Monday, Mar 15, 2010
Another Accolade for Labour - "Work Until You Drop"
Daily Mail: Parents forced to 'postpone retirement to support adult children'
Research undertaken by The Children's Mutual found more than half (57 per cent) of parents with 18 to 30-year-olds quizzed said they had 'no choice' but to retire later. Four in ten (43 per cent) expected to work up to five years longer than desired due to the financial burden of their 'adult' children.
Posted by cat and canary @ 12:31 PM (1295 views) Add Comment
11 Comments
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1. mark wadsworth said...
Yup.
The ugly reality of Home-Owner-Ism is catching up with them - the parents' paper capital gain is more than offset by the additional financial burden on their children, which they pass straight back to their parents until the whole family sinks in a mire of debt.
As to the guy whistling on about the Childs Trust Fund, he is well and truly bonkers. It's the extra £100,000 mortgage debt that's relevant here, not the few quid a year tax break on a paltry amount of savings for kids born after 2000.
2. Neil B said...
This is just one of the many prices Boomers have to pay for enjoying huge capital gains on their properties.
3. mountain goat said...
Supporting adult children isn't good, especially for them. If older people keep working then the adult children have even more trouble finding jobs. This is likely to remain a problem for the next two decade as the boomers approach retirement age. The weekend reports on the BBC of young people working for no pay to get work experience is further evidence of this demographic problem that we face.
However, speaking personally I hope to "work till I drop". I enjoy my job, being productive makes me happy. I take it you want to spend your old age working on your tan C&C?
4. i remember the 90`s said...
Well i know a large number of people with adult children (myself included )and not one of us is planning late retirement to support our offsprings ,where do they get this tosh .I`m 53 just after the so called boomers but i do know quite a few very nice people that has been labelled as boomers!!!!!!!!!!
5. vacuouspolitician said...
Mixed feelings about this article. Self-respect? No choice? But the government's 'aim to encourage tomorrow's pensioners to become 'rational actors' and save for retirement.' is absolutely priceless. Oh yes they've been doing everything in their power to encourage this haven't they...!
6. Neil B said...
@i remember... Sorry to break this to you but you are Boomer. It's not a slur it just means that you were born before 1965. To be fair to the journo; just because it isn't happening to you doesn't make it 'tosh'. I know several boomers, all your age that are supporting their adult offspring. They have no other choice: Would you throw your kids out of your home just because you didnt live with your parent when you were their ages?
7. braindeed said...
Well maybe it will dawn on the dimwits at dinner paties that although their little 'mansion' is worth 10 times what they paid for it (but just the same small pile of adobe they bought, nevertheless), it's not so good for their kids' lifetime asperations.- it'll take more pain along the same lines for the penny to drop with most of them though.
8. Crunchy said...
Parce the parcel. Nobody wants the booby prize.
9. cat and canary said...
yeah MG, would be nice to work on the tan and retire early!
Assuming that doesn´t happen, would be nice to work, maybe teaching, at a more lesuirely pace when im in my 60s.
Worst case, is id be having to work my a@@ off to support my 30-somethings!
In a funny sort of way, I agree with braindeed, that its their own fault. You cant steal from first time buyers future and then expect them to stand on their own two feet and have their own home! Lets hope the million-strong army of 35 - 45 yr olds returning home dont spend too much of mum and dads nest egg!
As a 30-something, my parents dont have a dime to rub together if I had to go home. Quite the opposite, my parent´s upcoming state pension is looking tight, especially with inflation etc. I may be supporting them sadly. But then again, suppose, they taught me to work my a$$ off and to be prepared for a rainy day so i wouldnt have to go living off my parents retirement.
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