Misery looming for the 'have it all generation'

kabayiri

Clifford_Pope wrote: »

So there are in fact two different kinds of boomer:
those who have good pensions and have pinched all the best assets, and those who aren't so well off.

Perhaps they are just ordinary people, rich and poor, like everyone else.

A poor boomer pensioner can consume copious amounts of NHS resources, just like a richer pensioner can (or a younger person for that matter).

We should be focussing on how to enable all pensioners to live economically, and minimise their cost on society.

I firmly believe that an active pensioner, who can still do part time work, stays healthier for longer.

B&Q found that customers trusted older sales staff in their diy stores. There's a lesson there.

Loughton_Monkey

ruggedtoast wrote: »

Truly it is a salutary lesson to hardworking Gen X and Millennial citizens to strive diligently and prudently throughout their working life. To save with probity and enthusiasm, and not to be left in a penurious retirement, inadequately provided for .........

My god.....

I think the boy is finally learning.

Education is a wonderful thing.

May I ask you a favour, rugged?

I am booked shortly to do a nationwide tour of inspirational speeches to the masses on the subject of "planning for retirement - you've never had it so good." My speeches will outline all the hardships that boomers had to go through.... cold rented houses, cold lino on the floor, bread and dripping, chicken at Christmas if you were lucky, road chippings in the milk to get roughage......

I will explain how the simple act of buying any 'pile of bricks' house at earliest convenience, whilst putting away 15% of income every month will guarantee Champagne and Caviar, and that all of this is possible by the simple acts of austerity, coupled with a novel idea of spending only what you can afford.... I will explain the current contrast of how interest rates are so low that the duck's behind has to look down on them, how jobs are being created faster than can be seen by the human eye, and why today's youngsters have never had it so good....

The highlight will be the manifestation from behind a screen of what can happen by not listening to basic, common sense, simple messages of frugality, thrift, and a savings ethic....

My 'specimen' will, naturally, consist of some poor wretch who is the antithesis of everything I preach. Dressed in rags, a rent book so red with arrears that it bleeds because he whinged about the price of mansions when he should have bought a flat, nails so full of grime from the scraping on the pavements as he queued for his iPhone iPad Xbox4 HDTV that were so essential now.....

... I just wondered if you are free? Maybe you could do with a couple of shillings... cash in hand... know what I mean?.... not a word to the taxman....

HAMISH_MCTAVISH

ruggedtoast wrote: »

Gen X

Och nonsense.

Gen X are the lucky generation, we had the cheapest houses to income ratio in history, we had the best availability of mortgages in history, we had the longest boom in history to build wealth, and then we had the cheapest mortgage rates in history to consolidate our gains.

I am Gen X with the mortgage on the first house paid off long ago and the second house mortgage on track to be paid off in the next 5 years. When that's done (or perhaps before) I'll buy a third house and my retirement fund will be complete.

Pension and ISA wrapped investments not doing too badly either, given the large company contributions, and QE keeping share values high.

Loughton_Monkey

HAMISH_MCTAVISH wrote: »

Och nonsense.

Gen X are the lucky generation, we had the cheapest houses to income ratio in history, we had the best availability of mortgages in history, we had the longest boom in history to build wealth, and then we had the cheapest mortgage rates in history to consolidate our gains.

I am Gen X with the mortgage on the first house paid off long ago and the second house mortgage on track to be paid off in the next 5 years. When that's done (or perhaps before) I'll buy a third house and my retirement fund will be complete.

Pension and ISA wrapped investments not doing too badly either, given the large company contributions, and QE keeping share values high.

Being a boomer, I am of course jealous because you will - over your economic life - probably get to retire on even larger gin & tonics than I.

I have a relative who simply can't get a mortgage. She doesn't even have a job [and therefore no pension savings] and finds it impossible to pay rent. Cadges lifts everywhere because she has no transport of her own and her savings make my small current account balance look like the wealth of croesus. She's not what I would call stupid, but, OK, she hasn't been educated to O level, but that doesn't mean that her generation, as a whole, is going to be worse off than me.

I admire the way she never whinges about it at all, and although sees my huge wealth as wildy different from her own, she doesn't show an ounce of jealousy or resentment of either me or my generation.

I have a soft spot for her, and may well get her something nice for her 11th birthday.:D

setmefree2

ruggedtoast wrote: »

Misery looming for the 'have it all generation'

I had to laugh - when I read the title of your thread I thought it related to Generation X or Y.

Baby boomers have never "had it all" - being born from 1946 to 1964 meant being brought up just after the war and being raised whilst there was still rationing. The way many of us lived would be seen as extreme poverty these days....

Seriously, you have obviously got no idea...fridges, washing machines, vacuum cleaners, etc not the norm....Victorian/Edwardian housing cold and drafty...

setmefree2

kabayiri wrote: »

I firmly believe that an active pensioner, who can still do part time work, stays healthier for longer.

Richer folk live 15 years longer on average than the poor. Richer folk retire earlier than the poor....so I've no idea on what you base your belief?

ruggedtoast

HAMISH_MCTAVISH wrote: »

Och nonsense.

Gen X are the lucky generation, we had the cheapest houses to income ratio in history, we had the best availability of mortgages in history, we had the longest boom in history to build wealth, and then we had the cheapest mortgage rates in history to consolidate our gains.

I am Gen X with the mortgage on the first house paid off long ago and the second house mortgage on track to be paid off in the next 5 years. When that's done (or perhaps before) I'll buy a third house and my retirement fund will be complete.

Pension and ISA wrapped investments not doing too badly either, given the large company contributions, and QE keeping share values high.

Yes. But considering your mum bought your first house for you that did rather give you a head start.

Generali

This is why I'm a 'secular bear' on house prices. Ultimately there will be an unexpected group of 'forced' sellers.

HAMISH_MCTAVISH

ruggedtoast wrote: »

Yes. But considering your mum bought your first house for you that did rather give you a head start.

Well aren't you quite the bitter one this morning.....:D

My Mum would be most surprised to hear that, as she's certainly never bought me a house.

Using a couple of grand in wedding gift money to add to a much bigger and already saved house deposit when starting out in life is hardly uncommon, and hardly equates to someone having a house bought for them...

I suppose I could have blown it on a cheap used hatchback or some dodgy fake leather sofas instead....

But that sounds like the sort of thing you'd do.;)

Still, something has hit a nerve with you there toasty......

As you've completely failed to address the point that Gen X are the lucky generation, with access to the cheapest houses in history, the best mortgage availability in history, that lived through the longest boom in history, and then benefitted from the lowest rates in history.

Gosh.... I don't suppose you'd be one of those Gen X-ers that neglected to buy a house when they were cheap and now moans about it on the internet all day?:rotfl:

ruggedtoast

HAMISH_MCTAVISH wrote: »

Well aren't you quite the bitter one this morning.....:D

My Mum would be most surprised to hear that, as she's certainly never bought me a house.

Using a couple of grand in wedding gift money to add to a much bigger and already saved house deposit when starting out in life is hardly uncommon, and hardly equates to someone having a house bought for them...

I suppose I could have blown it on a cheap used hatchback or some dodgy fake leather sofas instead....

But that sounds like the sort of thing you'd do.;)

Still, something has hit a nerve with you there toasty......

As you've completely failed to address the point that Gen X are the lucky generation, with access to the cheapest houses in history, the best mortgage availability in history, that lived through the longest boom in history, and then benefitted from the lowest rates in history.

Gosh.... I don't suppose you'd be one of those Gen X-ers that neglected to buy a house when they were cheap and now moans about it on the internet all day?:rotfl:

I'm not really sure what you're driving at Hamish. But then I didn't have access to your fancy private school education, and everything I've bought I had to pay for myself; including my wedding.

I think it's called 'standing on your own two feet', or something.

Ever tried it?