people pay more towards their care

The retirement age has gone up for everyone (including some of the despised "Boomers") and people with assets have always had to pay towards their care. Nothing has changed there. Is this just another pensioner bashing thread in disguise? I am not sure what you are trying to say tbh.

LakeTiticaca · 09/11/2023 15:14

You are only hearing about those who are comfortable in retirement. Many people are not. There are many pensioners who don't have private pensions, who are managing on the state pension, topped up by extra benefits. There are people who have a very small occupational pension who are just a little over the limit to claim any top ups. They are the ones who struggle, paying full council tax etc.
There are those who never saved anything, never worked and get everything free.
The other problem we have is that frail and elderly people don't seem to be allowed to pass away peacefully anymore, when their poor old body wants to give up. They are pumped full of drugs, given surgeries, dumped in extortionate nursing homes only to be kept alive in a shell of a body for no good reason.
So don't think everyone had/has it easy because they haven't!!

ArseInTheCoOpWindow · 09/11/2023 15:14

PurpleChrayne · 09/11/2023 15:12

Maybe we should just shoot everyone after 10 years of their pension that they paid for?

Don't give the Tories ideas!🤣

Yeah, Suella would be totally capable,

usernother · 09/11/2023 15:15

I'm still working in my 60's and will be until I get my state pension at 67. I didn't have any inheritance. I have a mortgage. I didn't get to go to university when I left school at 15. Don't think that because you know some very well off people that we are all like that.

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