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In one week I have had boomers surprised that:

  • My £250 a month childcare bill isnt covered by the interest being earnt on my house deposit. Um, you'd need £300k in savings to earn that! They either have no clue about savings interest rates, no idea about how much deposit people have, or can't do maths
  • I don't have £150k deposit
  • The slowing annual house price growth hasn't made houses cheaper
  • I still haven't bought since they asked me last month

Mods I know you'll want to move this into annecdotals but these threads are a good indicator of sentiment, and no more annecdotal than half the stuff in the main forum!

 

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1 hour ago, Si1 said:

Next thing they'll be surprised that pensions are underfunded.

We can thank the BOE's Andy Haldane for that one after admitting he didn't understand pensions and advised investing in property.

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8 minutes ago, Blod said:

We can thank the BOE's Andy Haldane for that one after admitting he didn't understand pensions and advised investing in property.

Too blinkered to realise how blinkered he is

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That and the fact their pension is eye wateringly generous. Worrying about retirement is just for the plebs to the establishment.

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8 minutes ago, Blod said:

That and the fact their pension is eye wateringly generous. Worrying about retirement is just for the plebs to the establishment.

Their intellectual limitations are frightening, I wonder if he's capable of more then 1 thought process at a time

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I have a good relationship with my boomer neighbour who bought their house mid 90s and mortgage paid off.  Whenever the subject of housing or house prices comes up (she knows I'm in HA rented flat) I always tongue in cheek say I would be more than happy to buy her house off her for what she paid for it plus CPI. 

That generally shuts them up.  ?

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What ticks me off is how his comments, though reported, are ignored. How can someone obviously so inept and fiscally challenged be the chief economist of the institution that sets our interest rates. 

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30 minutes ago, Blod said:

What ticks me off is how his comments, though reported, are ignored. How can someone obviously so inept and fiscally challenged be the chief economist of the institution that sets our interest rates. 

Not really a mystery. Someone knows him, and recommended him for the job. Once in the job, all he has to do is conform to the prevailing orthodoxy of the dominant power structure, which probably knows exactly what kind of house of cards has been constructed with the property racket but is literally scared shitless to do anything about it as this will blow the whole circus away.

That would be the case for Haldane anyway, with Mark Carney, it would have been a different story. He had an established and very public track record of blowing a massive house-bubble in Canada. He would have been hired by Osborne purely for his proven, well known ability to keep a property bubble inflated in the UK also.

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By the time my dad semi-retired at 50 (1995) he had paid off the mortgage on a detached 4 bed house worth £250k, had £125k in cash savings, £18k a year pension pot, supported a stay at home wife and 2 kids both put through further education... all on an unskilled wage (newspaper printer) and without the help of any inheritance at all.

And he only started working properly in his mid 20's...from 18-23 he went travelling around Oz and NZ, (ten pound pom).

When he was working as a printer he wasn't exactly working his fingers to the bone.. typically 4x8 hour days on and 3 days off and a shift that incorporated a 30 min break every 2 hours.

 

I've got other boomer relatives who have been even more generously rewarded for equally short and cushy working lives and yet none of them will admit how easy they've had it compared to any other generation before or after them

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1 hour ago, nome said:

By the time my dad semi-retired at 50 (1995) he had paid off the mortgage on a detached 4 bed house worth £250k, had £125k in cash savings, £18k a year pension pot, supported a stay at home wife and 2 kids both put through further education... all on an unskilled wage (newspaper printer) and without the help of any inheritance at all.

And he only started working properly in his mid 20's...from 18-23 he went travelling around Oz and NZ, (ten pound pom).

When he was working as a printer he wasn't exactly working his fingers to the bone.. typically 4x8 hour days on and 3 days off and a shift that incorporated a 30 min break every 2 hours.

 

I've got other boomer relatives who have been even more generously rewarded for equally short and cushy working lives and yet none of them will admit how easy they've had it compared to any other generation before or after them

My father worked in Vauxhalls on the line for 28 years and paid something ridiculous like £30 a month into his pension. He has already been retired 10 years and gets about £1500 a month pension (although this reduces at 65 when state pension kicks in) and is still only 62.  Great if you can get it.

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My father never retired working five days a week many years past state retirement age.....thinking the thought of retirement would kill him. ;)

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To be fair I have had some revealing Brexit conversations with people in their 30s. One remainer said immigration was fine because people were contributing taxes through their work. I mentioned tax credit top ups cancelling that out and was told by her that people in work dont get any benefits...

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8 minutes ago, hotairmail said:

I think the main thing that strikes me about certain sections of our community (older, public sector such as doctors) is that they simply have never had to worry about or even think about money. Completely naive about investments etc....'too risky' etc., because they just sit back and wait for their cast iron guarantees to roll in. 

Agree......so as much to do with job security and guaranteed benefits as to do with age.....many thousands of so-called boomers have no home they can call their own or a secure future income that they can rely on to live from....very many people then as now are self-employed and live from day to day, hand to mouth, tomorrow is another day.;)

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The really, really dangerous aspect of all this for me is that a lot of the current working generation have not yet realised that the cushy lifestyle that retirees on these schemes have isn't going to happen for them.

Many young-ish people I know still seem to think that a life of cruises awaits them, and sticking £50 p/m into a DC pension is somehow going to leave them comfortable. Or worse, they simply cannot afford to save at all because rubbish wage + high cost of living + completely absent financial/mathematical education makes for a pretty dismal mix.

Again, we are creating huge problems down the line - and the gov and BOE do not seem to care. Their 'Workplace pensions' schemes are chicken feed.

Also if there was large scale awareness that the deficits created by the past promises were actively supressing their wages too....well things would get interesting.

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This is all very fine, but if the young made a lot more noise about it, they might get somewhere.

They all seem to have been brainwashed into thinking this is the way it has to be.

In my chats with various people, I see such a large variation in how people are doing. The young can't see or are scared to see that they are being ripped off at every turn, the old can't see how well they have it.

 

At least the old can't see that society is not looking after the young the way it did for them.

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2 hours ago, Society of fools said:

Not really a mystery. Someone knows him, and recommended him for the job. Once in the job, all he has to do is conform to the prevailing orthodoxy of the dominant power structure, which probably knows exactly what kind of house of cards has been constructed with the property racket but is literally scared shitless to do anything about it as this will blow the whole circus away.

Great very eloquently put.

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Some of the most spectacular retirement deals seem to have been brokered during Gordon Brown's glorious years in office. That is lots of people seem to have retired really very well from unionised workforces, in their 50s, in the mid to late 2000s.

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I don't own a house I live in a very small rented flat. I do have a pension but at 60 can't afford to take it yet and I still need to work. Can someone please let me know where I apply for this alleged Boomer Bonanza kthx

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17 minutes ago, Funn3r said:

I don't own a house I live in a very small rented flat. I do have a pension but at 60 can't afford to take it yet and I still need to work. Can someone please let me know where I apply for this alleged Boomer Bonanza kthx

The fact is this issue is only just surfacing. Many sector of society have carved out unaffordable pensions which they are expecting you and yours to fund through not retiring and carrying on working. I could see a political situation where all state funded pensions get lumped together and divide up to even things out. This was highlighted to me by a friend who's in local government and worried about the growing inequality.

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1 minute ago, Blod said:

The fact is this issue is only just surfacing. Many sector of society have carved out unaffordable pensions which they are expecting you and yours to fund through not retiring and carrying on working. I could see a political situation where all state funded pensions get lumped together and divide up to even things out. This was highlighted to me by a friend who's in local government and worried about the growing inequality.

Isn't that what happened in Argentina - they confiscated ALL pensions private and public, and then issued everyone with an identical basic state pension.

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1 hour ago, Funn3r said:

I don't own a house I live in a very small rented flat. I do have a pension but at 60 can't afford to take it yet and I still need to work. Can someone please let me know where I apply for this alleged Boomer Bonanza kthx

I don't mean for this to sound in any way callous - but if you are 60 - in general* people of that age have had many, many opportunities to get in on the action, be that housing or pensions, wherever in the country they live. 

(* Individual extraordinary life circumstances excepted, and also if you had some incredible ethical/moral foresight that the pension promises wer socially immoral that is laudable too).

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1 hour ago, Funn3r said:

I don't own a house I live in a very small rented flat.

Privately rented on an assured shorthold tenancy?

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27 minutes ago, Frugal Git said:

I don't mean for this to sound in any way callous - but if you are 60 - in general* people of that age have had many, many opportunities to get in on the action, be that housing or pensions, wherever in the country they live. 

(* Individual extraordinary life circumstances excepted, and also if you had some incredible ethical/moral foresight that the pension promises wer socially immoral that is laudable too).

Not every Boomer has had high pay or good T&C's.  This is the problem with wrapping a whole generation up in this kind of terminology.  I think that Funn3r is one of many, many Boomers who isn't in the rosy position many on HPC think they are in.  Curiously it is yet another problem facing this country; the less well off Boomers who are about to hit retirement age.

Edited by dougless

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