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Generation Y 'left To Pick Up £6Trillion Tab': Report Warns Children Born Between 1980 And 2000 Will Face 'apocalyptic' Levels Of Debt Due To...

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Well balanced comments from the DM readers as always :lol: .

My Dad is this generation and really doesn't get it. His pension from a career at the lowest end of middle management is bigger than my brothers full time gross salary (financial administrator). My Dad seems unwilling or unable to think though the implications of this and instead just pats himself on the back because he is still bringing in more than his children and he's very comfortable thanks very much.

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The biggest assets of UK households are houses and pensions. Both paid by the future generations.

That's around a third of million per worker, a person on average salary would have to work 15 years to earn it. It is even more if you add bank profit on mortgage loans. Probably around 50-60% of an average person income would have to go to pay taxes and mortgages. Modern slavery.

BTW Funny how the writer of the article mixes millions, billions and trillions.

Edited by slawek

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Well balanced comments from the DM readers as always :lol: .

My Dad is this generation and really doesn't get it. His pension from a career at the lowest end of middle management is bigger than my brothers full time gross salary (financial administrator). My Dad seems unwilling or unable to think though the implications of this and instead just pats himself on the back because he is still bringing in more than his children and he's very comfortable thanks very much.

I don't really see what is funny?

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I love the one about the boomers helping the country to recover from the war from 1947

How?

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Why are they generation Y and why am i generation X, do we really have to stoma this American crap forever?

People who spout the "Millennial" tosh really don't know what they are talking about, so called Millennials aka Gen Y at the top end have already reached their 30's and depending on which definition you believe the bottom end have already started work!

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Anyone got a link to the Cps report, as not suprisingly, the parasitic DM , do not give a link.

I found another article from a few days ago, but cannot see report on cps website

http://www.heraldscotland.com/business/personal-finance/think-tank-says-purge-of-tax-reliefs-is-needed-to-lift-burden-on-generatio.127458600

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Well balanced comments from the DM readers as always :lol: .

My Dad is this generation and really doesn't get it. His pension from a career at the lowest end of middle management is bigger than my brothers full time gross salary (financial administrator). My Dad seems unwilling or unable to think though the implications of this and instead just pats himself on the back because he is still bringing in more than his children and he's very comfortable thanks very much.

I'm afraid they don't get the fact that their working age tax was sunk into their working age benefits, on average. So the State pension and extra health care is just an added bonus, unfunded and resulting in each departing soul taking a quarter of a million in excess welfare over lifetime contributions.

I can't see the Ponzi unravelling very quickly, tbh I'm hoping that there might be something left when I get to retire in 16 years.

Edited by crashmonitor

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Anyone got a link to the Cps report, as not suprisingly, the parasitic DM , do not give a link.

I found another article from a few days ago, but cannot see report on cps website

http://www.heraldscotland.com/business/personal-finance/think-tank-says-purge-of-tax-reliefs-is-needed-to-lift-burden-on-generatio.127458600

The numbers for pension liabilities are even bigger. Funded pensions assets (gilts, stocks) need to be bought by future generation savings.

Some 2012 ONS numbers

http://www.if.org.uk/archives/2031/ons-reveals-full-uk-pension-liabilities

http://www.ons.gov.uk/ons/dcp171766_263808.pdf

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The numbers for pension liabilities are even bigger. Funded pensions assets (gilts, stocks) need to be bought by future generation savings.

Some 2012 ONS numbers

http://www.if.org.uk/archives/2031/ons-reveals-full-uk-pension-liabilities

http://www.ons.gov.uk/ons/dcp171766_263808.pdf

Now those are manipulated to ****** via interest rate manipulation and QE why would you want to buy them when they are a BAD investment?

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Well balanced comments from the DM readers as always :lol: .

My Dad is this generation and really doesn't get it. His pension from a career at the lowest end of middle management is bigger than my brothers full time gross salary (financial administrator). My Dad seems unwilling or unable to think though the implications of this and instead just pats himself on the back because he is still bringing in more than his children and he's very comfortable thanks very much.

Trying to convince most people they never actually 'saved' a pension in the sense of a squirrel burying its food for future use, but rather they depend on the working generation to pay their pensions when they retire is never accepted by most folk.

They simply reply 'i paid in, end of discussion'

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Got a lift from some relatives in their 60s on my brother-in-law's side a couple of weeks ago, in their new big BMW X5 type car.

Pointed out a house (semi) in a good area that had been sold by inheritors for fast money in 2011 for £275K in a rundown unmodernised condition (vs the £350K perhaps easy get in 2007 - and £400K now in the owners are victims market) and how I'd love my sister to have a house like that in this area.

One of them instantly shot back with, "They've got up a lot since then."

From a different housing forum the other day:

The disconnect between the generations is quite staggering. Very few folks over the age of 50 or so will concede the obvious: they got (relatively) dirt cheap housing, education, equity and retirement costs in comparison to the youngsters … who they are counting upon to purchase them into paradise.

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Trying to convince most people they never actually 'saved' a pension in the sense of a squirrel burying its food for future use, but rather they depend on the working generation to pay their pensions when they retire is never accepted by most folk.

They simply reply 'i paid in, end of discussion'

Come on not ''paid in'', ''but paid in all my life''. Which often means as little as thirty years.

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Come on not ''paid in'', ''but paid in all my life''. Which often means as little as thirty years.

How about 'paid all my taxes, all my life' when you only managed 10 years employment in a 45 year work lifetime.

(My Dad)

Oh, and needed my Nan (mum's mum) to pay the deposit on the house, take on the mortgage and then flip the house at a much lwoer cost. My Nan hated my Dad.

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Just to add to the anecdotes already in the thread.

My father worked on a production line in Vauxhall and retired at 55. He received a lump sum tax free of over £50,000 and a index linked pension of £12,000 a year that reduces at 65 but the reduction is matched by the state pension. He gets all this for having paid £28 a week towards his pesion on top of the standard vauxhall pension. He is now approaching 65 so has already received close to £200,000.

He does realise how fortunate he is but someone is paying for this and it certainly isn't him.

I wonder what this country will look like when people who are currently in their 20s now reach retirement age?

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Just to add to the anecdotes already in the thread.

My father worked on a production line in Vauxhall and retired at 55. He received a lump sum tax free of over £50,000 and a index linked pension of £12,000 a year that reduces at 65 but the reduction is matched by the state pension. He gets all this for having paid £28 a week towards his pesion on top of the standard vauxhall pension. He is now approaching 65 so has already received close to £200,000.

He does realise how fortunate he is but someone is paying for this and it certainly isn't him.

I wonder what this country will look like when people who are currently in their 20s now reach retirement age?

My aunt and uncle retired by 60 and bring in around 65k in final salary pensions plus now 2 states pensions. So in the last 7 years they'll have been paid £500k in retirement. They could live another 20 years. That would make £2m in total!

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So in the last 7 years they'll have been paid £500k in retirement. They could live another 20 years. That would make £2m in total!

Nice work if you can get it.

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Clearly time to think the unthinkable. Gen Ys should find a rich pensioner to marry. They could be getting their share for the next half century if they play their cards right.

That happens in Brazil.

Hooray - we're a corrupt tin-pot 3rd world/developing country!

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My aunt and uncle retired by 60 and bring in around 65k in final salary pensions plus now 2 states pensions. So in the last 7 years they'll have been paid £500k in retirement. They could live another 20 years. That would make £2m in total!

Oh, I know an ex-GP.

Retired in 1988.

Pension pays out more (nominally) than he ever earned.

And now also BTL landlords presumably?

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