Monday, September 18, 2006

Bah humbug…

Retiring Brits inclined to squander children's inheritance

52% of people are planning to trade down the housing ladder to release some of the equity locked up in their homes when they retire. 6% plan to stay in their own home but want to use an equity release product to supplement their income. A further 7% would sell up and use the proceeds to fund life in a modern retirement community. Just 1% will look forward to life in an old people's home

Posted by converted lurker @ 03:47 PM (3044 views)
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9 thoughts on “Bah humbug…

  • “Just 1% will look forward to life in an old people’s home” Yes, but the ‘selfish generation’ didn’t mind shoving their parents into an old folks home to make sure they didn’t last long enough to eat up all their inheritance!

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  • It takes more and more to fund a decent retirement, let alone anything that could be considered “squandering,” which word implies some sort of luxurious excess. I would imagine for many pensioners, cashing in some of the excess value they’ve built in their home only means not having to worry where the basics will come from and perhaps means living in circumstances that allow them to live a little and enjoy life while they can as those who move abroad to the sun may do. I can also appreciate most not wanting an old-aged home, which are so often found to be abusive to the older person and who may demand all the value of the home go to the pensioner’s upkeep. Then where are the greedy little inheritors? My own Mother is very much alive and I hope she will have a pleasant retirement which she justly deserves. I don’t worry what she’s doing with her money. She raised me, did all she could for me, and owes me nothing more.

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  • george monsoon says:

    Indablue19 – I agree totally. These people have worked very hard for their money and with state pensions in a strangle hold, they need all the help they can get.

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  • tyrellcorporation says:

    Lets not get all doey eyed about OAPs. They worked in a time when globalisation didn’t exist. They were’nt competing with Fu Lee in China and Rapindah Singh in India who earn a tenth of your wage and are prepared to work 18 hours a day. A degree would mean instant success and an outstanding career. They’ve got state of the art healthcare (no sniggering!), their houses are worth 20 times what they paid for them and they’ve actually got pensions (which our generation will never see – unless your a ‘dead-sack’ working for the state).

    Let’s not forget that our generation will be the first ever that is worse off by some margin than their parents!

    I say pulp old people into Soylent Green and nick their houses!!!

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  • I don’t think anything will be achieved by pointing the finger at the older generation, unless of course they have a seat in government.

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  • How absolutely selfish how on earth are their kids going to get a second property now, oh dear they may have to earn it……

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  • The impending economic problems that will occur (young people down on their uppers etc etc) is the fault of successive post war british governments that have failed to address the underlying and very real weaknesses in the british economy. Also their failure to understand that businesses compete in the world economy where taxes, regulation etc in an ever number of emerging economies are much lower than in the UK. Sorry stating the obvious I know but it was probably approriate to mention it at this stage

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  • Retired Banker says:

    sovietuk-

    But politicians don’t have to worry about the outsourcing of their jobs, foreign competition, and the
    weaknesses of the British economy.

    They have built in gold-plated benefits for themselves, and if things go down the pan in the U.K. will
    doubtless arrange to have their pensions paid in Swiss francs.

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  • Sovietuk…
    Agreed. I’d be far more apt to blame poor policy than my Mother who has done all she was asked. You must also take into account that, when these OAPs were young there was no advantage of easy world travel, the internet and fifty other advancements that should make success in commerce a natural progression. There have ALWAYS been competitors out there and the UK has chosen to remain isolated in many ways. You have only to go abroad to see how limited Brits are in any atmosphere where they might blend and learn something. It may have been a disadvantage in some respects, but being the gateway between America and the EU on euro currency would have put the UK in the position that Ireland has taken. Too bad that paranois won the day. Particularly the fact that sterling is so entirely inflated seems to me quite short-sighted as it discourages industrial and commercial collaboration and even tourism. Just “forgiving” taxes or making incorporation simple for the ultra-wealthy foreign investor doesn’t do anything but drive inflation ever skyward, notably in relation to house prices in London which spurs the rest. Meanwhile, please notice that many of the young Brits and monied Brits are simply fleeing this place. Shall we blame the elderly for that as well? Who are the pensioners supposed to depend upon with the economy in the dumper and the able desserting the ship? I don’t think either that OAPs have any better ideas than the rest of us who to elect, among the current choices, to solve these problems UK politicians all seem of a type — the wealthy type.

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