Pensioners now have higher Incomes than workers

mystic_trev

The current generation of pensioners is better off than ever before, and for the first time have incomes higher on average than the rest of the population

http://www.ifs.org.uk/publications/8026

Plenty of articles in the Media.

http://www.independent.co.uk/news/uk/home-news/pensioners-earning-more-than-the-average-worker-new-analysis-says-a6701851.html

http://www.telegraph.co.uk/news/shopping-and-consumer-news/11944141/Pensioners-are-11-a-week-better-off-than-those-in-work.html

http://www.dailymail.co.uk/news/article-3282053/Pensioners-earning-work-Two-five-people-retiring-today-better-off.html

..........bloody Boomers

supersuzie50

It is some pensioners not all. My mother receives less than £100 per week. A large percentage of children are supporting their parents financially. It is just perpetuating the myth that all pensioners are rich - false.

PasturesNew

2/5 are better off. That means 3/5 aren't.

So on median point, most aren't.

Also "After housing costs and dependants have been taken into account" ... a lot will have bought/paid for their house too ... and will have no dependents.

Apples are more round than bananas says official report!

I know my mum/dad's combined occupational pensions weren't as much as this report suggests one pensioner's income is.

Also, you say "bloody boomers" - a lot of pensioners are the generation BEFORE the boomers. Parents of boomers, who went through WW2.

lisyloo

Just an anecdote but our folks were struggling (don't have personal pensions) for a while, until they ticked the disability boxes.
They went from having not enough to live on to having more than enough because they qualified for all sorts (attendance, council tax paid, pension credit).
Before anyone says it's morally wrong to take more than you need, they come from a generation when they are reluctant to spend on certain things (like help and taxis), so they do need the money they just live more frugally than they should and there is no telling them. We do what we can as family but some of us live over 100 miles away so certainly can't be there on a daily basis.

My personal experience of benefits is that most people have not enough but some who "tick the right boxes" get too much.
I'm not sure why it's so difficult to get a fair and practical benefits systems. Doesn't seem like it should be rocket science.

beecher2

supersuzie50 wrote: »

It is some pensioners not all. My mother receives less than £100 per week. A large percentage of children are supporting their parents financially. It is just perpetuating the myth that all pensioners are rich - false.

I thought that Pension Credit supplemented income to ensure a minimum of £151.20 a week?

Generali

supersuzie50 wrote: »

It is some pensioners not all. My mother receives less than £100 per week. A large percentage of children are supporting their parents financially. It is just perpetuating the myth that all pensioners are rich - false.

The plural of anecdote is anecdotes not data.

I don't think the OP ever stated that all pensioners are rich, just that some of them are. We could equally say that the idea that all pensioners need help paying the electricity bill and TV licence is a myth.

lisyloo

I thought that Pension Credit supplemented income to ensure a minimum of £151.20 a week?

You won't get that if you have savings which start to kick in at £10K I believe and with £16K you get no pension credit at all, so it might be that some people with relatively modest savings don't qualify.

I don't think the OP ever stated that all pensioners are rich, just that some of them are. We could equally say that the idea that all pensioners need help paying the electricity bill and TV licence is a myth.

Yes of course there's an entire range out there.
The idea that they are all from the "boomer" generation and all have final salary pensions is wrong though.
Many more elderly pensioners are not that well off at all - I'm talking about those in their late 80's and 90's not those in their 60's.
"Pensioners" covers people from 55 - 105.

ukcarper

lisyloo wrote: »

You won't get that if you have savings which start to kick in at £10K I believe and with £16K you get no pension credit at all, so it might be that some people with relatively modest savings don't qualify.



Yes of course there's an entire range out there.
The idea that they are all from the "boomer" generation and all have final salary pensions is wrong though.
Many more elderly pensioners are not that well off at all - I'm talking about those in their late 80's and 90's not those in their 60's.
"Pensioners" covers people from 55 - 105.

I'm not sure why people think all or even majority of boomers have final salary pensions. I keep in contact with 4 of my school friends and I'm the only one with a final salary pension.

WHA

lisyloo wrote: »

They went from having not enough to live on to having more than enough because they qualified for all sorts (attendance, council tax paid, pension credit).

I can relate to this. My parents were comfortable, my father's pensions were more than his wages from his final job before retirement, so they could maintain the same lifestyle they had before retirement.

Father became seriously ill and they never even considered applying for benefits etc. They had no additional costs as my mother cared for him. They got a succession of social/health workers through the door, not doctors or nurses of course, they were scarce and only came when begged for, these were clearly office-dwellers. One wanted to do a survey for adaptions to the home, such as handrails, etc., all of which would be free, so they arranged for all kinds of things, such as bath aids, chair rises, etc.

Another virtually arm-locked into them claiming for attendance/carers allowance which they'd never even thought of and didn't need - the health worker filled out the forms for them and handed them over for signature, resulting in relatively large amounts of cash regularly paid into their bank account - I later discovered they'd qualified for the higher level due to my father's problems. Over time, he got better and my mother had to phone several times to try to get the extra allowances reduced or stopped because he didn't need as much care - but it was near impossible, the people she phoned just didn't care and she got the impression it was too much work for them to re-evaluate or cancel the payments!

It does seem to be an impossible task to target the aid at those who really need it.

michaels

lisyloo wrote: »

You won't get that if you have savings which start to kick in at £10K I believe and with £16K you get no pension credit at all, so it might be that some people with relatively modest savings don't qualify.

I saved all my life for when I was old and now I am old why should I spend my savings?

ukcarper

The independent says average pension income is £394 a week I do find that difficult to believe.