Extend the uncertainty?

AG47 wrote: »

Most elderly people will need to take equity from their house to pay for the old age

If there’s no one else living there then yes.

And what’s the issue with that?

They either sell an empty house which they can’t look after and possibly can’t pay the bills for

OR

We let them keep an empty house and the tax payer (including the just amount managing and those who cannot afford houses) subsidise them to keep an empty house. Do we pay for the upkeep, council tax, bills as well??

It’s pretty obvious to me that if they have assets they don’t need then they should sell them.

No vested interest here I can assure you as I’m doing myself out of an inheritance.

phillw wrote: »

People tend to move further and further to the right wing as they get older and they feel like they are owed for all the tax they have paid (even though the cost to the country over their lifetimes is often greater than their contributions and it's shouldered by the people at the bottom of the pyramid). They also vote more than younger people.

That is the problem.

This is perception and in most cases not true.
Let me give you an example. My MIL worked from 14-72 so no question she worked hard all her life. For many of those years she worked in a supermarket and would have paid little tax.
She received NHS Care in her 70s including 3 weeks in intensive care. I believe the bed costs are £1k per night and that’s excluding drugs and tests, so at least £20k there.
During her 80s and 90s, she’s received district nurses, doctors, social care at home every day for free, 1 year in a nursing home @ £825 per week and about 3 months in hospital in her 90s at £3k per week.

She is an example of someone who’d say she’s paid in all her life (which is true) but she’s also take a great deal more out.
This applies to about 60% who are NET TAKERS

https://www.telegraph.co.uk/finance/personalfinance/tax/10638283/How-much-we-give-the-state-in-tax-and-how-much-we-get-back.htm

So I think we’re agreed that’s there’s an issue with perception of fairness.

I personally cannot imagine a system where older people sit on a 6 figure sum whilst getting expensive state handouts which are paid for by their working children and grandchildren.

AG47 wrote: »

Most elderly people will need to take equity from their house to pay for the old age

Most homeowners who move house have to take equity from their old one. Age has nothing to do with it.