Thursday, Mar 12, 2009
Old folk are looking for housemates!
Mish's: Boomers' Future Went Down The Drain
Among the adjustments forced by the new circumstances, perhaps the cruelest twist for many boomers is the need to join younger generations in the [flatmate] queue. The housing crash has forced record numbers of late-middle age homeowners to take in [lodgers] or risk becoming [lodgers] themselves. Home-share organizations founded to assist the elderly are scrambling to meet the demands of newly bust boomers. In the last few months they have experienced explosive growth in interest by homeowners age 50-plus to find rooms and roommates. People in their 50s and 60s are losing their nest eggs and increasingly willing to give up their privacy in exchange for rents of $500, $600 a month. Is this so bad? Why wait for a retirement home to live with other people?
6 Comments
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1. landofconfusion said...
A thought struck me this morning. How many people of retirement age have non index-linked pensions? And what happens to those pensions when QE causes massive 70's-style inflation?
2. layers said...
LandoC - very good point - they're screwed. Just shows that the vast majority of pension schemes (unless govt or final salary utils) are a nassive con. Effectively they're the grist to the mill's financial ponzi scheme.
3. landofconfusion said...
In theory you can protect against this buy purchasing an RPI/RPIX-linked annuity but how many people have done this? It seems to me like ZanuLabour are screwing you at both ends of the ladder. The young get screwed with future debt and the old get screwed by declining pensions.
Unless, of course, you work for them.
4. stillthinking said...
Where are the savers? They should be up in arms. I can't believe in this internet age there hasn't been some organised demonstration.
5. refusetobuy said...
Sadly, index linked pensions tend to be capped at 3-5% so if inflation does take off then QE will inflate away the debt, but pensioners will lose out.
On the upside, pensions are floored at 0%, so pensioners don't lose out if deflation occurs.
6. Eyes_wide_open said...
"Where are the savers? They should be up in arms. I can't believe in this internet age there hasn't been some organised demonstration."
Didn't our glorious Government ban demonstrations a few years ago?
The game is already over.