Govt To Find £82bn Extra p.a. for Baby Boomer Generation

Ian_W

sm1234 wrote: »

My parents both retired at 60; so 30-odd years working, 50,60, or more(?) years living off the rest of society.

You could always kill them! :eek:

No seriously, you should consider that option. They're obviously lazy b@rstewards if they didn't start working until they were 30ish, especially considering the vast majority of school leavers at that time were 15yrs old.
A small but significant minority stayed on to 16 (even fewer to 18) for O (& A) levels. Probably around 10% or less ever got to enjoy free uni places, most of us had been working for nearly 15yrs before your parents could be bovvered.

and before that were housed in (at the time) plentiful cheap council housing.

Didn't live around here then, waiting list for council houses was years.

StevieJ

sm1234 wrote: »

My parents both retired at 60; so 30-odd years working, 50,60, or more(?) years living off the rest of society. .

Who is your father, Methuselah

Loughton_Monkey

I suspect the key issue is that some idiot has looked at this in purely "cash" terms.

Because of high inflation, this type of syndrome is bound to happen. Many years ago, when I earned £1350 a year, I paid something like £173 tax. When I draw my first state pension, I will probably receive £7,500 a year.

Won't take me long to be in 'deficit'.

No link to the 'original' research was provided. Some kid at university doing his thesis I expect. Hasn't yet learned about inflation or 'real' values of money.

sm1234

StevieJ - No, I meant 50,60+ years of not earning (ie including childhood, family raising, unemployment, study)

It's pretty simple to understand that average government spend per capita across a lifetime must equal average taxation per capita. The reality is for most boomers 30-40 years of taxes in a low-tax/high-spend generation of politicians does not support 80-100 years of consuming govt services, and therefore someone else has to pick up your tab. (In the boomer governments case this has been to sell off everything that previous generations invested in, & load up debts for their children to pay)

sm1234

Iain,

My mother startd work aged 21, she spent 6 years raising a family, then 3 years retraining, retiring at 60. My father did faff around a bit as a youngster, travelled the world and changed course at Uni, working from 25-60, with just under 2 years unemployed in the 80's. (mum=30 years work; dad=33 years). That is far from unusual, I know many boomers who have taken early retirement (both public and private sectors) - some in their mid 50's[!]; and many of them spent previous years doing degrees/travelling/raising a family/unemployed/etc.

The whole system has been flawed for many years, everyone knew that more was being promised in pensions than was being paid in, more spent on the here and now than being collected in taxes, & in the last decade and a half financial markets massaged to transfer as much wealth as possible to those who already owned property at the expense of those on the lower rungs of the Ponzi scheme.

ukcarper

sm1234 wrote: »

Iain,

My mother startd work aged 21, she spent 6 years raising a family, then 3 years retraining, retiring at 60. My father did faff around a bit as a youngster, travelled the world and changed course at Uni, working from 25-60, with just under 2 years unemployed in the 80's. (mum=30 years work; dad=33 years). That is far from unusual, I know many boomers who have taken early retirement (both public and private sectors) - some in their mid 50's[!]; and many of them spent previous years doing degrees/travelling/raising a family/unemployed/etc.

The whole system has been flawed for many years, everyone knew that more was being promised in pensions than was being paid in, more spent on the here and now than being collected in taxes, & in the last decade and a half financial markets massaged to transfer as much wealth as possible to those who already owned property at the expense of those on the lower rungs of the Ponzi scheme.

I would imagine the vast majority of babyboomers left school at sixteen and are still at work. I myself retired early but don’t worry you am not paying my pension and I haven’t claimed anything from the state.

CLAPTON

sm1234 wrote: »

Iain,

My mother startd work aged 21, she spent 6 years raising a family, then 3 years retraining, retiring at 60. My father did faff around a bit as a youngster, travelled the world and changed course at Uni, working from 25-60, with just under 2 years unemployed in the 80's. (mum=30 years work; dad=33 years). That is far from unusual, I know many boomers who have taken early retirement (both public and private sectors) - some in their mid 50's[!]; and many of them spent previous years doing degrees/travelling/raising a family/unemployed/etc.

The whole system has been flawed for many years, everyone knew that more was being promised in pensions than was being paid in, more spent on the here and now than being collected in taxes, & in the last decade and a half financial markets massaged to transfer as much wealth as possible to those who already owned property at the expense of those on the lower rungs of the Ponzi scheme.

not quite on topic but
having a little read of the Hutton report it seems that at the moment the cost of public sector pensions is about 1.9% of GDP. With the current changes already planned i.e. RPI to CPI, already announced employee contibution increases, career average rather than final salary etc this will fall to about 1.4% of GDP is 20 years time.

quite a high figure but doesn't seem to justify the hysteria that have been generated about these issues.

what is required is some real facts and figures rather than the odd headline

abaxas

Quick example

Parents bought a 2 bed semi bungalow in the poshest area of the town. Both were teachers.
Now if you go down that road, the doctors cant even afford to move in.

Nuff said.

ILW

ukcarper wrote: »

I would imagine the vast majority of babyboomers left school at sixteen and are still at work. I myself retired early but don’t worry you am not paying my pension and I haven’t claimed anything from the state.

Could there be any relevence to the fact that the majority of baby boomers started work 5 years earlier than many of the current generation of FTB wannabees?

Kohoutek

ILW wrote: »

Could there be any relevence to the fact that the majority of baby boomers started work 5 years earlier than many of the current generation of FTB wannabees?

That's because Tony B (a baby boomer) told 50% of them to go to uni!