Resentment of this generation

ukcarper

ILW wrote: »

Don't worry, it will probably happen again. It,s all a matter of timing and luck really.

You right there average house price in 1973 was 5.5x average earnings

Graham_Devon

candygirl wrote: »

I'm not smug at all.I don't have a pension, or much work at the moment so my house is basically all i've got:D:D

This is something I've noticed actually. Seems to be a fair few, though no idea how many, people with the same type of circumstances as yourself. Paid a small (relatively today) amount for a house, presumably mortgage free, but no pensions.

There could be all manner of factors involved in this, and I'm not going to judge anyone.

But, if that's the case today, how are todays generation possibly going to pay for their pensions, when most of their money is going on a large mortgage, or ever increasing rents?

My co-worker only recently took up a pension and I believe shes 58. Lived in the same house for 35 years, been mortgage free for ages, but had no pension up until last year. Her husband also has no pension. They plan to retire on the proceeds of selling the house and state pension.

Which is all fine....but I do wonder how others are supposed to pay the larger costs AND pay into pensions, which is going to become pretty much mandatory soon.

Theres also a couple of mum and dads friends, who have only had a couple of houses, yet are still paying a mortgage 40 years later! I dunno really how that works either.

wymondham

quantic wrote: »

I have no debt what so ever except my mortgage. Paid my student fee's off, paid my car off, no credit cards or overdrafts. Its still hard though it costs this much to buy a house.

Point taken. It's a shame the price of property has been propped up over the years with more than enough people who are willing to buy overpriced property - they have not done the majority any favours...

quantic

I don't know about anyone else, but I love the idea of my future taxes paying for previous generations pensions (which I won't enjoy myself) while they enjoy living in the kind of house (which I won't enjoy myself).

God, I'm Mr Sunshine today aren't I

Graham_Devon

quantic wrote: »

I don't know about anyone else, but I love the idea of my future taxes paying for previous generations pensions (which I won't enjoy myself) while they enjoy living in the kind of house (which I won't enjoy myself).

God, I'm Mr Sunshine today aren't I

This has always happened. Your children / grandchildren will be paying for yours, its how it works.

However, the current generation of newly retired and about to retire have left a £220,000 defecit for each person retiring today (i.e. they have taken 220k more out of the system, on avergae, than they have put in). This is (according to reports) the largest defecit ever known by quite some margin. It will need to be paid, but it's unlikely to be paid by 20-35 year olds today. More likely to be paid by up to 10 year olds currently.

quantic

Graham_Devon wrote: »

This has always happened. Your children / grandchildren will be paying for yours, its how it works.

However, the current generation of newly retired and about to retire have left a £220,000 defecit for each person retiring today (i.e. they have taken 220k more out of the system, on avergae, than they have put in). This is (according to reports) the largest defecit ever known by quite some margin. It will need to be paid, but it's unlikely to be paid by 20-35 year olds today. More likely to be paid by up to 10 year olds currently.

Thanks for making my point better and with more detail then I could.

grizzly1911

Graham_Devon wrote: »

This has always happened. Your children / grandchildren will be paying for yours, its how it works.

However, the current generation of newly retired and about to retire have left a £220,000 defecit for each person retiring today (i.e. they have taken 220k more out of the system, on avergae, than they have put in). This is (according to reports) the largest defecit ever known by quite some margin. It will need to be paid, but it's unlikely to be paid by 20-35 year olds today. More likely to be paid by up to 10 year olds currently.

You make it sound like the current generation deliberately set out to do this which of course they didn't.


We have made our own provision and wonder whether it was worth it.

Perhaps we should have just enjoyed it at the time and not worried about the future. We could just have left the next generations to pick up all the pieces.

Graham_Devon

grizzly1911 wrote: »

You make it sound like the current generation deliberately set out to do this which of course they didn't.

Sorry if it comes across that way. Was just stating the facts to be honest.

Theres realisticly no chance that my generation won't leave behind a defecit also.

Trouble is, who would vote for a party that suggested we were to pay up this money through taxation? No generation able to vote would vote for it.

So we are all to blame. The only difference is, IMO, it was the retiring generation today that just about squeezed the pips until they sqeaked. Hell, they even made sure they could retire at the same time they thought they would, just made sure others had to work longer. My generation, although we would if we could, won't have that chance. Would have been alright for a few years more if the crisis hadn't have taken hold.

Don't think anyone could reasonably suggest the younger generation isn't paying for the mess. The figures show they are. Be it wages, employment, healthcare (more stuff to pay for now), working age, education or cost of living.

ukcarper

Graham_Devon wrote: »

This has always happened. Your children / grandchildren will be paying for yours, its how it works.

However, the current generation of newly retired and about to retire have left a £220,000 defecit for each person retiring today (i.e. they have taken 220k more out of the system, on avergae, than they have put in). This is (according to reports) the largest defecit ever known by quite some margin. It will need to be paid, but it's unlikely to be paid by 20-35 year olds today. More likely to be paid by up to 10 year olds currently.

Can you give us a link to those reports.

CLAPTON

Graham_Devon wrote: »

Sorry if it comes across that way. Was just stating the facts to be honest.

Theres realisticly no chance that my generation won't leave behind a defecit also.

Trouble is, who would vote for a party that suggested we were to pay up this money through taxation? No generation able to vote would vote for it.

So we are all to blame. The only difference is, IMO, it was the retiring generation today that just about squeezed the pips until they sqeaked. Hell, they even made sure they could retire at the same time they thought they would, just made sure others had to work longer. My generation, although we would if we could, won't have that chance. Would have been alright for a few years more if the crisis hadn't have taken hold.

Don't think anyone could reasonably suggest the younger generation isn't paying for the mess. The figures show they are. Be it wages, employment, healthcare (more stuff to pay for now), working age, education or cost of living.

do you know what the 'deficit' means?


and why do the younger generation have a 'right ' to all the good things they have 'inherited' but don't 'deserve' any of the draw backs?


maybe they would all love to live in say somewhere like Chad that has no budget deficit, instead of the appalling mess here?