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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
Gwenhwyfar · 09/11/2023 20:58

BIossomtoes · 09/11/2023 20:57

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

I do pay over 40% in tax and not on a high income either because I live in a country where tax is like that.

Nsky62 · 09/11/2023 20:58

You make bold assumptions!
i retired at 58 health reasons, I get pip and have money, at 61, 6 years to my pension, not what I had planned
Parkinson’s an unexpected, and will get worse, with very little treatment out there

Papyrophile · 09/11/2023 21:00

My house has increased in cost terms significantly since we bought it 27 years ago, mainly inflation and 15 years of very low interest rates. But as I look for another for retirement, in another area, I am not seeing anything I like as much as the house I already live in. I only need one house. But I want want a house I like. And I can be flippin fussy.

DollyTubb · 09/11/2023 21:00

In 1981 aged 22 our first home cost £20,000. I was earning a little over £3000 pa so that's roughly 7 X my salary.

Currently average salary for 18-21 yo is £23,000 https://www.forbes.com/uk/advisor/business/average-uk-salary-by-age/

So 7 X that would be £160,000. Still plenty of homes available at that price.

Average UK Salary By Age In 2023

Ever wondered what the average salary is for workers of your age? Do employees in Scotland earn more than those in the Midlands? What about the South-West

https://www.forbes.com/uk/advisor/business/average-uk-salary-by-age

Mytholmroyd · 09/11/2023 21:00

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.

Yes - it is amazing how all this inequality gets so quickly and easily forgotten. In my first job in a factory at 16 a coworker asked me how much I earned, I told him (naively) and he went straight to the foreman and complained that they were paying a woman the same as a man to do the same job - and they reduced my pay by a third. And told me it was my fault for telling someone how much I earned. Women were rarely employed if of child-bearing age and in many jobs you had to leave when you got married.

No way as a single woman I could have afforded or been given a house mortgage even living in a cheap part of Yorkshire - where you can still buy a semi-detached house for under 100k.

Lucyintheskywithadiamond · 09/11/2023 21:02

downdowndowndowndown · 09/11/2023 19:44

Can people learn to read the OP? At no point did I say I begrudged the older generation their standard of living, at no point did I say they should be stripped of it or not get any NHS pension or their state pension. At no point did I say that they hadn't worked hard!
The fact of the matter is that in the 1980's a and an admin assistant could get a house with no deposit. She could give up work to raise children. They could afford to eat if not go on foreign holidays or afford private school but survive. They then inherited from parents before the reforms on social care or inheritance tax. And they had better pensions. My old house was sold in 1984 for 40,000, it's now worth £300,000. Its not comparable to now.

I am in my late 40s so started adulthood at the start of the 90s so there is a slight difference. Your latest comments has made me laugh. I can assure you it was not as easy or simple as you have made out, maybe having not lived through that time, you cannot give an accurate account if what was hard or easy. Never heard if anyone in the 80s getting a house without a deposit. How about you knuckle down, focus on your career and earning potential and stop blaming the generation before.

F0xyL0xy555 · 09/11/2023 21:04

We bought our house 15 years ago,are still
living in it and busting a gut to pay for it. Where is all this wealth we’re sitting on from appreciation?

Irritatedandfedup · 09/11/2023 21:06

OP and others who are so resentful,has it occurred to you that many of us have children who are struggling?My children have not been brought up to blame previous generations and to be so entitled.
Weirdly crystal balls don’t exist and I couldn’t anticipate that our children would be at the mercy of poor politicians,climate change and the pandemic .
As a parent I have helped out financially regularly and my children are appreciative.
And yes it has made a big difference to our pension income and our quality of life ( financially) !

Gwenhwyfar · 09/11/2023 21:06

F0xyL0xy555 · 09/11/2023 21:04

We bought our house 15 years ago,are still
living in it and busting a gut to pay for it. Where is all this wealth we’re sitting on from appreciation?

OP's talking about pensioners who can downsize I think.

overwhelmed2023 · 09/11/2023 21:06

Won't one of you selfish lot just give OP a free house fgs it's the least she deserves.
Get out there OP off your keyboard and start making a life for yourself!. Try the nhs they have pensions apparently 🤔

mayorofcasterbridge · 09/11/2023 21:07

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.

We didn't go and buy a house to piss you off, you know!!!

We did earn it. Didn't you read my goddamn post at ALL??? Bought and paid for with our income. Chances are we paid more for it than it's currently worth. Is that so hard to comprehend???

F0xyL0xy555 · 09/11/2023 21:07

Gwenhwyfar

I will be a pensioner in 10 years.

Irritatedandfedup · 09/11/2023 21:08

overwhelmed2023 · 09/11/2023 21:06

Won't one of you selfish lot just give OP a free house fgs it's the least she deserves.
Get out there OP off your keyboard and start making a life for yourself!. Try the nhs they have pensions apparently 🤔

😂

Gwenhwyfar · 09/11/2023 21:08

"I am in my late 40s so started adulthood at the start of the 90s so there is a slight difference. "

So you're not the generation OP's talking about.

downdowndowndowndown · 09/11/2023 21:08

@Circularargument find me any evidence of me saying anything like that in any of my posts. Go on then, find it

OP posts:
Gwenhwyfar · 09/11/2023 21:09

mayorofcasterbridge · 09/11/2023 21:07

We didn't go and buy a house to piss you off, you know!!!

We did earn it. Didn't you read my goddamn post at ALL??? Bought and paid for with our income. Chances are we paid more for it than it's currently worth. Is that so hard to comprehend???

You paid more than it's worth now? So you're in negative equity? Yes, that happens to some people, but is generally rare.

Gwenhwyfar · 09/11/2023 21:11

mayorofcasterbridge · 09/11/2023 21:07

We didn't go and buy a house to piss you off, you know!!!

We did earn it. Didn't you read my goddamn post at ALL??? Bought and paid for with our income. Chances are we paid more for it than it's currently worth. Is that so hard to comprehend???

I'm talking about houses increasing in value because of supply and demand. When that happens, people are not EARNING that income.
You say your house is not appreciating. That's a rare exception then.

mayorofcasterbridge · 09/11/2023 21:12

Gwenhwyfar · 09/11/2023 21:09

You paid more than it's worth now? So you're in negative equity? Yes, that happens to some people, but is generally rare.

Are you being deliberately obtuse?

Say my house cost £80k. I didn't pay £80k for it, because I then made monthly mortgage payments for 30 years. House probably worth circa £300k. We probably paid £300k over the years - so where is the profit??? Of course I'm not in negative equity. Don't be ridiculous.

cardibach · 09/11/2023 21:12

Meowandthen · 09/11/2023 20:36

The stats, and that comment, are based on mortality rates when the State Pension was introduced.

And? The post I quoted from was saying we couldn’t continue doing it. What’s the alternative?

F0xyL0xy555 · 09/11/2023 21:12

So from what is being said on here I’ll be looking at huge wealth from appreciation when we sell the house we still need to live in because all pensioners are loaded from hugely appreciated houses.🤔

fitzwilliamdarcy · 09/11/2023 21:12

This thread is a perfect example of why we have such shit politicians.

22 pages and it’s just poster after poster either generalising about older or younger people, or trying to outdo other posters in the “who had it the worst in the 1980s” game.

Nobody is listening to anyone and this thread is contributing nothing to a single one of us, me included.

Papyrophile · 09/11/2023 21:12

It's interesting when folk post "what about the DC who inherit nothing?" If you have not acquired anything, from working all your life, and have just made ends meet, then you have nothing to leave. Case closed.

Anonymouseposter · 09/11/2023 21:14

Facebookflight · 09/11/2023 20:40

But this is part of the issue! What about those that inherit nothing? Why is it fair that half the young get a leg up and the other half get nothing? Is that what we want for our society?

This is exactly the same for the Boomer generation, some inherited significant amounts , some had a whip round for their parent's funerals and inherited Jack shit. Some are wealthy-some are not.

seeyounexttuesluv · 09/11/2023 21:15

I know alot of late GenXers definitely aren't having/aren't going to have the life you are accusing older people of having. Many pensioners are absolutely in the shit right now. My kids are Gen Z adults and take nothing for granted, yet don't feel the need to winge about anything and everything like some Millenial wingebags do 😏

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