Bob Loblaw Posted August 22, 2012 Share Posted August 22, 2012 Since it is assumed that everyone over 50 is a boomer by many on here thought a poll would be useful. Assuming your parents are over 50 and still alive do they fit into the boomer category? A boomer being someone who bought a large house cheap as a first purchase, is mortgage free and retired well before 60 on a large pension. Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted August 22, 2012 Share Posted August 22, 2012 Since it is assumed that everyone over 50 is a boomer by many on here thought a poll would be useful. Assuming your parents are over 50 and still alive do they fit into the boomer category? A boomer being someone who bought a large house cheap as a first purchase, is mortgage free and retired well before 60 on a large pension. Need a few more options between the two in your poll In my parents case bought a 3 bed detatched, dad retired at 60 having paid off mortgage but carried on working part time until 64. Mum worked part time until 66. Live off reasonable mix of occupational and state pensions adding up to approx 23K gross a year. Quote Link to comment Share on other sites More sharing options...
Vagabond Posted August 22, 2012 Share Posted August 22, 2012 My Dad is 65 and still working. He has paid off the mortgage on his awful 2 bedroom terrace though. Mother (they're divorced) lives in council housing and still works at going on 60. Quote Link to comment Share on other sites More sharing options...
tomandlu Posted August 22, 2012 Share Posted August 22, 2012 (edited) Nowhere near enough options - in my case, what about parents who moved from a smaller to larger properties, and also had a second home? I've picked the nearest option, but you might want rephrase in a less specific way. E.g. "Were mortgage free or near mortgage free on at least one property by mid-thirties and had generous pension provision with option of retiring <60" And even that is hardly going to capture a lot of nuances. Edited August 22, 2012 by tomandlu Quote Link to comment Share on other sites More sharing options...
StainlessSteelCat Posted August 22, 2012 Share Posted August 22, 2012 (edited) Not enough options to vote I'm afraid. My parents just qualify as baby boomers in that my mum was born between 1946-64. Dad was a war baby (so not a boomer). They never managed to buy due to spells of unemployment/illness and live in sheltered council housing now. House buying was also seen as something the middle class did. Edited August 22, 2012 by StainlessSteelCat Quote Link to comment Share on other sites More sharing options...
Sir Harold m Posted August 22, 2012 Share Posted August 22, 2012 How about an option for "lived within their means and paid off their house which was extraordinarily small but functional enough to raise 2 kids, didn't have a car or foreign holidays but also didn't blame their lack of possessions on anyone else but thanked whatever God they prayed to that they were so damn lucky to be born into a country which guaranteed them a living and lifestyle better than 90% of humanity even if they decided to sit on their backsides all day and do sod all " But that wouldn't fit with the self pity on here would it ? Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted August 22, 2012 Share Posted August 22, 2012 Since it is assumed that everyone over 50 is a boomer by many on here thought a poll would be useful. Assuming your parents are over 50 and still alive do they fit into the boomer category? A boomer being someone who bought a large house cheap as a first purchase, is mortgage free and retired well before 60 on a large pension. That is a minority of boomers funny description ? Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted August 22, 2012 Share Posted August 22, 2012 Since it is assumed that everyone over 50 is a boomer by many on here thought a poll would be useful. Assuming your parents are over 50 and still alive do they fit into the boomer category? A boomer being someone who bought a large house cheap as a first purchase, is mortgage free and retired well before 60 on a large pension. My in-laws fit most of that.. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted August 22, 2012 Share Posted August 22, 2012 My parents are long dead, but "yes" fits me pretty closely. I fully accept that it would have been almost impossible the way things are now. I had to work hard to achieve it. The majority of my generation haven't managed to retire in their mid fifties and many, stupidly, have re-mortgaged to use their house as a cash machine and are heavily in debt in their sixties. Quote Link to comment Share on other sites More sharing options...
geezer466 Posted August 22, 2012 Share Posted August 22, 2012 54 still at work but mortgage paid off. 2 Teenage kids still at home. Head down at work managed to get the mortgage paid off. Most around me (in West London at the time) were mewing till the cows came home and will have to work longer to pay that down in the future.... Meant some frugal holidays though the years like Butlins at Bognor and running the family car longer than we had planned but still glad we followed the route we did. At least if the gods take me and my missus quickly the kids will have something to get them started............ Quote Link to comment Share on other sites More sharing options...
longtomsilver Posted August 22, 2012 Share Posted August 22, 2012 54 still at work but mortgage paid off. 2 Teenage kids still at home. Head down at work managed to get the mortgage paid off. Most around me (in West London at the time) were mewing till the cows came home and will have to work longer to pay that down in the future.... Meant some frugal holidays though the years like Butlins at Bognor and running the family car longer than we had planned but still glad we followed the route we did. At least if the gods take me and my missus quickly the kids will have something to get them started............ Have you seen the price of a Butlins holiday today? Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted August 22, 2012 Share Posted August 22, 2012 Yes, Council house (remember those?), 50% RTB discount, MIRAS, Mum collected her state pension at 60, Dad has a couple of public sector pensions that paid something from 55 and now full post 60. Both still working and as financially comfortable as they have ever been. As far as I can see without actually challenging them about it, terrible with money, now they are comfortable. Dad did 14 years in the services which looks like the only route out nowadays, as with very little in the way of qualies it would be hard to replicate their situation. Chances of someone buying even their modest council house from similar job position, much slimmer, even with tax credits/benefits payroll. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted August 22, 2012 Share Posted August 22, 2012 My parents were not boomers having been born in the early 30's. Quote Link to comment Share on other sites More sharing options...
campervanman Posted August 22, 2012 Share Posted August 22, 2012 (edited) Since it is assumed that everyone over 50 is a boomer by many on here thought a poll would be useful. Assuming your parents are over 50 and still alive do they fit into the boomer category? A boomer being someone who bought a large house cheap as a first purchase, is mortgage free and retired well before 60 on a large pension. Myparents were pre boomers and had my dad lived long enough would have had some of the above although if he were alive I doubt he would agree that he bought his house cheaply or that his pension was large enough to enjoy the Carribbean cruise every month lifestyle that everyone over 45 alledgedly enjoys. Edited August 22, 2012 by campervanman Quote Link to comment Share on other sites More sharing options...
ScrewsNutsandBolts Posted August 22, 2012 Share Posted August 22, 2012 (edited) A pretty good description of my parents also. I can look back and see they worked hard, but the hours probably weren't as long as they seem to be now and my father was able to remain with one company from finishing university until he took early retirement at 55. He was quite a senior manager so pension is probably very good. Mother was a teacher so a solid public sector pension for her. I know they bought three houses overall and are still in the third. First around 1970, then probably around 1972 for the next, then around 1981 for the third. I was old enough at the last move to have an idea of the numbers, and they sold a four bedroom detached on an estate in a nice village for 40K and bought a large 4 bed detached with around an acre of land in the same village for 64K. I reckon the former was around 4-5 times average salary at the time, and the latter around 7-8 times. I can see on net house prices that there old 40K house sells now (2011-2012) for around 300k, so something like 12 times average salary. Current house must be worth 600K plus, so at least 24 times average salary. Someone now in the same position as they were then couldn't do what they did. They do seem to understand and appreciate all of the above, and can see how the current generations are being done-over. Perhaps the root-causes are the fault of their generation, but I don't see that they are personally to blame in any way. So they had it luckier than me, but I was just in time to get a free university education so I myself am a lot luckier than those born in the 80s and 90s. Not sure how this declining trend will ever reverse, which is sad as I am newly a father myself. Edited August 22, 2012 by ScrewsNutsandBolts Quote Link to comment Share on other sites More sharing options...
monkeyman1974 Posted August 22, 2012 Share Posted August 22, 2012 not enough options as I wanted to label them as typical boomers, but my old boy at 60 is still working (for government) waiting for vol' redundancy (ironic as I was made redundant not so long ago). my old girl was made redundant from local authority at 55 on grounds on health, and then re-employed (she kept package) - she went down to have days due to ill health and was informed her leave entitlement had risen from 30 to 60 days as a consequence (no shit). She is irked that she will not get the improved stat' pension, despite blithely ignoring her local authority rpi linked one. one btl i do think it's wrong to totally castigate a generation for being lucky, as the system has been designed around them for political gain and through unexpected increases in life expectancy: however, I think it is fair enough to be critical to those not aware of the good fortune Quote Link to comment Share on other sites More sharing options...
(Blizzard) Posted August 22, 2012 Share Posted August 22, 2012 My parents are long dead, but "yes" fits me pretty closely. I fully accept that it would have been almost impossible the way things are now. I had to work hard to achieve it. The majority of my generation haven't managed to retire in their mid fifties and many, stupidly, have re-mortgaged to use their house as a cash machine and are heavily in debt in their sixties. The massive transfer of wealth from the young to the old which happened over the last decade shows up in various statistics - feel free to Google since I don't have time, but they've been posted here before. It is simply a fact that the 'older generation' has gained whilst the 'younger generation' has lost. It is also pretty difficult to argue that the 'older generation' were not in power when this happened. So whilst there may be differing interpretations of this fact, it is still a fact. Facts are not self-pity. My parents are typical, they own a massive house they couldn't hope to afford, and retired fairly early (don't remember exactly how old). My parents are atypical in that they understand this transfer of wealth, and are appalled by it. They are not fooled by the existence of mobile phones. Actually, I'm not even sure this is really an unusual POV amongst the older generation, I think most of them get it. I have had several of my friends parents say this to me unprompted and independently. Quote Link to comment Share on other sites More sharing options...
Si1 Posted August 22, 2012 Share Posted August 22, 2012 Dad's a pre-boomer, b about 1936. Not a lot of point mentioning my mum as my dad has always dominated the relationship and disapproved of her working although she had to when he was out of work (don't even start, I know I know). He has always spent money on financial advisers and not got much for it – much of his private pension was eaten by fees (which he worked out at the end rather than the start). Bought as big a house as he could afford at the housing peak in early 1970s. When he had a family that made us permanently skint and had one holiday a year if we were lucky. Had very few things and little to do to enjoy, but a big house. He always seems to get into shares at peak and then cash out of everything at bottom. Put off getting his annuity until very very recently and got jack squat for it. Paid a hefty advice fee for this. When I said I wanted to buy a house in 2000 he castigated me and said I should wait and said I should listen to him he knows about money. Then he berated me in 2004 for not having sufficient salary to afford one any more. He laughed himself silly in 2009 when I in passing suggested to him that shares might have been a good buy at this point for his ISAs, in particular EM and commod-related. Haven't bothered much with him since. He retired at about 70 on not a lot, except which was significantly boosted by him sucking up to dying relatives with big inheritanmces. But a big house and a doting mildly downtrodden wife. My mum's cool and we bitch about him when she comes to see me without him. She's kept enough of her self esteem to get by ok and ignore his cr*p, she loves him but a later generational wife would have left him. Snd she sensibly got an annuity (as she didn't trust his opinion) with what little she had collected in a pension, when rates weren't too bad. I think my dad has signs of clinical narcissism, having said that his dad was difficult so it passes down, despite my easy resentment I hope not to pass abuse on to my own family when I have them; I am aware of the risk and have discussed this with my partner. He isn't a boomer but he's thrown so much away on bubble-chasing without acknowledging it – he is always right. It's more to do with ego than money, he HAS to be cleverer and more grandiose than the next guy, nothing can be simple, he has to have a higher intellectual position. He's holding onto his big empty house because it is an investment. I never visit however because I don't like being screamed at so those rooms go to waste. Quote Link to comment Share on other sites More sharing options...
bmf Posted August 22, 2012 Share Posted August 22, 2012 not enough options as I wanted to label them as typical boomers, but my old boy at 60 is still working (for government) waiting for vol' redundancy (ironic as I was made redundant not so long ago). my old girl was made redundant from local authority at 55 on grounds on health, and then re-employed (she kept package) - she went down to have days due to ill health and was informed her leave entitlement had risen from 30 to 60 days as a consequence (no shit). She is irked that she will not get the improved stat' pension, despite blithely ignoring her local authority rpi linked one. one btl i do think it's wrong to totally castigate a generation for being lucky, as the system has been designed around them for political gain and through unexpected increases in life expectancy: however, I think it is fair enough to be critical to those not aware of the good fortune Agree. It's not solely an age thing just people of that age who think they are so much better and they could do it today, spouting crap about ladders and in doing so dismissing the current crop of youngsters. These people are the real kids - inumerate and ungrateful. Quote Link to comment Share on other sites More sharing options...
campervanman Posted August 22, 2012 Share Posted August 22, 2012 Maybe we feel we were better than you because ,although like you, we were angry too, we were able to do some positive stuff with our anger. Quote Link to comment Share on other sites More sharing options...
Lone_Twin Posted August 22, 2012 Share Posted August 22, 2012 Maybe we feel we were better than you because ,although like you, we were angry too, we were able to do some positive stuff with our anger. Yeah you really stuck it to us. Thanks dad. Quote Link to comment Share on other sites More sharing options...
Vagabond Posted August 22, 2012 Share Posted August 22, 2012 Maybe we feel we were better than you because ,although like you, we were angry too, we were able to do some positive stuff with our anger. Sterotypical old man is sterotypical. Maybe you feel that way because thats how every older generation has felt since the dawn of time. Must dash, I've a pair of expensive trainers to change into. It was a choice between them or the deposit on a house and I'm sure I've chosen wisely. Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted August 22, 2012 Share Posted August 22, 2012 Maybe we feel we were better than you because ,although like you, we were angry too, we were able to do some positive stuff with our anger. Such as? Quote Link to comment Share on other sites More sharing options...
tim123 Posted August 22, 2012 Share Posted August 22, 2012 (edited) sorry, can't answer, you missed out: "dead" timmy Edited August 22, 2012 by tim123 Quote Link to comment Share on other sites More sharing options...
longtomsilver Posted August 22, 2012 Share Posted August 22, 2012 A pretty good description of my parents also. I can look back and see they worked hard, but the hours probably weren't as long as they seem to be now and my father was able to remain with one company from finishing university until he took early retirement at 55. He was quite a senior manager so pension is probably very good. Mother was a teacher so a solid public sector pension for her. I know they bought three houses overall and are still in the third. First around 1970, then probably around 1972 for the next, then around 1981 for the third. I was old enough at the last move to have an idea of the numbers, and they sold a four bedroom detached on an estate in a nice village for 40K and bought a large 4 bed detached with around an acre of land in the same village for 64K. I reckon the former was around 4-5 times average salary at the time, and the latter around 7-8 times. I can see on net house prices that there old 40K house sells now (2011-2012) for around 300k, so something like 12 times average salary. Current house must be worth 600K plus, so at least 24 times average salary. Someone now in the same position as they were then couldn't do what they did. They do seem to understand and appreciate all of the above, and can see how the current generations are being done-over. Perhaps the root-causes are the fault of their generation, but I don't see that they are personally to blame in any way. So they had it luckier than me, but I was just in time to get a free university education so I myself am a lot luckier than those born in the 80s and 90s. Not sure how this declining trend will ever reverse, which is sad as I am newly a father myself. Very similar to my own parents. Mother also a teacher/lecturer and father was MD of a small midlands based chemicals/plastic company taken over by ICI in the 80s who paid him off (two years salary) which together with the Jaguar he sold cash (and I remember £6k sitting on the kitchen table, a lot of money back then) he cleared the mortgage as he only borrowed 2.5x salary (£90k borrowed and cleared within 10years of taking it out) on a house currently worth ~£750-900k. Quote Link to comment Share on other sites More sharing options...
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