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Si1

More boomers and elderly entitlement

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Unfortunately, it's classic fear of change and a realisation of the finite nature of life. Both my and my ex-partner's grandmothers ended up in residential and care homes respectively, and, not surprisingly, they hated the idea of it before they moved in. Of course, the moment they actually moved in, it was the best thing since sliced bread as they both had company and all the stresses of maintaining their homes had largely been removed and I feel it led to a far better quality of life for both of them in the last few months of their lives.

From the experiences of my grandparents, the prospect of moving out of your own home into a residential home is about as big an indicator of the end of your life as you can possibly get, so it's not in the least bit surprising that people are reluctant to admit to that finality of their lives. Of course, living in austerity Britain, we all have to cut our cloth to the financial reality of the situations we find ourselves in and as much as the oldies can complain about having paid their taxes for god knows how long, but there's not an inexhaustible supply of money for their welfare over and above the welfare of everyone else. If people are that desperate to stay in their own homes, they can use some of their life-long accumulated wealth to facilitate it, after all their estates are only going to be wasted by their surviving family members on ipods, facebook and whatnot.

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13 minutes ago, LiveinHope said:

If retirement age continues to rise it will soon be pretty pointless working to own a home.

....would agree that there is a risk that your home will have to be used to pay your elderly rent......but at least once you do own a home after many years working paying for it, you no longer have any more rent to pay for a varied period of time.....build it up, draw it down....born with nought, die with nought.;)

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18 minutes ago, winkie said:

....would agree that there is a risk that your home will have to be used to pay your elderly rent......but at least once you do own a home after many years working paying for it, you no longer have any more rent to pay for a varied period of time.....build it up, draw it down....born with nought, die with nought.;)

I wasn't so much thinking of using capital and checking out with a blank account, which I'd not disagree with

I was more thinking that you'd work until you were 70 to finally own a home and then perhaps have 10 years to slowly decay in your house, which hardly seems worth it, which it isn't, is it ?

Edited by LiveinHope

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35 minutes ago, LiveinHope said:

If retirement age continues to rise it will soon be pretty pointless working to own a home.

State retirement age LiveinHope,anyone can retire at 16 if they want and i know many many people who did.They retired the day they left school.Many more retired in their late 40s early 50s when made redundant.I only actually know a couple who retired pre 55 on their own money however,the rest where all taxpayer funded one way or another.

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My late Nan, when the idea of a retirement home was suggested replied "no, they are for old people". She was aged 90 when saying it so not a boomer by any measure.  Not so much denial though, but she was mentally still very together and didnt fancy sitting in a lounge full of folks who werent.

Most folks that age wont be passing their estate onto millenials anyway as their own children will be 50 or 60s age group.

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As I said when this cropped up before, care in the home should be made as a charge on the persons Estate when they die where low income and no savings mean the care is 100% funded by the LA. This in response to the fact that you could get pensioners with million pound home equity getting free home help services in Surrey, yet Equity less generation x and y were abeing asked to stump up a 15% surchage to protect the estates of man and woman child.. No different to the student loan principle. Tax the eventual capital as opposed to the eventual income stream.

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10 minutes ago, LiveinHope said:

I wasn't so much thinking of using capital and checking out with a blank account, which I'd not disagree with

I was more thinking that you'd work until you were 70 to finally own a home and then perhaps have 10 years to slowly decay in your house, which hardly seems worth it, which it isn't, is it ?

Best to look at it that you do not own the home and never will, what not having rent or debt to pay for gives people is more choices.....how much does a healthy active person who can do many things for themselves and has no rent to pay require to live on a month?....if they earn more than that, they have choices about how they would prefer to use, give, save or spend it.

Looked at the deeds of a home once over 20 peoples name on it.....we only borrow our homes to live in for a short while.....what it costs to live there whilst living there is a different question, different homes,different places, different people, different ways of living, different costs.

Children like the very elderly and or dependent are more expensive to care for, especially if they have nobody else that can or will care for them.;)

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1 hour ago, durhamborn said:

State retirement age LiveinHope,anyone can retire at 16 if they want and i know many many people who did.They retired the day they left school.Many more retired in their late 40s early 50s when made redundant.I only actually know a couple who retired pre 55 on their own money however,the rest where all taxpayer funded one way or another.

Yes, I know examples of all those individuals. but I don't consider them as role models, although perhaps they now are? I've never taken a state handout since school, despite periods of unemployment, although I've enjoyed NHS care and 'society' obviously. Personally, as I like independence, it's always been about working to provide for my family unit I retire, which seems to get ever further off as the economy keeps throwing up surprises. So for me, there would never be any point working for 54 years to own a home that wouldn't only be somewhere to sleep between work shifts for perhaps just 10 of those years.

Edited by LiveinHope

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43 minutes ago, winkie said:

Best to look at it that you do not own the home and never will, what not having rent or debt to pay for gives people is more choices.....how much does a healthy active person who can do many things for themselves and has no rent to pay require to live on a month?....if they earn more than that, they have choices about how they would prefer to use, give, save or spend it.

Looked at the deeds of a home once over 20 peoples name on it.....we only borrow our homes to live in for a short while.....what it costs to live there whilst living there is a different question, different homes,different places, different people, different ways of living, different costs.

Children like the very elderly and or dependent are more expensive to care for, especially if they have nobody else that can or will care for them.;)

Yes, you never own a home, you're just one of the house's owners, although now, with current new build standards, you could perhaps be the only owner.

How long does it now take to get to the point where an individual can say "I don't have rent to pay to the bank" ?, and what sacrifices do you have to make to shorten that time.

Right now, renting has to be the way to live life. More than ever it's live for today, while making sure you have a decent contingency fund.

I read somewhere, it might have been on HPC, of two people that were having a conversation

Person 1 age 50 "I plan to take time off and go back to work when I'm 70"

Person 2 age 50 "That's all well and good, but what if you are to ill to go back to work when you are 70?"

Edited by LiveinHope

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2 minutes ago, LiveinHope said:

Yes, you never own a home, you're just one of the homes owners, although now, with current new build standards, you could perhaps be the only owner.

How long does it now take to get to the point where an individual can say "I don't have rent to pay to the bank" ?, and what sacrifices do you have to make to shorten that time.

Right now, renting has to be the way to live life.

It doesn't matter how you plan to live, how you wish to live as long as nobody is hurt in the process......things do change when lest expect it, and when they do they change quickly, all good plans sometimes fly out the window.......buying can be both good and bad, the same as renting can be both good and bad....if it works why fix it, stick with it for as long as you can.;)

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14 minutes ago, winkie said:

It doesn't matter how you plan to live, how you wish to live as long as nobody is hurt in the process......things do change when lest expect it, and when they do they change quickly, all good plans sometimes fly out the window.......buying can be both good and bad, the same as renting can be both good and bad....if it works why fix it, stick with it for as long as you can.;)

One of the mysteries of life is why folk assume that their deterioration will stabilise til they die. So all forward planning decisions tend to be made on how I feel today. Known so many old folk with frailty or dementia assume that this is as bad it will get and plan their next decade or two accordingly. Of course it all ends in crisis, falls and confusion.

Frailty is one of the big mysteries of ageing, there is no medical reasoning for it  but the  brain seems to allow most of the very elderly to sucuumb eventually. 

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2 hours ago, crashmonitor said:

One of the mysteries of life is why folk assume that their deterioration will stabilise til they die. So all forward planning decisions tend to be made on how I feel today. Known so many old folk with frailty or dementia assume that this is as bad it will get and plan their next decade or two accordingly. Of course it all ends in crisis, falls and confusion.

Frailty is one of the big mysteries of ageing, there is no medical reasoning for it  but the  brain seems to allow most of the very elderly to sucuumb eventually. 

So it is either your body fails you first or your mind fails you first......but it is always progressive if it is not suddenly. ;)

 

 

Edited by winkie

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