sPinwheel Posted March 2, 2016 Share Posted March 2, 2016 Basically if you can be rent free and mortgage free in retirement, you are fine? Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted March 2, 2016 Share Posted March 2, 2016 If you think there's a productivity problem in the UK now, wait until there are routinely septugenarians in the workforce. That will simply not happen for a whole myriad of reasons. Quote Link to comment Share on other sites More sharing options...
Trampa501 Posted March 2, 2016 Share Posted March 2, 2016 That will simply not happen for a whole myriad of reasons. One reason is that the vast majority of employers do not even hire people in their 50s, never mind their 60s... It'd be interesting to see any stats on the over-50 age group. seem to remember a few years back around 50% were no longer in the actively working category. Quote Link to comment Share on other sites More sharing options...
pathfinder Posted March 2, 2016 Share Posted March 2, 2016 - School constantly rates how inadequate you are. - Higher education threatens a lack of a career. - Work requires free overtime to the moon baby, or no career ladder for you. - Now work till you drop, in fact work after your dead! A heck of a lot of people think they need to wait until retirement to gain free time/ hobbies (or have no clue what to do with free time). And yet I know so very many people post 60 spend most of their time in hospital, chemo, bad joints, and depression. What is the point of waiting till then? Better part time and semi retire 40+ (zero or low debts + low cost of living). Go find something that makes you happy and two finger salute consumerism. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted March 2, 2016 Share Posted March 2, 2016 They can claim that people will have to work until they're 81, but realistically if you're over a certain age and lose your job, it'll be close to impossible to get a new one. I'm starting to think buying a small place in the countryside with a bit of land, and getting good at DIY and growing as much of your own food as possible might be the best thing to do. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted March 2, 2016 Share Posted March 2, 2016 Much easier to calculate how long the mortgages should be now. 81 - current age = mortgage term. Boom times. half of those wont go to term....and insurance costs would be astronomic with half of all mortgages to this cohort failing. Quote Link to comment Share on other sites More sharing options...
Errol Posted March 2, 2016 Share Posted March 2, 2016 Is she part of the package? Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted March 2, 2016 Share Posted March 2, 2016 - School constantly rates how inadequate you are. - Higher education threatens a lack of a career. - Work requires free overtime to the moon baby, or no career ladder for you. - Now work till you drop, in fact work after your dead! A heck of a lot of people think they need to wait until retirement to gain free time/ hobbies (or have no clue what to do with free time). And yet I know so very many people post 60 spend most of their time in hospital, chemo, bad joints, and depression. What is the point of waiting till then? Better part time and semi retire 40+ (zero or low debts + low cost of living). Go find something that makes you happy and two finger salute consumerism. About 10 years ago I started to see my parents health decline in their early 50's. Diabetes and cancer. Saw a family friend die suddenly from cancer at 35. My most successful relative, career-wise, really lovely person who worked hard, got the big house and all that, was dead within 5 years of retiring (didn't make it to 70). During those years I got a sharp reminder of our mortality and I agree that lots of people have things that they want to do and they don't because they'll do it 'when they retire', or they create some obstacle 'I can't do it cause my wife wouldn't let me' is a common one. So I like the idea of either mini-retirements (save up for a while and then take a few months off), or phased retirement (4 days a week in your 40's, 3 days a week in your 50's....). Quote Link to comment Share on other sites More sharing options...
Guest Posted March 2, 2016 Share Posted March 2, 2016 Without housing costs with no housing costs That's the rub, isn't it? Entire reason I'm on this site is because the hurdle of getting to a point where you have your own space with no rent to pay has become almost impossible. No retirement for me unless there's a crash? Quote Link to comment Share on other sites More sharing options...
Simon Taylor Posted March 2, 2016 Share Posted March 2, 2016 If you think there's a productivity problem in the UK now, wait until there are routinely septugenarians in the workforce. Ain't going to happen, but I am glad these 'solutions' are being mooted as it clearly shows the depths some are happy to contemplate. Bit harsh that. In my experience the older workers are as, if not more productive than their younger colleagues. They don't spend all day texting and dicking about on Facebook for a start. Quote Link to comment Share on other sites More sharing options...
Maynardgravy Posted March 2, 2016 Share Posted March 2, 2016 So I like the idea of either mini-retirements (save up for a while and then take a few months off), or phased retirement (4 days a week in your 40's, 3 days a week in your 50's....). We have a winner! Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted March 2, 2016 Share Posted March 2, 2016 Work until dead it's like the Victorian era never ended. Quote Link to comment Share on other sites More sharing options...
Noallegiance Posted March 2, 2016 Share Posted March 2, 2016 That's the rub, isn't it? Entire reason I'm on this site is because the hurdle of getting to a point where you have your own space with no rent to pay has become almost impossible. Quite. I need to find a job where I can give myself a whimsical 11% payrise and I'll be alright Jack. Was listening to radio folk discuss this. It's been a long time since I found myself shouting 'F*ck off you *unts' in response to a broadcast item. It's happening with the EU rubbish too. Food's going up if we leave, apparently. It's more 1984 every day. Quote Link to comment Share on other sites More sharing options...
durhamborn Posted March 2, 2016 Share Posted March 2, 2016 So you are saying I just need one BTL paid off to pay my pension? I'd better get buying Agree. This "you need half your earnings to retire on" thing is stupid. £1k a month per person with no housing costs gives you a VERY good standard of living. Yes i think £1000 a month is the figure.I actually retired at around 40 and have only ever worked in factory jobs.I do have a small business so im not 100% retired,but it only takes about 1 hour a day and maybe 3 full days a year.I aim to make the tax allowance and no more so around £800 a month. They key is rent free/housing paid.That for me is the big reason government want to keep houses so expensive.Its not so much to give people already in them free money,its to make sure younger people have to keep working forever.A big mortgage means by the time its paid off there simply isnt enough time left to build up capital to retire at say 50/55. Even with small personal/work pensions people mostly need their own capital as well,to create the extra income or drawdown.The state pension of say £150 with SERPS etc means you could run down capital if needed until 65 and then get that state pension + if you had a small £200/300 a month work pension on top. These changes alongside housing really are aimed at keeping younger people working and paying tax for as long as possible.The reason is they dont know how to tackle the big percentage of lifetime welfare claims,so would rather scam the people who do work hard.Disgusting. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted March 2, 2016 Share Posted March 2, 2016 As an example take a friends' property, if you added up all their entire income tax free, NI free etc over their working lives then it would not cover what the house is 'worth' today. Add to that what they have taken in pensions for nearly 30 years and their drain on the NHS, free this and free that ... make you wonder where the money comes from ... perhaps this cycle will continue for ever 100bn deficits...thats where it came from. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted March 2, 2016 Share Posted March 2, 2016 Bit harsh that. In my experience the older workers are as, if not more productive than their younger colleagues. They don't spend all day texting and dicking about on Facebook for a start. It's not meant to be harsh, what I meant was- are they as productive as their younger selves? If not, then their continued participation will, on average, drop productivity across the board. Also, the health aspects are relevant. Time off for health issues are more likely and that also has an effect. I do not doubt there are many people with very worthwhile and relevant experience who can and do make a big contribution to the workplace as older workers. The issue is that if it becomes the norm rather than just the best/most able specimens then there are issues to consider. I wonder if the 30 hour funded childcare rule is a means of freeing up older people to keep working too, lots are currently unable to enter paid employment due to benefit-in-kind childcare arrangements with grandkids. Quote Link to comment Share on other sites More sharing options...
PopGun Posted March 2, 2016 Share Posted March 2, 2016 Unless you're self employed, over 55 you're one redundancy away from the scrap heap. This is a great way of adding to the unemployment numbers. Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted March 2, 2016 Share Posted March 2, 2016 Right so now we need to know who will pay for it .... I think the young need to wake up and realise they have been landed with the debt and they will be in debt all their life and working until they drop. I have older relations, long since retired and their kids are doing exactly the same jobs as they did. The parents were at the same age twice as well off, housewise and spending money wise, the trend will continue with poverty looming for the current and future generations to pay for the excesses of one generation who had it all; triple locked. Did your older relations use one income to buy their house? If everybody used one income, houses would be cheaper. Use one and you have any second income to spend on other things. People get houses as expensive as the debt they are prepared to take on. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted March 2, 2016 Share Posted March 2, 2016 I think the young need to wake up and realise they have been landed with the debt and they will be in debt all their life and working until they drop. From talking to 20- and 30somethings in real life I think many/most of the young are perfectly well aware of the situation, they just have no way of influencing UK politics. Which party with a chance of winning an MP wants lower house prices and less debt? Quote Link to comment Share on other sites More sharing options...
katchytitle Posted March 2, 2016 Share Posted March 2, 2016 Basically if you can be rent free and mortgage free in retirement, you are fine? I think that's probably true - boomers have paid of their house and bought solar panels. So no energy costs and no mortgage/rental costs. All they pay for is council tax, TV licence, Food and their holidays (cheap flights on Tues night returning Wed outside of holiday periods and booked in advance). They then receive £140/week + whatever pension/BTL they have saved up. Keep their earnings under 15K (by 2020) and they won't pay any tax back into the system. This will be the largest part of the population by 2020...uh..oh the ponzi is collapsing. Quote Link to comment Share on other sites More sharing options...
stuckin2up2down Posted March 2, 2016 Author Share Posted March 2, 2016 The answer is to build up your own funds,learn to live frugal,and stick two fingers up to government as quickly as you can.Without housing costs £200 a week is easily enough to retire on at any age. But how to get to that 200? Thats almost 28 hours a week on min wage. I'm tempted to give up my stressful job and do something simple like shop work. But for those kind of hours they usually want you to do 3-4 hours every day of the week. Finding a 2 10 hour shift a week seems impossible. Quote Link to comment Share on other sites More sharing options...
katchytitle Posted March 2, 2016 Share Posted March 2, 2016 From talking to 20- and 30somethings in real life I think many/most of the young are perfectly well aware of the situation, they just have no way of influencing UK politics. Which party with a chance of winning an MP wants lower house prices and less debt? There used to be activism and energy in the youth but its been bred out of them. They actually have something to lose now. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted March 2, 2016 Share Posted March 2, 2016 Did your older relations use one income to buy their house? If everybody used one income, houses would be cheaper. Use one and you have any second income to spend on other things. People get houses as expensive as the debt they are prepared to take on. I've refused to take on a 4-5x dual income mortgage, but for every one of me there's half a dozen Homes Under the Hammer-lobotomised BTLers willing to borrow what I won't and then rent the property to me anyway. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted March 2, 2016 Share Posted March 2, 2016 There used to be activism and energy in the youth but its been bred out of them. They actually have something to lose now. The young sacked 49 out of 57 Lib Dem MPs and took Labour out of the hands of the Blairites last summer, that's something at least. The Tories have got themselves in a situation where their pro-HPI policy is popular with their core over-55 voters but is creating millions of private tenants who have zero reason to vote Conservative. It's a stand-off. Who will ditch HPI-4-ever to appeal to the young first? Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted March 2, 2016 Share Posted March 2, 2016 No initially two, all four are / were teachers, the younger people can only afford a much smaller, cheaper house .... like the streets in London where the older buyers were the butcher, baker. candlestick maker and the new buyers are doctors, finance directors and bankers. Well if they are older and using two incomes for the mortgage application, I would bet it wasn't at the 4.5x household income the BoE have are now making the norm. Quote Link to comment Share on other sites More sharing options...
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