Retired people could work for pensions..

seven-day-weekend

thorsoak wrote: »

According to PaulF81 and his friend Toasty, we should all be giving our homes to our children/g/children who are paying 40% tax on their incomes and just buy a 1-way ticket to Switzerland!! I for one, do not intend to do this!!

Er no, nor me. I got a whole lotta livin' to do, as someone famous used to sing.

Just for information, ALL the young people I know (around half a dozen) who have bought houses/flats, have done so with the help of The Bank of mum and Dad and/ or The Bank of Grandparents.

Angry_Bear

seven-day-weekend wrote: »

Just for information, ALL the young people I know (around half a dozen) who have bought houses/flats, have done so with the help of The Bank of mum and Dad and/ or The Bank of Grandparents.

I've just bought my first house (do I count as "young" at 31?) and I didn't get a penny from anyone else. Neither did my sister, my sister-in-law, or two of my friends. The rest I don't know about - so I can safely say that NONE of the young people I know who have bought houses/flats, have done so with the help of The Bank of mum and Dad and/ or The Bank of Grandparents.

Maybe I just know people with poorer parents.

ruggedtoast

thorsoak wrote: »

But Nana can't be a boomer, can she ....if she has a grand-daughter old enough to rent a house ????????

Babs is a boomer.

Which is even worse.

ash28

Angry_Bear wrote: »

I've just bought my first house (do I count as "young" at 31?) and I didn't get a penny from anyone else. Neither did my sister, my sister-in-law, or two of my friends. The rest I don't know about - so I can safely say that NONE of the young people I know who have bought houses/flats, have done so with the help of The Bank of mum and Dad and/ or The Bank of Grandparents.

Maybe I just know people with poorer parents.

I know a lot of young people too, and a couple have had help but like yourself the majority have not. Most of them were a similar age to you - late 20s to early 30s.

That's in the Thames Valley where property isn't cheap. Only one started off in 1 bed flat the rest started in 2 or 3 bed houses.

Perhaps your parents were in a similar position to ourselves (and quite a number of our friends), we could have helped one - but three - not really, especially as they are all of a similar age. And there is no way I would have remortgaged the house to do it. I still wouldn't - the house is large and worth a fair few quid - and we could afford mortgage repayments - but we spent best part of 30 years paying off mortgages - we won't be going down that road for any of them.

When my daughter and her partner bought a house we paid off her credit card for her. The son has had a people carrier recently - 2nd hand - 3 children and number 4 is on the way (I know!!), and the youngest has had a car too.

That's been the extent of the help they have had - other the odd small "loan".

BTW we were 28 before we could afford to buy our first house - not so different from you.

seven-day-weekend

ash28 wrote: »

I know a lot of young people too, and a couple have had help but like yourself the majority have not. Most of them were a similar age to you - late 20s to early 30s.

That's in the Thames Valley where property isn't cheap. Only one started off in 1 bed flat the rest started in 2 or 3 bed houses.

Perhaps your parents were in a similar position to ourselves (and quite a number of our friends), we could have helped one - but three - not really, especially as they are all of a similar age. And there is no way I would have remortgaged the house to do it. I still wouldn't - the house is large and worth a fair few quid - and we could afford mortgage repayments - but we spent best part of 30 years paying off mortgages - we won't be going down that road for any of them.

When my daughter and her partner bought a house we paid off her credit card for her. The son has had a people carrier recently - 2nd hand - 3 children and number 4 is on the way (I know!!), and the youngest has had a car too.

That's been the extent of the help they have had - other the odd small "loan".

BTW we were 28 before we could afford to buy our first house - not so different from you.

Just to say my son only bought his flat this year at the age of 32. He has a minimum wage job and would never be able to save enough to make a mortgage affordable. So we had to help him. Of the other young people I know, they range in age from late 20s to mid 30s.

And we only have the one offspring. I agree we could not have done what we have done if we'd have had more than one. We also knew that the money to pay ourselves back would be forthcoming from the sale of our Spanish house, and had paid the mortgage off within six months of taking it out.

Angry_Bear

ash28 wrote: »

Perhaps your parents were in a similar position to ourselves (and quite a number of our friends), we could have helped one - but three - not really, especially as they are all of a similar age. And there is no way I would have remortgaged the house to do it.

Yep, that sounds about right. My Mum's house is mortgage free now, but there's no way either myself or my sister would want her to remortgage and have that hanging over her when she should be enjoying retirement.
In fact, if she decided to release all the equity, take up bingo and blow the lot I'd be perfectly happy. It's her money after all, she did her bit by raising us well - she doesn't need to fund our life too!

I'd imagine that's the way most people (of all ages) feel about their family. With a few notable (and possible homicidal) exceptions.

paulmapp8306

PaulF81 wrote: »

i dont really care. In 20 years roles will be reversed and it will be patently evident what this country has been left with to pay for real term rises in nhs pension and gold plated pensions for boomers.

i love the double standards about how its abhorrent to suggest a rise in pension age for the boomers, but the minute it is suggested for those say in their fiftys, its all fine and dandy.

your figures on current life expectancy are wrong. my sums were much closer to the mark.
http://www.bbc.co.uk/news/health-19410699

Not sure I believe anything the BBC says. My figures came from SEVERAL different sources, which all quoted a similar figure.

I didnt say anything about raising the pension age for anyone. I think a couple of years is a good idea - for anyone still working. I dont think you can say to someone who is already retired that they have to go back to work though. There has to be a cutoff.

Also - theres a reason why pensions are the biggest outlay - its because theres a lot of peopl getting it. If you divinde those benefiting from pensions byt the out lay, and did the same to other liabilities, there will be others far more worthy of cutting.

I really dont get the Anti-Boomers. Im not a boomer (quite) but there not to blame for anything as a whole group, and the vast majority of them are not well off and struggling now as they have their whole life. If you talking about those in power, high paid jobs, or have means - its the same whatever generation you talk about.

Your whole attitude is "why should I support anyone else" - its distinctly "me me me" and shows all thats wrong with todays society in general.

I believe that all things myust be cut. I dont understand why people are up in arms about education cuts, NHS cuts, or any other cuts TBH. We - as a country - WANT these things but cant AFFORD these things. Its not differnt from a family who buys things they want on credit cards when they cant really afford them. Ultimately it bites back.

Every individual however, regardless of age, deserves an income that allows them to exist in reasonable comfort (by which I mean a roof, heat, clothes and food - NOT flat screen TVs, IPods and mobiles).

As such, targeting the state penion is just wrong. Make it means tested sure but dont cut it. Ultimately those that dont need it will retire when they like - its only those on the poor end of society that cant live without that pension who will be forced to work longer.

By the same token - state benefits should not be targeted by those who need them. Im the first to agree that many on benefits dont actually need them. There are lazy people, there are people who jump at any excuse not to work and still seem to believe they should be entitled to all the good things life can offer - BUT, its not everyone.

So - make state pensions means tested, make access to state benefit payments tougher, and only give what is needed to live on at a reasonable level. We need to cut spending in health, education, and every other service. This needs to be done by cutting waste if possible (and it is in most cases, its just easier to cut jobs/services than finding where the waste is). If high cost medication and treatments arnt affordable, then their not. The NHS was set up to give everyone access to BASIC medical care - NOT cutting edge medical care.


One final thing to PaulF81, Im assumning his parents are boomers (or if not his grandparents) - and it was them who paid for and supported him in his childhood and youth. Yet its that generation of people he seems to blame for all the problems (as he sees it) in the country. Wil lhe cut his parents off when they retire (if not already).

paulmapp8306

For houses - Ive just bought my first home at 45. No help from anyone, though Im hardly young.

I must say that until very recently (in historical terms) the vast majority of people rented. Very few ever owned their own homes. thats a very modern way of thinking. Its almost a FAD (if you think about it) thats been popular for a while but will soom go back to the traditional way of renting.

not saying I want this to happen - but it does seem rather likely.

BobQ

ruggedtoast wrote: »

The most ruthless exploitation I have heard of is my friend's "Nana".

Nana was left a widow with a house, well she MEWed and MEWed and MEWed. She MEWed television sets, she MEWed holidays for herself, she MEWed fine foods and wines and cheeses.

She MEWed to pay the gas. She MEWed to play the Bingo, and she MEWed to visit the sunny shores of the Mediterranean.

Down to her last £5000 of equity, she MEWed the lot and went on a cruise, she took Babs (her daughter) with her for free. Then she stuck two fingers up at the bank and moved in with Babs, planning to spend the rest of her days there.

Now Babs looks after Nana, who has her State pension thankyou, the bank has a house in negative equity, and my poor friend is trapped in rental with no deposit.

Did she seek independent advice?
Did Babs suggest she did?
What was Babs plan for retirement when her father died?
Did the bank not think of refusing the equity release when she was approaching negagtive equity?

paulmapp8306

Oh - I should maybe expand a bit.

I have a wife and two kids (9 and 6) so couldnt buy a starter home or flat. I had to go straight into tier 2 or 3 of the housing ladder.

I did this on a decent wage I admit (of £38k) BUT my wife doesnt work so its no different to a young couple earning £19k each. In fact its easier as they could buy a smaller place to start with (even if they are planning a child) and woundnt have the expense of raising a child either.

It is possible to buy if you have the willpower to save and budget properly.

This is all a bit OT though - as its nothing to do with pensions/pensioners