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'baby Boomers Are Very Privileged Human Beings'

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http://uk.finance.yahoo.com/news/-Baby-boomers-privileged-tele-1939303190.html?x=0

'The postwar generation has enjoyed a seemingly unbroken run of good luck, from free university education to the house price boom. Even in retirement their good fortune continues, with many enjoying generous final salary pensions. How can they make the most of these advantages in retirement and how can they use their wealth to help their less fortunate children?

The post-war baby-boomer generation which has helped transform society over the past 50 years is now facing its biggest challenge: retirement.

The facts speak for themselves. More than 80pc of the nation's £6.7trn in wealth is owned by baby boomers (those born between 1946 and 1964). Collectively, the country owns £2.6trn in shares and savings and those aged 50 to 64 own £1trn of this. A third of the £1.8trn held in pension funds is owned by this age group (and a further quarter is owned by those aged between 45 and 50). And they own 40pc of the £2.5trn tied up in property. In fact, property has been such a staggeringly good investment for this generation that one in five baby boomers owns a second home.

As Will Hutton of the Work Foundation and a baby boomer himself pointed out: "Having enjoyed a life of free love, free school meals, free universities, defined benefit pensions, mainly full employment and a 40-year-long housing boom, [the baby boomers] are bequeathing their children sky-high house prices, debts and shrivelled pensions. A 60 year-old today is a very privileged and lucky human being."

The key to the financial success of the baby boomers has been rising house prices. Robert Gardner, the chief economist at Nationwide, said: "The baby boomer generation benefited from significant house price rises in some cases over 100pc in real terms. Housing was also more affordable during the mid Seventies and the Eighties, with a much lower house-price-to-earnings ratio than today."

This helped create a huge increase in home ownership. And this demand, fuelled by baby boomers buying their first homes, then moving into bigger homes as their families grew, helped drive prices higher.

According to the National Association of Pension Funds, a third of those aged 45 to 54, and almost one in five of those aged between 55 and 64, have some kind of earnings-linked pension scheme. Those who have gaps in their pension provision need to look at how they will fund their retirement. This may mean taking into account other assets, such as property and investments.

While many will want to use their assets to help children, or even grandchildren, this needs to be balanced against your own retirement needs. Ms Gee said: "Don't insist your children follow the same route you have. Baby boomers may have profited hugely from rising house prices, but this won't necessarily happen in future."

Inheritance tax planning is also crucial. While "skiing" spending the kids' inheritance has become a widely used acronym, many more baby boomers are aware they are the "lucky ones" and want to maximise what goes to their children and grandchildren, who are facing a far bleaker financial future. '

know there's a fair few on here who regularly slate the boomers.gotta feed the machine hey....

merv is a boomer,bob diamond,fred the shred,helicopter ben..coincidence?i think it's eaiser to blame gordon brown.

[/quote

Don't babies and students own the most wealth.

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Oh dear, another sloppy article.

'The postwar generation has enjoyed a seemingly unbroken run of good luck, from free university education to the house price boom. Even in retirement their good fortune continues, with many enjoying generous final salary pensions.

Bzzt. Those enjoying the pensions are older than the post-war generation. Pensions have collapsed a long way for those retiring now.

The post-war baby-boomer generation which has helped transform society over the past 50 years is now facing its biggest challenge: retirement.

50 years? Someone born in 1946 would've been at school 50 years ago.

The facts speak for themselves. More than 80pc of the nation's £6.7trn in wealth is owned by baby boomers (those born between 1946 and 1964).

Whoops! Lumping together very different generations there. Some of your so-called boomers weren't even born 50 years ago. Those of us born in the 1960s weren't the hippy/free love generation, though we did find them very intimidating.

Collectively, the country owns £2.6trn in shares and savings and those aged 50 to 64 own £1trn of this. A third of the £1.8trn held in pension funds is owned by this age group (and a further quarter is owned by those aged between 45 and 50). And they own 40pc of the £2.5trn tied up in property. In fact, property has been such a staggeringly good investment for this generation that one in five baby boomers owns a second home.

Hold the front page! Older people have more wealth than their younger selves!

As Will Hutton of the Work Foundation and a baby boomer himself pointed out: "Having enjoyed a life of free love, free school meals, free universities, defined benefit pensions, mainly full employment and a 40-year-long housing boom, [the baby boomers] are bequeathing their children sky-high house prices, debts and shrivelled pensions. A 60 year-old today is a very privileged and lucky human being."

Free love? Free school meals? Speak for yourself, not my generation.

Defined benefit pensions? A few, but only those who took a job-for-life could really benefit 'cos of the huge losses you'd make any time you changed job.

A 60-year-old who had the foresight to take out a pension at 50 is indeed benefiting from generous rates. Those who have yet to take a pension have missed that boat.

The key to the financial success of the baby boomers has been rising house prices. Robert Gardner, the chief economist at Nationwide, said: "The baby boomer generation benefited from significant house price rises in some cases over 100pc in real terms. Housing was also more affordable during the mid Seventies and the Eighties, with a much lower house-price-to-earnings ratio than today."

Largely true. Though not actually more affordable when mortgages (at 15% interest) are limited to 2.5xpay and the cheapest flat is more than that.

This helped create a huge increase in home ownership. And this demand, fuelled by baby boomers buying their first homes, then moving into bigger homes as their families grew, helped drive prices higher.

Thus pricing out those of us born in the 1960s.

According to the National Association of Pension Funds, a third of those aged 45 to 54, and almost one in five of those aged between 55 and 64, have some kind of earnings-linked pension scheme.

Yeah, I've got that. I think it'll be worth about £400/year when I retire. I think that's fairly usual.

Those who have gaps in their pension provision need to look at how they will fund their retirement. This may mean taking into account other assets, such as property and investments.

Yep. Basic state pension looks ample if you're free of rent/mortgage.

merv is a boomer,bob diamond,fred the shred,helicopter ben..coincidence?i think it's eaiser to blame gordon brown.

All of them born before that magic date of April 1960 that firmly ended what remained of postwar generational good fortune.

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It astounds me when I read that those who have worked for forty years, and probably inherited some, have collected more wealth than those who have only worked ten.

Staggering. I never would have believed it.

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Estimates of 'wealth' which are predicated upon assumed property values will look radically different in 5 years time. How many of those properties are mortgage-free and actually OWNED by said boomers and not the lenders?

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The magic of compounding.

They boomers have largely got Iou's.

Unpayable iou's.

Articles like this are the first salvo in gently letting them find out they aren't getting paid.

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They boomers have largely got Iou's.

Unpayable iou's.

Articles like this are the first salvo in gently letting them find out they aren't getting paid.

the concept of bullying unborn children - 'goddamit pay me goddamit'

it's sick and weird, stranger too is that it is true

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once in a while we agree on something-please see my sig as well.

poverty in old age is the future for most of us.

some generations have had a better roll of the dice than others.I wouldn't want to be 20 now and if you think compounding will help them out and make them wealthy in old age then you can't do basic arithmetic.they're fu**** particularly those under 30 who bought their first hosue in the last 5/6 years.

the only thing that'll likely compound for them is their debts.

Oh the debts on the now 20 year olds will be gone by the time they hit 30. Couple of years of bankrupcy will fix most of it up, if the PTB aren't smart enough to change the fundamentals the market will for them anyway.

Then the boomers will have to sell their shit to get food in, and it'll be party time for anyone below the age of 40 or so - i.e. anyone with a good few years of work left in them can hoover up all that captured boomer wealth as it spirals back out into the rest of the population.

Its kindof sad really, if the older lot had just slowly adapted to their declining years by slowly downsizing over 15 years or so there would have been little pain. instead they've clung on far too long via the state and are going to lose the lot in very short order and very painfully too.

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once in a while we agree on something

It feels odd to agree with Injin but give it a few days and the feeling of strangeness will pass.

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At 13 years of age I used to gut chickens by hand (no gloves) . If I gutted 250 in a day I got £3. At 14 I was offered a full time job by my employer.Thats how you make your way in life. I feel privileged to have been given the opportunity to show how hard I could work. My grandaughters would now consider that type of work beneath them.

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this is very much my view of the near future.

george to merv

'merv we need more cash'

merv to george

'ok we'll sell the tax revenues of those to be born in 2015.'

wash rinse repeat.excessive govt debt is thieving from our kids.

But they can't. We've entered a decline in the number of kids, hence the baby boomer name. Unless you propose to tax the kids 40% starting rising to 80%? I doubt that would be accepted by the kids.

It's not just pensions but also care for the elderly that costs. In fact the care costs far more than a pension. Check out costs on care homes. Then the NHS as they get ill.

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No we haven't.

The immigration boom put paid to that.

The flaw with that scheme is that immigrants get old too. Storing up ever-bigger trouble for the future.

And their kids go native, demand the privileges of a developed country, and are above the hard work their parents did. No blame to them: again it's the ponzi system!

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The flaw with that scheme is that immigrants get old too. Storing up ever-bigger trouble for the future.

And their kids go native, demand the privileges of a developed country, and are above the hard work their parents did. No blame to them: again it's the ponzi system!

Its not a flaw from a political perspective though, thats someone elses problem

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The idea that we need lots of immigrants to pay for pensions is refuted by the very high unemployment levels. We do not need more workers because our productivity is now so high.

Of course baby boomers have most of the wealth. The elderly always do. Firstly, they have had a lifetime to accumulate. Secondly, they are inheriting the wealth of dying parents, who previously had all the wealth. They did not have all the wealth when they were 20 years old either.

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At 13 years of age I used to gut chickens by hand (no gloves) . If I gutted 250 in a day I got £3. At 14 I was offered a full time job by my employer.Thats how you make your way in life. I feel privileged to have been given the opportunity to show how hard I could work. My grandaughters would now consider that type of work beneath them.

We have made them like that, cossetted academics who can't even manage the tented community outside St. Pauls for more than a few hours at a time, and returning home for their man/woman child comforts at home with mummy.

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It astounds me when I read that those who have worked for forty years, and probably inherited some, have collected more wealth than those who have only worked ten.

Staggering. I never would have believed it.

The point, as you well know, is that the majority of those who have worked for ten years are not accumulating any wealth and are more likely to be accumulating debt.

I’m not entirely sure why you think it’s got nothing to do with ‘Boomers’ their actions have only lead, both politically and in industry, to the desolation of the UK.

Under their watch the following changes: -

Free universities – not for me.

Free dental care – not for me.

Free prescriptions – not for me.

Job for life – not for me.

Pension – not for me.

Retire at 55-60 – not for me.

House – not for me.

Now I could live with the above IF the Boomers realised that it could no longer be afforded and that these things should be stopped, but they didn’t.

THEY BORROWED TO KEEP GIVING THEMSELVES FREE STUFF.

And now they expect us to go without AND pick up the tab for their life of luxury.

Me, miffed? No, not a bit of it..................

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At 13 years of age I used to gut chickens by hand (no gloves) . If I gutted 250 in a day I got £3. At 14 I was offered a full time job by my employer.Thats how you make your way in life. I feel privileged to have been given the opportunity to show how hard I could work. My grandaughters would now consider that type of work beneath them.

What would that £3 equate to today?

This is another diversionary argument that holds little water.

In a reward based society, which ours was, the rewards were visible and achievable for the majority.

Now your asking young men and women to forego families, often put off into their late 30's, so that both can work in low paid -high stress jobs to buy a one bedroom flat for £100,000 and only then as a result of their benevolent boomer parents who gifted the deposit, gawd bless you (tugs forelock).

Society is basically asking young people to give too much and, in ever growing numbers, they are giving society the finger.

It's not all the feckless youth. It's got a lot to do with the feckless boomers.

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nicely put.

the great bit is that they/we got you and your pals to pick up the tab in twenty years time.don't ever call old people stup[id.although there might be some oppurtunities to stick us with an icepick by defaulting and crashing our treasured specie.

Default? it does have a lovely ring to it.

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the weird things is that most on here can see this problem coming,problem is our politicians can't.they're out there giving the freebies away to anyone who turns up,jsut like they have for the last 50 years.

when our young people are of age,I hope and pray they will tell our creditors to f*** off andf to go chase those who ran up the bills in their name.

I think it would be foolish to assume they arent aware of it (at least the civil servants will be, and thus any MP of actual relevance), GAD probably did the analysis years/decades ago with negative scenarios all played out), theyve made subtle policy changes (immigration to reverse the popn pyramid, they clearly didnt see the peak debt train interfering though or hoped to offset it), beginning legislative pension changes capping inflation

At the end of the day it serves no purpose politically if you want to kick the can for them to highlight they know its fcked, it will only destroy confidence further and shorten the can kicking length

Edited by Tamara De Lempicka

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http://uk.finance.yahoo.com/news/-Baby-boomers-privileged-tele-1939303190.html?x=0

[the baby boomers] are bequeathing their children sky-high house prices, debts and shrivelled pensions. A 60 year-old today is a very privileged and lucky human being."[/b]

Were quite grateful actually but its not us who have damaged /ruined the prospects of everybody you have to look no further than the Bankers greed and the Politicians inactivity to find some real people to blame

Edited by papag

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At 15 during my last summer holiday prior to leaving school I spent seven weeks unloading brick kilns and loading brick Lorries.

I started work at 16 every thing from hod carrying to engineering, I became a toolmaker.

After getting married and taking out a mortgage I took 3 jobs to make ends meet mainly because of high payments on the house lone.

My wife loaded sacks of potatoes onto Lorries 5 days a week.

I invested my own money towards the future and looked after my brothers investments too.

We all retired at 50 on our private means.

I owe the modern state mollycoddled youth nothing, most are unemployable.

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At 15 during my last summer holiday prior to leaving school I spent seven weeks unloading brick kilns and loading brick Lorries.

I started work at 16 every thing from hod carrying to engineering, I became a toolmaker.

After getting married and taking out a mortgage I took 3 jobs to make ends meet mainly because of high payments on the house lone.

My wife loaded sacks of potatoes onto Lorries 5 days a week.

I invested my own money towards the future and looked after my brothers investments too.

We all retired at 50 on our private means.

I owe the modern state mollycoddled youth nothing, most are unemployable.

doesnt say much for the future return on your investments considering they are the ones who will be generating your returns unless you are banking on Father Xmas. And blaming them for being state mollycoddled, is a bit of a logic failure, its not them who have spent the last sixty years voting for everincreased govt spending and thus size

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At 15 during my last summer holiday prior to leaving school I spent seven weeks unloading brick kilns and loading brick Lorries.

I started work at 16 every thing from hod carrying to engineering, I became a toolmaker.

After getting married and taking out a mortgage I took 3 jobs to make ends meet mainly because of high payments on the house lone.

My wife loaded sacks of potatoes onto Lorries 5 days a week.

I invested my own money towards the future and looked after my brothers investments too.

We all retired at 50 on our private means.

I owe the modern state mollycoddled youth nothing, most are unemployable.

great story.

Please direct us to the brick kilns that our yoof can upload bricks to lorries.

We dont need toolmakers today, we need office workers and Diversity officers, all of which require years of Uni to Masters.

Potato loading is done by conveyors today and is very seasonal,.

Lets hope diversity and State office employment will support a return on your capital.

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I owe the modern state mollycoddled youth nothing, most are unemployable.

They are not mollycoddled, they're just not bothered.

The game is stacked so far against them, they are simply not playing.

There is little chance of them getting the nuclear familly in the three bed semi so they are not trying.

All the Three Yorkshiremen stories in the world won't alter the current state of affairs.

By the sound of it you and your wife worked very hard and you achieved a great deal. To retire at 50 is your reward and I would suggest that your hard work has given you more than an average standard of living. You, through your hard work, appear to have done better than most, better than average, you have excelled. Pat yourself on the back for that but don't think that everyone is capable of such, they're not.

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At 15 during my last summer holiday prior to leaving school I spent seven weeks unloading brick kilns and loading brick Lorries.

I started work at 16 every thing from hod carrying to engineering, I became a toolmaker.

After getting married and taking out a mortgage I took 3 jobs to make ends meet mainly because of high payments on the house lone.

My wife loaded sacks of potatoes onto Lorries 5 days a week.

I invested my own money towards the future and looked after my brothers investments too.

We all retired at 50 on our private means.

I owe the modern state mollycoddled youth nothing, most are unemployable.

Hit and runs like this annoy me. You obviously believe your POV is correct, so come back and argue your case.

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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