Pensions envy. Are we heading for financially comfortable but socially uncomfortable retirements?

Albermarle

 massive graduate debt which is effectively another tax with rumour of thresholds for payments being decreased and length of payback are being extended, hopefully not as seems unfair and on top of that in my area at least there seems very few employment opportunities unless you work for something similar to the minimum wage 

Apart from not doing a ' Mickey Mouse' course , it is often necessary for graduates to be willing to relocate, to get onto the rung of the ladder leading to  the higher paid professional jobs. Usually means going to live in a big City , which not all will want to do.  .

It's grim up North though. I always say that in the hope that the southerners will stay in the South.

In fact a better representation is that the North has pockets of prosperity , surrounded by larger areas of deprivation ( the grim bits) . Whilst the South has pockets of deprivation ( which can also be grim ) surrounded by larger areas of prosperity .

Thrugelmir

Ganga said:

michaels said:

SouthCoastBoy said:

I am in my mid to late 50s and have a lot of sympathy with the younger generation, ridiculous house prices, final salary pensions all but disappeared in the private sector, massive graduate debt which is effectively another tax with rumour of thresholds for payments being decreased and length of payback are being extended, hopefully not as seems unfair and on top of that in my area at least there seems very few employment opportunities unless you work for something similar to the minimum wage then there is the increase in state pension age, if they make it that far. In comparison I think I had it easy.

Perhaps not a great life choice to take on 50k of debt plus 3 lost years of earning if it is not in a subject that allows you to get a job above NMW.  I guess our children are so used to being sold to stuff they don't really need (iPhone, Ubereats, cosmetic surgery etc) that they don't realise that Uni is just part of the same thing.

how would lower paid workers who passed up the opportunity to get higher qualifications get higher wages 

By using their initiative. Not everyone that achieves has qualifications. 

fimacdoodle

I think you need to balance now with the future. Have a holiday if you can afford one, buy yourself (not on tick) something nice (made in the uk ?) so , spend a bit, and save a bit.

I lost 2 good friends recently, both apparently healthy males under 55. Non covid.

Perhaps we need to change our entrenched views. Career break at 45 to 55 to travel, learn more and chill, then work hard from 55 to 65.
What did those two friends really save and scrimp for ?

Ganga

Thrugelmir said:

Ganga said:

michaels said:

SouthCoastBoy said:

I am in my mid to late 50s and have a lot of sympathy with the younger generation, ridiculous house prices, final salary pensions all but disappeared in the private sector, massive graduate debt which is effectively another tax with rumour of thresholds for payments being decreased and length of payback are being extended, hopefully not as seems unfair and on top of that in my area at least there seems very few employment opportunities unless you work for something similar to the minimum wage then there is the increase in state pension age, if they make it that far. In comparison I think I had it easy.

Perhaps not a great life choice to take on 50k of debt plus 3 lost years of earning if it is not in a subject that allows you to get a job above NMW.  I guess our children are so used to being sold to stuff they don't really need (iPhone, Ubereats, cosmetic surgery etc) that they don't realise that Uni is just part of the same thing.

how would lower paid workers who passed up the opportunity to get higher qualifications get higher wages 

By using their initiative. Not everyone that achieves has qualifications. 

True but they do help .

Albermarle

Career break at 45 to 55 to travel, learn more and chill, then work hard from 55 to 65.

Problem with this idea , is that if you have good well paid job at 45 and give it up and then come back at 55 , you will almost certainly have to take a lower paid more menial job . Unless you have very specific skills.

Workerdrone

Albermarle said:

Career break at 45 to 55 to travel, learn more and chill, then work hard from 55 to 65.

Problem with this idea , is that if you have good well paid job at 45 and give it up and then come back at 55 , you will almost certainly have to take a lower paid more menial job . Unless you have very specific skills.

Liam Neeson was 56 when he made taken. No wonder he made that speech "..but what I do have are a very particular set of skills. Skills I have acquired over a very long career. Skills that make me a nightmare for people like you. If you let my daughter go now that'll be the end of it. I will not look for you, I will not pursue you, but if you don't, I will look for you, I will find you and I will kill you."

GunJack

Workerdrone said:

Albermarle said:

Career break at 45 to 55 to travel, learn more and chill, then work hard from 55 to 65.

Problem with this idea , is that if you have good well paid job at 45 and give it up and then come back at 55 , you will almost certainly have to take a lower paid more menial job . Unless you have very specific skills.

Liam Neeson was 56 when he made taken. No wonder he made that speech "..but what I do have are a very particular set of skills. Skills I have acquired over a very long career. Skills that make me a nightmare for people like you. If you let my daughter go now that'll be the end of it. I will not look for you, I will not pursue you, but if you don't, I will look for you, I will find you and I will kill you."

A classic speech

Workerdrone

GunJack said:

Workerdrone said:

Albermarle said:

Career break at 45 to 55 to travel, learn more and chill, then work hard from 55 to 65.

Problem with this idea , is that if you have good well paid job at 45 and give it up and then come back at 55 , you will almost certainly have to take a lower paid more menial job . Unless you have very specific skills.

Liam Neeson was 56 when he made taken. No wonder he made that speech "..but what I do have are a very particular set of skills. Skills I have acquired over a very long career. Skills that make me a nightmare for people like you. If you let my daughter go now that'll be the end of it. I will not look for you, I will not pursue you, but if you don't, I will look for you, I will find you and I will kill you."

A classic speech

And perhaps one which any over 55 year old should repurpose as part of their CV. Lets face it, they are likely to be shuffled out in the paper sift anyway. Anything to get noticed :-)

Terron

Workerdrone said:

GunJack said:

Workerdrone said:

Albermarle said:

Career break at 45 to 55 to travel, learn more and chill, then work hard from 55 to 65.

Problem with this idea , is that if you have good well paid job at 45 and give it up and then come back at 55 , you will almost certainly have to take a lower paid more menial job . Unless you have very specific skills.

Liam Neeson was 56 when he made taken. No wonder he made that speech "..but what I do have are a very particular set of skills. Skills I have acquired over a very long career. Skills that make me a nightmare for people like you. If you let my daughter go now that'll be the end of it. I will not look for you, I will not pursue you, but if you don't, I will look for you, I will find you and I will kill you."

A classic speech

And perhaps one which any over 55 year old should repurpose as part of their CV. Lets face it, they are likely to be shuffled out in the paper sift anyway. Anything to get noticed :-)

It doesn't work when the specific skills you provably have aren't the ones in demand anymore.

Malthusian

Workerdrone said:

Liam Neeson was 56 when he made taken. No wonder he made that speech "..but what I do have are a very particular set of skills. Skills I have acquired over a very long career. Skills that make me a nightmare for people like you. If you let my daughter go now that'll be the end of it. I will not look for you, I will not pursue you, but if you don't, I will look for you, I will find you and I will kill you."

Two things to note in the context of the thread though:

1) Neeson's character was still working as a security consultant in his 50s. Not working himself into the grave by any stretch but not retired or on sabbatical either.

2) The particular skill Neeson needed to find his daughter was the ability to randomly wander around Paris (pop. 13 million) until he spotted his daughter's jacket on another trafficking victim.

So if you're looking for inspiration to retire early, or take a long career break on the basis you can return whenever you like with your marketable skills still intact, Neeson's character in Taken is not it.

The irony of Taken is that Neeson manages to convince the audience that he's still got it when it comes to fighting and gunning down bad guys (where his age should be a disadvantage) but he needs a gigantic deus ex machina to track them down in the first place (where his experience should give him an edge).

"So, you've been out of the industry for ten years. Tell me about how you've kept up to date with changing regulations and professional standards during that time." "Oh I didn't bother, I figured I could just randomly wander round the office and everything would work out. That's how experience works right?"