Daily Telegraph says 1 in 4 Pensioners are millionaires

But the media aren't reporting accurately what the ONS claims - or people are misinterpreting (I'm not sure because both the Telegraph and Times are behind a paywall and I can't read what they've written).

The ONS is stating that 1 in 4 pensioners live in households with over a million pounds in assets. That is important because they are still assets, which could be sold if necessary.

It's divisive because many people don't have any assets at all, so if they were to fall on hard times, they would have absolutely nothing they could sell and we know that the state is not likely to offer much support. It's also relevant in the context of pensions because working age benefits and benefits for poorer pensioners (those without assets) aren't going to be increased in line with inflation.

Glorianny

If the information is correct how many millionaires must there be posting on GN?

Oh Glorianny I wish I could say I am one, but I’m not. Not even with our joint assets are we millionaires. However we are comfortable and happy and that’s what is important.

I know many 'millionaire' elderly people who wear layers in Winter, drive ancient cars etc.

The only way they could get their hands on a million pounds is by selling the family home that they've lived in since they bought it in the 70s.

Glorianny

Not me are you ?

Beautful

Glorianny

Not me are you ?

No and I don't think I know any either. I am like maddyone comfortable and happy, but not rich.

Course if I was wanting to spread more division I could say they are probably all down in the South (ducks to avoid missiles)

So 3 out of 4 are poor or have an adequate income? I wish I did

OK, so I'll put my hands up and say I'm a 1 in 4. But I'm not going to say in what shape or form, or where the cash is stashed!

I'm not a pensioner yet, but I would be a multi multi millionaire if my silly great grannie hadn't sold her posh house in Mayfair, probably for a tiny amount at the time, to be incorporated into an hotel. At anything up to £2,500 per night for a room, I'm pretty gutted!
As said before, it is all relative to the property owned and its location.

However, I don't believe it is all down to inheritance. My father left over £1 million, but I only received a small percentage. The rest went to charity, (lucky donkeys, cats and dogs!)

Any more 1 in 4s?

I have to take it back, I do know a millionaire nearly a pensioner. It’s Joseanne so I only know her through Gransnet. There will most likely be more on Gransnet, especially if they live in the south, London in particular.
We live in the south, in a four bedroom home. We have savings and pensions and so we are comfortable. But not millionaires. We’ve never received an inheritance (my mother and DH’s father are both 94 and still alive) and have worked for everything we have got ourselves, but I hope we’re able to leave something to our children.
I feel that this information has been released to fuel intergenerational resentment.

I feel that this information has been released to fuel intergenerational resentment

I agree.

HousePlantQueen

^I feel that this information has been released to fuel intergenerational resentment^

I agree.

But it gets released regularly because it happens to be true. How often have you read about "poor pensioners", when it's simply not true that all pensioners are poor? How about "poor people" of all ages? Why the extra sympathy for the elderly? Another fact is that the mean income of pensioner households is currently higher than the mean income of families with children. It's not surprising that struggling working age families feel resentment, when the inequality gap is widening.

What about the people who don't own expensive properties in the south, who won't have money to leave their children, whose children won't be able to afford homes of their own, who won't have the same pension deal their parents had, who have student loans to repay, who will retire later than their parents, but are still expected to pay for services such as the NHS and an ageing population through increased taxes and NICs?

The age factor is a distraction because this should be about inequality in all generations and intergenerational wealth hoarding amongst a limited number of families.

I agree Growstuff but surely most of us have been “struggling working families” at one time?

Those now in that position will inherit from all of us with something to leave (not so much if we pay for care at the end) - that’s how it works.

I agree growstuff, not all pensioners are poor, many (but not all) of the current generation of pensioners are on final pension schemes that the current generation of working people can only dream of.

COR BLIMEY. Never thought of it that way. That means that I'm at least half a millionaire, based purely on my modest semi which I bought for £93000 in the 90s and, on paper is worth around £ 500/600000 now, thanks to Crossrail.

Of course it's completely meaningless as my monthly INCOME is absolutely nothing comparable with house value. Maybe the report should have read

1 in 4 pensioners will be millionaires as soon as they die.

Wouldnt it be great to be a millionaire pensioner? Dont know anyone who is. Think this is just more fodder to feed all those that think anyone over 60 should be killed off to make room for the young ones. Us ‘oldies’ have had our time, supposedly, & have far too much money! Dont I wish! Everyone gets old if they are lucky enough to live that long maybe then they will realise what rubbish all the talk of millionaire pensioners is!

I live in a terraced house in Brighton worth quite a lot,but I wouldn't be able to afford the rent if I didn't own it.. I think it is rather typical Telegraph reporting

I know plenty of pensioners and hubby and 1 are nearly there too. Financially none of the friends nor us are millionaires, but in love we are. I think I prefer the love instead of money.

Perhaps it’s my geographical location in the north but I don’t know any millionaires let alone millionaire pensioners many of whom would struggle to be worth a million pence.

Well yes rowyn except that many of them will pay over inflated care home fees before they die and all their money will disappear, so they’ll never be a millionaire, even in death.

This just has to be to do with property values which in many places , particularly where we live in the coastal South West , have shot up over the last couple of years. I reckon even though we live in a 3 bedroom bungalow because we have sea and countryside views our house has nearly doubled in value since we bought it in 2009. If I died and my husband sold this and a small house we rent out in a local town( leaving the lovely tenants homeless), sold the vehicles, bikes and kayak and cashed in all bonds, ISAS etc at just the right moment he'd have nowhere to live but may get close to a million. So not very realistic . But shows how those figures can be misleading.

Mostly capital tied up in the family home and thus of limited use. This Telegraph story is simply part of the background propaganda Johnson's government uses to set the young against the old and probably to restrict pensions at some future date. The story implies lots of pensioners are so rich they don't need the state pension or index linking/triple lock. The won't do anything adverse yet because they want our oldie votes at the next Election but watch out if they get back in!

My sister has just accepted an offer of over £1,000,000 for her house, so I suppose that puts her in that category, I am definitely the poor relation!

Another attempt to divide the country.

You never know what people have in the bank by where they live or how they dress. A relative of mine left 77k in the bank and a house fully paid for in 1972. Dressed really poor, neighbours used to give her warm coats in the winter, threadbare lino on the floor, no hot water or CH just coal fire. Used to collect old wood to burn, and 40watt lights in the house.
That was a lot of money in 1972.

Think rubbish like this only helps to set the young against the old ............listened to Baroness Altman the other day who was taking part in a debate young - v - old and all their benefits !! She actually said (and she is supposed to be a champion for the elderly !) that the £10 bonus should be scrapped !!!!!!!!!!! WOT ..ALL of it .....I recently returned from living in Europe for over 25 years .......firstly on a Spanish island ...pensioners have free holidays at the end of September as the government thinks it is important ! in France, the pensions my neighbours received were over 2,000 Euros a month EACH ..PLUS 300 E bonne de vacance (to help take a holiday !) and 300 E bonne de Noel (to help towards Christmas !) ..........and our £10 bonus is resented .......I certainly no NO ONE who is a millionaire ! must be nice though !