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

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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.

. I agree with the poster who said that it’s time we stopped dividing the population into generational bands and stereotyping.

I think there would be less stereotyping by generational bands if benefits weren't split by age bands. They are though

Stamp Duty is a ludicrous tax which penalises people for moving house, even though people moving house regularly to ensure their home meets their requirements is a very good thing which should be encouraged.

ditch stamp duty and instead ramp up Council tax to make up the difference. But we do also need to build housing that suits those looking to downsize. All on one level flat with lift / or bungalow. nice communal areas, nice views, spacious rooms.

Can you explain what you mean?

Yes, it would be. Every generation has its wealthy, poor and those middling about in the mainstream. It's not dictated by age.

But, I do understand that "older" people are the most likely to vote, and neither of the parties that will get into power (and there is only two), will piss off the older generation, because they understand the vote loss.

So, it will basically continue as is, and eventually the younger generations will probably also have the power of the vote.

The so called "grey vote" is important to the parties.😉

Like expecting everyone to pay NI maybe? Or a wealth tax? I'm pretty sure the older generation would vote against both of those

How would either of those work if jobs are replaced with AI? Taxation would have to move away from individuals completely.

Sure 😊
I mean the fact that people of a certain age get benefits simply because of their age (not based on need) creates a divide.
Younger folk only get benefits based on being poor enough to need them, this doesn't apply to older folk, who get given help regardless of how much wealth they already have.

Griping about winter fuel allowance again ?

Or do you class the state pension as a benefit ( which it isn't ) rather then your right as payback for supporting previous older generations with your taxes ?

All generations get extra help based on need - such as Pension Credit or Universal Credit.

All generations can get help because of health with DLA/PIP/AA.

Pensioners get a little extra, such as fuel allowance, bus passes and prescriptions.

But, until the 22nd November when the previously called "Budget", now called "Autumn Statement" is disclosed, no one knows who's getting what from next April.

Have to wait and see.

The older generation in my family would vote for a greater tax on inherited wealth which is probably the fairest and easiest way to achieve wealth redistribution

But a lot of younger ones wouldn't because they see the inheritance as their right

No, a lot of them begrudge their parents, but will be there at the end with their hands out for the inheritances...🙄

aswarmofmidges · Today 16:48

Griping about winter fuel allowance again ?

Or do you class the state pension as a benefit ( which it isn't ) rather then your right as payback for supporting previous older generations with your taxes ?

Why so aggressive?

Pensions are a benefit and I don't begrudge them. I do resent the triple lock and all the other extras that every other age group would have to be means tested for. Why should people who have plenty of money get freebies paid for by the taxpayer? When plenty of families are relying on food banks? And I'd support the citizens inheritance that a PP was talking about. And no it wouldn't go to me as I'm 43. I just would like to see a fairer society and youngsters are having a very tough time at the moment - even though lots want to try and deny that. So yeah I guess I am "griping about the winter fuel allowance" amongst other things.

Zebedee55 · Today 16:51

aswarmofmidges · Today 16:49

But a lot of younger ones wouldn't because they see the inheritance as their right
No, a lot of them begrudge their parents, but will be there at the end with their hands out for the inheritances...🙄

This is as ridiculous a generalisation as me saying a lot of pensioners are trying to spend it all on cruises and caviar as fast as they can like it's Brewster's millions. But I realise that's nonsense. So I won't.

There’s a lot of misunderstanding about NI due to changes in the benefit system. It was sold to current pensioners as an insurance scheme to cover sickness, unemployment and old age. These were not considered to be benefits. There was supplementary benefit to ensure that anyone not qualifying for help under the insurance scheme wouldn’t actually starve. There were no in work benefits and in a family, if there was a male “breadwinner “ all the money was paid to him for family use. As things have changed so much perhaps it’s time to wave goodbye to NI and have everything come under income tax which would be paid on both income from work and pension income. There would have to be a way of keeping employers contributions. I’m retired and I would be in favour of that.

Speak for yourself. As someone with relatively well off parents, I'm in favour of IHT.

Funny how the older ones, who won't be affected are apparently in favour of higher IHT, which presumably won't affect them though. How would they feel about higher taxes on current wealth and lower income taxes. That could improve inequality too.

It is a benefit though, especially as the current pensioners paid far less than they are taking the benefit from poorer, younger people now. Many of these younger people doubt that they will ever benefit from a state pension themselves. I am pro pensions but it is pretty obvious why there is resentment.

I’d welcome a wealth tax and reduced income tax but judging by past performance on taxation changes - eg child benefit - they’d find some way of fucking it up to make it completely nonsensical.

Where do the young people live that you know who are buying? My children and their friends are all university educated with ‘proper’ careers . The only ones who are buying here in SE have had a big deposit given to them ie £50k.inheritance or they live away from the SE .
Our village have absolutely nothing below £350K for a one bedroom flat so even high earners will struggle. So yes it’s true that less young people aspire to owning property. Can understand why they choose to spend their money rather than save!
It would take a lot of holidays,Starbucks and nails to save for a £50k deposit with high rent thrown in for good measure! !

I think you will find a lot of pensioners are actually paying taxes though - especially the wealthier ones

State pension is a state managed system whereby you can only benefit if you have paid your dues

If you want or cancel it I'd like my subs back please

I'd support wealth taxes and higher IHT - not a higher percentage, but on a much higher proportion of the inheritance. I think nowadays it's possible to inherit as much as £1million isn't it without paying tax? If you leave everything to your spouse who then leaves to a child? I hope one day to inherit something from my dad but he is remarried and his wife also has 2 children so who knows. If he goes first maybe she'll leave everything to them, or maybe one or both will need care and there will be nothing left. But either way I think it's right that if I do I should pay tax on it.

Well I'm paying tax both on my state pension and private pensions, along with savings.

But, NI was ringfenced at one point, so if they want abolish that and put everyone's tax rate up, then that's a political decision.

especially as the current pensioners paid far less than they are taking the benefit from poorer, younger people now.

That’s a ridiculous generalisation. I was a higher rate tax payer for over 20 years, lots of us were and we’re still paying tax on our pensions and the interest on our savings. The tax the two of us pay between us cancels out one of our state pensions.

"If you want or cancel it I'd like my subs back please" what subs? What are you talking about? And who is suggesting pensions should be cancelled? I think you're arguing with yourself

And me. I sometimes think some people don't really get the reality.🙄

This