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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
Facebookflight · 09/11/2023 20:43

VickyEadieofThigh · 09/11/2023 20:41

You're talking as if this is a new situation.

It’s not a new issue but it is one that has become massively skewed over recent years (bank of mum and dad) and is only going to become more so.

mayorofcasterbridge · 09/11/2023 20:43

Gwenhwyfar · 09/11/2023 20:32

But your wealth is not mainly from your income from work, but rather from your home ownership and the appreciation.

What do you think bought my house pray tell, if not my income from work? It didn't spontaneously fall into my lap you know!!

All houses appreciate in value fgs!!

This is just nuts.

Gwenhwyfar · 09/11/2023 20:43

mrsmingleton · 09/11/2023 20:35

Can you elaborate on this as I don't see your point?

What part don't you understand?

Circularargument · 09/11/2023 20:43

VickyEadieofThigh · 09/11/2023 20:40

Bit of a generalisation on the "older generation" based on an outlier of an example there.

Anecdote proves everything nowadays.

Gwenhwyfar · 09/11/2023 20:44

mayorofcasterbridge · 09/11/2023 20:43

What do you think bought my house pray tell, if not my income from work? It didn't spontaneously fall into my lap you know!!

All houses appreciate in value fgs!!

This is just nuts.

It's nuts to point out that some people are sitting on loads of money that they did nothing to earn because they bought property that appreciated? It's just a fact isn't it?

mrsmingleton · 09/11/2023 20:45

Gwenhwyfar · 09/11/2023 20:41

"You don't seem to realise that clerical work was a good job! "

Yes, I do realise that. I never said otherwise. It's still ordinary working people though, which was the point of the discussion.
One of my great, grandmothers was also a washerwoman because she was a widow and she didn't own. However, she was poor and not just ordinary.

Ah.... and there I thought my grandparents were typical ordinary people of their time but it seems they were actually poor. News flash: Most people in that mining community were poor and ordinary.

Circularargument · 09/11/2023 20:45

Gwenhwyfar · 09/11/2023 20:43

What part don't you understand?

The part where you think your post proves anything beyond thar
prices go up but an illiquid commodity remains illiquid and therefore irrelevant in terms of spending power.
But do carry on condescending to people who know more than you do.

disappearingfish · 09/11/2023 20:45

The fact of the matter is that in the 1980's a and an admin assistant could get a house with no deposit.

No, she couldn't. As late as the mid 1970s a woman couldn't open a bank account, apply for a credit card or a load without the signature of a male relative. Being approved for a mortgage as a single woman in the 80s was impossible for many. And then there's the equal pay gap which was huge.

Women in the civil service in Ireland had to resign from their jobs when they got married. It wasn't a case that women "could" give up her job to raise her children, maternity discrimination was so bad she often had no choice.

If you're going to be a goady fucker OP at least be an accurate one.

CaramacFiend · 09/11/2023 20:46

On the other hand, many would have grown up with parents suffering from undiagnosed PTSD from fighting in the war. The war generation probably also thought the next generation had it easy.

LakeTiticaca · 09/11/2023 20:47

Tbh with the plethora of junk food and takeaways which now populate most UK towns, delivered to your door without having to get off your arse and collect it, and the burgeoning obesity crisis, half the current generation of whingers won't even reach pension age

DragonFly98 · 09/11/2023 20:48

KimberleyClark · 09/11/2023 15:25

People bang on about houses being cheaper in the 80s, they forget that earnings were lower and interest rates were higher.

The price of a house compared to income was much lower.

Circularargument · 09/11/2023 20:48

@disappearingfish

But, but, her whole "argument" would fall to bits if ahe swopped myth for facts, can't have that, can we?
I was a junior civil servant in the 80s. Couldn't have dreamt about affording my own property.

mayorofcasterbridge · 09/11/2023 20:49

Facebookflight · 09/11/2023 20:41

Yes, apologies. Many older people certainly do understand how tough it is now.

Most of us have our own kids!!! Very many of whom we still continue to support in adulthood!!

FFS, "feathering our own nests" - indeed! There's been fuck all feathering, I can tell you.

Circularargument · 09/11/2023 20:50

DragonFly98 · 09/11/2023 20:48

The price of a house compared to income was much lower.

Mortgage payments were still a third or more of income

BIossomtoes · 09/11/2023 20:50

DragonFly98 · 09/11/2023 20:48

The price of a house compared to income was much lower.

And taxes were higher. The basic rate was 33% when I started work with 9% NI on top.

Gwenhwyfar · 09/11/2023 20:50

"News flash: Most people in that mining community were poor and ordinary."

Yes, life was hard in general until the 1950s.
However, my family was still ordinary and owned homes. That was my point.
The fact that your family didn't doesn't change that fact.

Caththegreat · 09/11/2023 20:51

Well we need to look how we deal with ageing.people still need to achieve and we have not all been fortunate and rich.covid made ageism worse.you are just buying into prejudice

Gwenhwyfar · 09/11/2023 20:51

BIossomtoes · 09/11/2023 20:50

And taxes were higher. The basic rate was 33% when I started work with 9% NI on top.

Houses cost less in proportion to NET income so taxes being higher doesn't change anything does it?

lizzy8230 · 09/11/2023 20:52

Our mortgage payments were sky high as a percentage of income.

mayorofcasterbridge · 09/11/2023 20:53

Gwenhwyfar · 09/11/2023 20:44

It's nuts to point out that some people are sitting on loads of money that they did nothing to earn because they bought property that appreciated? It's just a fact isn't it?

It's completely bonkers!!!

Anyone who invests in an asset does so in the expectation of its appreciation.

Plus you are totally ignoring the fact that we probably paid more for the house than its current value, because of the interest on it!!!!! I would love to know what it actually cost us, because after 30 years of mortgage payments, the damn thing probably isn't worth what we actually paid for it. I hope that makes you happy.

Circularargument · 09/11/2023 20:55

Gwenhwyfar · 09/11/2023 20:51

Houses cost less in proportion to NET income so taxes being higher doesn't change anything does it?

Interest rates do

Circularargument · 09/11/2023 20:56

Caththegreat · 09/11/2023 20:51

Well we need to look how we deal with ageing.people still need to achieve and we have not all been fortunate and rich.covid made ageism worse.you are just buying into prejudice

Yup. OP no doubt would prefer old people to do penance in the street for the crime of owning a home.

BIossomtoes · 09/11/2023 20:57

Gwenhwyfar · 09/11/2023 20:51

Houses cost less in proportion to NET income so taxes being higher doesn't change anything does it?

Yes it does, of course it does. You pay nearly half your income in tax and see how you like it.

Gwenhwyfar · 09/11/2023 20:57

"Anyone who invests in an asset does so in the expectation of its appreciation."

Yes and there's nothing wrong with that in itself, but people are claiming that they EARNED this appreciation when they did not. It just happened.

mayorofcasterbridge · 09/11/2023 20:57

I can't credit why some people are so obtuse!!

The begrudgery, the resentment, the nastiness, the envy - toxicity streaming right out there!

I never knew that some younger people hated me so much. Stunned. Thankful not to have encountered it in real life. To have such vicious hatred and envy because of when a person was born isn't normal or healthy. I actually hate what society has turned into.

Some of you haters should maybe get to know a few older people. Might do something to alleviate the huge chips on your YOUNG shoulders!!!!

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