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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
Flowers4me · 10/11/2023 10:11

RedRiverShore4 · 10/11/2023 10:06

People do have much higher expectations nowadays, you only need to read the Property and DIY board to see this, it is the norm to expect have a £1k+ Quooker tap in your new kitchen.

A £1000 for a tap! 😯

MrsDanversGlidesAgain · 10/11/2023 10:12

overwhelmed2023 · 10/11/2023 10:10

Lucky you have a crystal ball 🤔

I wonder if the people saying nope I don't expect the state pension to be around when I'm old will happily take it if it still exists and - what's the phrase? - oh right, 'sponge off the workers.' I bet they will.

Zebedee55 · 10/11/2023 10:12

grottyb · 10/11/2023 10:05

When you get to pension age are you going to expect something from the state to support you in old age?

No & I don’t expect the NHS to exist in its current form. I certainly won’t be getting free prescriptions at 60.

Other groups get free prescriptions - children and those on means tested benefits/top ups.

grottyb · 10/11/2023 10:13

Because there’s so much handwringing about what happens to future generations when they get old.

Thats certainly not what i’m doing. Young people are having a shit time now. Low interest rates have been a disaster, they made the economy the housing market with no investment in anything else. The shit has no hit the fan & things cannot improve without billions of investment but we don’t have any. We won’t agree though.

KimberleyClark · 10/11/2023 10:13

RedRiverShore4 · 10/11/2023 10:06

People do have much higher expectations nowadays, you only need to read the Property and DIY board to see this, it is the norm to expect have a £1k+ Quooker tap in your new kitchen.

This is so true, I think property shows are partly to blame. There seems to be no question of “making do” until you can afford nice things.

Oliotya · 10/11/2023 10:13

BIossomtoes · 10/11/2023 10:08

Because there’s so much handwringing about what happens to future generations when they get old. It’s highly likely that things will be better for them because there will be far fewer of them. The economy is a series of blips - this generation getting to pension age is one of them.

It’s also a huge distraction from political failure. The cost of pensions is nothing compared with the cost of servicing government debt.

Spending on pensions is actually roughly equal to the cost of servicing government debt currently.

Ginmonkeyagain · 10/11/2023 10:14

@overwhelmed2023 well it seeks like a sensible assumption. When I started paying NI at 16 my retirement age was 60, it is now 68 and I expect it to rise further.

Those of us born in the late 70s onwards are very used to the social contract changing quickly - often not in our favour!

The only question for me is if pensions and the NHS are reformed in an orderly manner to meet the funding challenges of the next few decades or if there is a disorderly decline.

I hope to god people vote for the former.

grottyb · 10/11/2023 10:14

@Zebedee55 what's your point? My point was I don’t agree there will be free prescriptions for all when i’m 60, do you disagree?

Fyi there are all ready more over 65s than under 15 year olds.

grottyb · 10/11/2023 10:15

People do have much higher expectations nowadays, you only need to read the Property and DIY board to see this, it is the norm to expect have a £1k+ Quooker tap in your new kitchen.

And you think those posts are reflective of young FTBs? I’d say most are middle aged.

MrsDanversGlidesAgain · 10/11/2023 10:17

Fyi there are all ready more over 65s than under 15 year olds

And those over 65s will get free prescriptions for a lot fewer years than the under 15 year olds.

BIossomtoes · 10/11/2023 10:18

Spending on pensions is actually roughly equal to the cost of servicing government debt currently.

Thank you. So where’s the anger about that?

grottyb · 10/11/2023 10:18

Of people aged 50 to 64 years, 27% were economically inactive in July to September 2022.

Theres is also the “silver exodus” issue which took the gov by surprise.

MrsDanversGlidesAgain · 10/11/2023 10:19

Spending on pensions is actually roughly equal to the cost of servicing government debt currently

How much of pensions goes back into the economy as spending and tax? serious question - I've looked and I can't find figures.

Ginmonkeyagain · 10/11/2023 10:19

I think part of the issue of " 'young' people wanting bigger, nicer houses now" is FTB's are on average a lot older now. It is fine doing a few scrimping years in a shabby one bed flat at 24, when you know with a bit of hard work and saving you can move up the ladder.

Not so much fun in your late thirties.

grottyb · 10/11/2023 10:20

@MrsDanversGlidesAgain

And those over 65s will get free prescriptions for a lot fewer years than the under 15 year olds

This makes zero sense. Healthy life expectancy hasn’t increased or are you saying those over 65 yr olds weren’t ever children? 🤔

overwhelmed2023 · 10/11/2023 10:22

Ginmonkeyagain · 10/11/2023 10:14

@overwhelmed2023 well it seeks like a sensible assumption. When I started paying NI at 16 my retirement age was 60, it is now 68 and I expect it to rise further.

Those of us born in the late 70s onwards are very used to the social contract changing quickly - often not in our favour!

The only question for me is if pensions and the NHS are reformed in an orderly manner to meet the funding challenges of the next few decades or if there is a disorderly decline.

I hope to god people vote for the former.

Edited

My pension age is also 68.
We have free prescriptions here anyway for all ( wales labour)

grottyb · 10/11/2023 10:22

@Ginmonkeyagain yep again there’s nuance. My younger sibling went straight to the house stage & skipped the flat stage. Not because she’s entitled but she would like a dc soon & moving is expensive factoring in stamp duty etc. I would do the exact same thing. A buyer at 35 is going to have different requirements to a 25 yr old buyer, I’m not sure why that is shocking.

aswarmofmidges · 10/11/2023 10:23

Did the current over 80s get free prescriptions or did tha come one during the 1960s

BIossomtoes · 10/11/2023 10:25

90% of prescriptions are dispensed free of charge. I really don’t understand why they don’t scrap charges altogether.

downdowndowndowndown · 10/11/2023 10:26

@Ohtobetwentytwo I'm a single mum of two working a full time job in the NHS and completing a masters on the side to qualify in something which will earn me more money so I can support my own children in their adulthood actually. I can see there won't be an NHS which will be free at the point of access for them, there won't be much social care or mental health support. There won't be accessible university for much longer.
My daughter will likely never be able to work full time or live independently due to her autism. I'm not sure I'll be able to give my son any help at university or help him buy a house or flat. I just have to hope that my wage increases and I can progress up the bands.
So I think I'm trying to change my own luck plenty. Thanks for your understanding.

OP posts:
Roundandroundandroundsound · 10/11/2023 10:26

KimberleyClark · Today 10:13

RedRiverShore4 · Today 10:06

People do have much higher expectations nowadays, you only need to read the Property and DIY board to see this, it is the norm to expect have a £1k+ Quooker tap in your new kitchen.
This is so true, I think property shows are partly to blame. There seems to be no question of “making do” until you can afford nice things.

Jesus. Just because you decide something doesn't make it true. I have never in my entire life known ANYONE spend £1000 on a tap. God. What an absolute load of nonsense. No wonder the older generation are disdainful of younger people if this is the sort of crap you believe about them. It's bollocks.

aswarmofmidges · 10/11/2023 10:27

I'm in Scotland so all prescription are free it seems

MrsDanversGlidesAgain · 10/11/2023 10:28

grottyb · 10/11/2023 10:20

@MrsDanversGlidesAgain

And those over 65s will get free prescriptions for a lot fewer years than the under 15 year olds

This makes zero sense. Healthy life expectancy hasn’t increased or are you saying those over 65 yr olds weren’t ever children? 🤔

OK, I'll try another way. A 65 year old will be on free prescriptions for maybe the next 20 years. A 15 year old for maybe 65. How many of the 65 year olds are there getting this service as opposed to how many 15 year olds and how are those fiigures likely to pan out in the future given that the first baby boomers are dying already?

And - how many 65 year olds are there who have been on free prescriptions all their lives anyway? and why do you grudge older people being given the means to stay healthy rather than be at the doctor's every week? we can't fucking win, can we?

giggly · 10/11/2023 10:29

@Flowers4me simply untrue to say ALL young people will be unable to buy a house. Maybe a search of local housing prices throughout the whole of the UK may be a useful exercise for you before jumping on the bandwagon.
All the young people I work with have either bought or are in the process of buying their first homes just as I did in 1990 with my mortgage half of my monthly take home pay. No foreign holidays for me until I was in my late 20’s as I was too busy paying my bills.
As a GenX I aged 57 I work fulltime, have gone through the nursery fee years now have 1 still in school, 1 ASN in college with no financial support who will never live alone. I have to work until I’m 67 as that’s when I’m mortgaged to as a result of divorce.
I have a work pension and expect to receive a state pension.
Am I moaning , no but by God Im
well fed up with the younger have it harder bullshit that gets spilled out on here.

Oliotya · 10/11/2023 10:31

BIossomtoes · 10/11/2023 10:18

Spending on pensions is actually roughly equal to the cost of servicing government debt currently.

Thank you. So where’s the anger about that?

We can be angry about multiple things. I was just correcting your assertion that pension spending is "nothing in comparison".

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