O/T Budget.....new threshold for NI

I agree that I was unaware of the strength of feeling regarding generational inequality and that people of my age group were believed to be the ones to blame. I also agree that I may not be typical, as I am a complex mix of second-generation Irish immigrant who gained an education as a mature student, a Labour Party member, and spent my last 20-odd working years as a higher-rate tax-payer. I’ve tended to blame Thatcher for all the ills of the modern world, including our relegation from the Premier League, but perhaps I got it wrong.

 

I don't think people are blaming the generations before them - I'm certainly not. I'm just trying to say that it is more difficult at the minute to compete financially.

General folk aren't to blame, them ******** in power are.

 

Thanks for that. Perhaps you could have a word with Super Tyke, because the fact that we have everything handed to us really bugs him

 

I think you've completely misunderstood me as well. I'm not blaming you at all. In fact you have kind of said it yourself what I'm getting at. HAVE everything handed, not have had. I'm talking present not past. My parents are your age and I grew up on a council estate so I know how hard they had to work. What I was getting at is that you've gone through those struggles and come out the other side, you should now be in the most financially secure stage of your life after having worked hard to pay off the mortgage, gain promotions, pay rises etc and yet the government, and many organisations, decide that now is the stage in your life where you need extra help and give you a ridiculous amount of freebies and discounts. That isn't a criticism of you, it's a criticism of them.

I'll put it another way for you. At what age do you believe you needed more financial support? Now as a 60 odd year old man? Or when you were just starting out in life needing somewhere to live? In my opinion it's the latter, yet you get free prescriptions while I know a 20 year old lad struggling like **** working a full time job on £6.56 an hour because our glorious government doesn't feel he needs to earn as much money as anyone else due to his age.

 

I totally agree that you tend to have far greater expense in your earlier years. Kids are expensive, for example. And the proportion of our income paid to servicing our housing costs was much greater when our kids were young than they were in later years. Inflation saw to that, at least to some extent. What I'm puzzled about is your claim that we get all these freebies. I've not reached state pension age, so the only 'freebie' is prescription charges. But the simple fact is that you tend to have more health concerns the older you get. I'm on blood pressure medication and the brutal reality is that, without it, I would be at a greatly increased risk of stroke and/or heart attack. Which would be, given I survived, way more expensive for the NHS than providing the preventative medication at cost. So, at least in my case, it's more pragmatism than handing out freebies.

 

But that was in asnwer to Donny Red saying this generation will not have comfortable retirements or retire ata reasonable age. Nor did I say they had to rely on, or expect parents leaving them money but ultimately parents do put family first and formost when planning their wills.
Oh..and in spite of home ownership declining from a high of 63% and private renters overtaking social renters (Council /and Housing asscociation properties, the percentage is still above 60% . Overall 34% of those own their homes outright and the percentage increases on age.In 2021, the share of households that were occupied by private renters hit 18.5 percent. Some of those are through choice rather than necessity...job mobility etc.

So yes! In spite of your scepticism, many do and will benefit in retirement from parents accumulated wealth.
I suspect it depends on life experience and the social circles people move in. Almost every person I know and those I knew from school etc . have had their ups and downs but all of those still living have found themselves reasonably comfortable in, or approaching, retirement and their kids by and large have done OK too. Nurture and support early on (not always of a financial nature either) is the key.

 

Well that might be a great sum of money for a lone child, but what if there’s 4 or 5 or 6?
It’s certainly not going to mean they can retire at 60 instead of 70.

edit to add; I’ll get a ‘decent’ final salary pension. There’s no way any of my kids will get that at 60. Like I said, they’re all in a better position than I was at their age, but as far as pension provision goes, we’re the last of a species. In fact I know people who earn a good sight more than me and are ten years younger that will be nowhere near as comfortable in retirement.

 

I reckon if my mum died there's a house worth about £150,000 and a car worth about £3,000. No way in hell has she got £250k worth of valuables sat and cash in the bank. I reckon we're talking well under £200k but let's round it up. It needs splitting 4 ways. £50k gross each minus
Obviously I'm not knocking that (and im not expecting it either plus would much rather keep my mum than have any money) or anything but I doubt there are many people in Barnsley who's parents will be leaving them half a million in assets.

 

Firstly, your mother will die.

Secondly, life would have been more lucrative for you had she been not so happy procreating.

Thirdly, keep her out of a care home or there'll be nothing left.

Finally, look after her and give her my best wishes.