Jump to content
House Price Crash Forum
Sign in to follow this  
cashinmattress

40Pc Of Retirees Still Support Family

Recommended Posts

link

Two out of five people retiring this year provide financial support to their families who may be at risk as their incomes drop, according to new research from Prudential.

The insurer’s Class of 2013 research found that retirees who provide support to dependants pay out on average £240 a month to help their families, with 11% paying out more than £500 a month.

Contributing to their families’ everyday living expenses was the most likely call on the finances of those expecting to retire this year with around 15% saying they provide money regularly to cover items such as food or travel, while 14% help with one-off non-essential items such as holidays.

Vince Smith Hughes, retirement expert at Prudential, said: “With nearly half of those expecting to retire this year still providing financial support to their families, retirement income is increasingly becoming a family affair.

“Issues in the housing and jobs markets clearly make it financially difficult for adult children to leave home and most parents are happy to support them where possible.

“If they can afford the support there is no issue but with expected retirement incomes at a five year low any additional outgoings could cause financial strain.

“While supporting the family will always be a priority it is important for people also to focus on their own comfort in retirement.

“Those who are planning to retire should consider consulting a financial adviser or retirement specialist, to assess the retirement income options that will best suit them and their family situation.”

The survey also shows the make-up of UK households of those about to retire with adult children and even grandchildren still living in the family home.

Around two-thirds (68%) of those planning to retire this year will have no dependants living with them.

Almost a sixth (16%) of this year’s retirees have children under the age of 25 living at home while 13% have children aged 25 and over still living with them.

Around 4% even share their homes with a child’s partner while 3% count their grandchildren as housemates.

Despite these financial pressures, around 49% of those planning to retire this year still expect to be able to afford to leave an inheritance to their families, although fewer (37%) believe their family actually expects to receive one.

It is supposed to be the other way around isn't it? Working folk supporting elderly parents? Clearly these retirees have too much money.

A lot of folk nearing deaths door are sitting on fat pensions, paid off properties and investments.

Good thing the NHS is going to be all but privatised, forcing them to shed the wealth in the form of steep medical bills?

The UK is going to a dark place, and will have done so in less than a generation.

Edited by cashinmattress

Share this post


Link to post
Share on other sites

The UK is going to a dark place, and will have done so in less than a generation.

So what are you going to do about it to try and make it brighter? ;)

Share this post


Link to post
Share on other sites

Retire elsewhere.

Where?.......what is on the top of the list?

...What does retiring mean?......working but not doing any paid work? or that weak and elderly unable to do much in the way of any kind of work so have to employ people to do stuff for them like gardening, cooking, cleaning, washing, wiping....maybe if lucky enough to have good family they would help them for free, looking after them like they once looked after them....no charge.

http://www.youtube.com/watch?v=k_1nkUbepaU

Share this post


Link to post
Share on other sites

Where?.......what is on the top of the list?

...What does retiring mean?......working but not doing any paid work? or that weak and elderly unable to do much in the way of any kind of work so have to employ people to do stuff for them like gardening, cooking, cleaning, washing, wiping....maybe if lucky enough to have good family they would help them for free, looking after them like they once looked after them....no charge.

http://www.youtube.com/watch?v=k_1nkUbepaU

Not entirely sure. I've got two decades to think it over still.

Just don't want to be here. Folk who are either ignorant of, or do not work in the energy industry, have no idea what's coming.

It won't come as a surprise here of course, meaning this forum.

Share this post


Link to post
Share on other sites

Hmm non-working people having to subsidise the income of working people ... clearly sustainable.

Its worse than that...the working people have their incomes taken to pay the elderly who in turn send some back to help the now impoverished working.

This is a recipe for revolution.

Share this post


Link to post
Share on other sites

Its worse than that...the working people have their incomes taken to pay the elderly who in turn send some back to help the now impoverished working.

This is a recipe for revolution.

Tax worker to support pensioners. Tax pensioner on that income.

Excess pensioner income goes to worker. Tax worker on extra income.

It works nice out nicely for the government...

Share this post


Link to post
Share on other sites

Its worse than that...the working people have their incomes taken to pay the elderly who in turn send some back to help the now impoverished working.

This is a recipe for revolution.

Doubt it, we've been tamed

Share this post


Link to post
Share on other sites

I am not suprised, my retired parents are much better off than we are. They sometimes quietly slip me the travel money to visit them and when we are out for meals they always pay. (they choose restaurants where I couldn't afford a starter!)

Share this post


Link to post
Share on other sites

I am not suprised, my retired parents are much better off than we are. They sometimes quietly slip me the travel money to visit them and when we are out for meals they always pay. (they choose restaurants where I couldn't afford a starter!)

We are the same with our kids. Of course, ultimately, it comes out of their inheritance.

Edited by Bruce Banner

Share this post


Link to post
Share on other sites

Its worse than that...the working people have their incomes taken to pay the elderly who in turn send some back to help the now impoverished working.

This is a recipe for revolution.

You forget everyone has parents.The problem isnt pensioners having too much,its workers having too little.That isnt because of pensions,its because of all the jobs being offshored.

The fact is you cant blame a pensioner that they bought a house,paid it off through work and saved some in a pension and or investments.

You can blame the fact all our mid range jobs have gone,,and the companies making massive profits dont pay any tax here.

Go after those not some 70 year old who worked for 40+ years and happens to have a few £k in a pension.

Share this post


Link to post
Share on other sites

You forget everyone has parents.The problem isnt pensioners having too much,its workers having too little.That isnt because of pensions,its because of all the jobs being offshored.

The fact is you cant blame a pensioner that they bought a house,paid it off through work and saved some in a pension and or investments.

You can blame the fact all our mid range jobs have gone,,and the companies making massive profits dont pay any tax here.

Go after those not some 70 year old who worked for 40+ years and happens to have a few £k in a pension.

Im in general referring to those pensioners on index linked pensions....fully funded of course by their lifetime contributions...NOT

Saving a little in a personal pension and some investments is very hit and miss.

Share this post


Link to post
Share on other sites
Guest eight

You forget everyone has parents.The problem isnt pensioners having too much,its workers having too little.That isnt because of pensions,its because of all the jobs being offshored.

The fact is you cant blame a pensioner that they bought a house,paid it off through work and saved some in a pension and or investments.

You can blame the fact all our mid range jobs have gone,,and the companies making massive profits dont pay any tax here.

Go after those not some 70 year old who worked for 40+ years and happens to have a few £k in a pension.

What about if the company was only offshored so that the pension fund remained viable?

Take my father in law, thirty years service with the same company. Retired, two years later the place moves to Poland. Massive wage inflation during that time means that his ordinary family home which he bought new for £3K is now worth £200K. Small village so NIMBY chance of any more construction on the fringes.

None of this is his fault of course, but I don't think we'll ever see the likes again.

Share this post


Link to post
Share on other sites

I am not suprised, my retired parents are much better off than we are. They sometimes quietly slip me the travel money to visit them and when we are out for meals they always pay. (they choose restaurants where I couldn't afford a starter!)

My retired parents are (financially) much better-off than they were while working and supporting a family and mortgage. That despite an income far too small to consider any of those current accounts that want you to pay in £1000/month.

Old folks paying for younger folks is a historic norm: it was ever thus. That's why you can say families (as opposed to just individuals) are rich or poor. Things change on the periphery - like who gets taxed for what, or the relative treatment of an eldest son vs other offspring - but the basic idea remains intact unless you go to totalitarian extremes like compulsory baby-farming.

Share this post


Link to post
Share on other sites

You forget everyone has parents.The problem isnt pensioners having too much,its workers having too little.That isnt because of pensions,its because of all the jobs being offshored.

The fact is you cant blame a pensioner that they bought a house,paid it off through work and saved some in a pension and or investments.

Who are the young paying half of their take home pay to every month in the form of rent? Boomers, by and large. They can well afford to take less than half of the young persons income as they got the house for relative peanuts, so they have chosen to take more than they need from the young which impoverishes them.

One point of view is who can blame them, this is the market level for rents, not my fault gov, can't buck the market, why should I take less than I can get etc etc.

Well in this circumstance the boomers take rent from one young person and then have to give it to another young person (their adult children) because some other boomer is taking that off them too.

It's all a bit of a boomer money go round that keeps all their children miserable and will stop them from having grandkids. A shrewd investment apparently, tends to all fall down if they're all at it.

The job offshore point might come into it, but it isn't that the young cant earn enough due to competition, it is more that the young cant earn enough due to their costs, the largest of which is rent. Short sighted boomers asking enormous rents for poor accommodation is as big a part of the problem as anything else.

Share this post


Link to post
Share on other sites

link

Good thing the NHS is going to be all but privatised, forcing them to shed the wealth in the form of steep medical bills?

No doubt a modern privatisation, with profits privatised, losses socialised, and the taxpayer bearing the risk.

The UK is going to a dark place, and will have done so in less than a generation.

The darkness was kept at bay by borrowing from the future to live in the present. That future is now arriving.

Share this post


Link to post
Share on other sites

We are the same with our kids. Of course, ultimately, it comes out of their inheritance.

If there is any after the care home fees are paid for a few years.....

Share this post


Link to post
Share on other sites

Each to their own, but to me a care home would be a fate worse than death.

I agree BB.

UK needs to follow the Dutch and Belgians example and legalise euthanasia, not let people suffer and languish in absolute sorrow in some horrible institutionalised near death facility.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 243 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.