Times article claim that Waspi women are tone deaf and should read the room

The intergenerational warfare as you describe it, is not just a figment of the imagination of under qualified journalists though Graphite. Younger people will have to work longer, and do have less advantageous pension schemes, and mortgages and rents which form a higher percentage of their total income. The gap between the haves and have nots is ever widening.

Casdon
Can you explain what you mean please Mollygo, are you saying that some Gransnetters are flaunting their wealth/poverty, or have I misunderstood?

You’ve not only misunderstood, you’ve introduced words I never used to justify your misunderstanding.

I was giving an interpretation of what I thought you meant? If you could explain what you did actually mean, I’d appreciate it.

But when I was young I had most of the worries young people have now about affording to buy a house, or ever having a house as nice as my parents, jobs were no longer for life and huge redundancies became more of a worry as I got into my 40s and 50s because of the impossibility of getting another job.

Although the value of occupational pensions is much touted, many people were not in them and many, women especially were banned from joining them because they worked part time or were not with a company long enough to get permananet pension rights.

Pensioners as a whole, including those on state pensions are far better off than pensioners 30, 40 or 50 years ago.

Younger people look at us as we are now. They do not remember the unemplyment of the 1980s and 90s, they did not see the de-industrialisation of Britain.

When the current generation get old, comfortable in their houses they bought from their legacies and with the pensions they had paid for, I bet they to too will be attacked by the generation currently now in nappies for being the lucky generation , a generation born after COVID, and the chaos that caused the threat of world wide war that hangs over us all and the threatof AI

Norah I appreciate that life has been difficult for many, always has, always will be. but people keep posting such one-sided pictures of how other generations live, I do try to put the other side as well. When Boomers are described as a privileged gilded generation I remind people of all the bad things happening to us, that are usually assiduously not mentioned.

When someone tries to make out a generation is all a life of doom and disaster, I point out the advantages it had/has.

They will be working until they are seventy M0nica. I’m not saying that I agree that the article is correct, I do however share the fears of the younger generation that they will have a shorter, poorer retirement than our generation did, on average, obviously.

notgran

That article is spot on. I don't want my children being over burdened with tax, just to compensate 1950's women. The next generation won't be able to claim for a state pension at age 66 or under as those of us born before 1960 have done.

Interesting phrase 'overburdened with tax'

Across the 1970s when most 50s women would have paid some basic income tax, the list would frighten some current tax payers
1970–1973: 38.75% (inherited as the "standard rate" from the late 1960s)
1973–1974: 30% (introduced in the 1973 Finance Act)
1974–1975: 33%
1975–1979: 35% (raised to 35% in 1975 under Denis Healey)

Current income tax rate is 20%
1979: 30% (dropped at the end of the decade in Margaret Thatcher's first budget)

Casdon

They will be working until they are seventy M0nica. I’m not saying that I agree that the article is correct, I do however share the fears of the younger generation that they will have a shorter, poorer retirement than our generation did, on average, obviously.

They will have to wait much longer for their state pension, if there is one then, BUT the vast majority of them will be workplace pensions and be able to forward plan accordingly.

Our elder son is 40, his overall plan is to be able to retire at 60, if his budgeted plan works out as his wishes, likewise his 38 year partner.

They are facing different challenges to those we faced at their ages, but nonetheless, like us, they will find their ways of dealing with this.

Chardy

notgran

That article is spot on. I don't want my children being over burdened with tax, just to compensate 1950's women. The next generation won't be able to claim for a state pension at age 66 or under as those of us born before 1960 have done.

Interesting phrase 'overburdened with tax'

Across the 1970s when most 50s women would have paid some basic income tax, the list would frighten some current tax payers
1970–1973: 38.75% (inherited as the "standard rate" from the late 1960s)
1973–1974: 30% (introduced in the 1973 Finance Act)
1974–1975: 33%
1975–1979: 35% (raised to 35% in 1975 under Denis Healey)

Current income tax rate is 20%
1979: 30% (dropped at the end of the decade in Margaret Thatcher's first budget)

Thanks, Chardy, I was going to look it up because I knew historic income tax rates were far higher than present ones.

However, tax bands have remained static so more people are drawn into paying tax or find themselves paying higher rates.

Although the value of occupational pensions is much touted, many people were not in them and many, women especially were banned from joining them because they worked part time or were not with a company long enough to get permananet pension right

If women worked in the Civil Service or Local Government, their pension contributions were returned to them upon marriage or as a 'baby bonus', so the could not claim those pensions at retirement even if they had worked for ten or more years.

I don’t suppose there will be many of the current younger generations who will work from the age of 18 to 70 before getting their SP. Most YP I know didn’t begin work until they’re at least 22yo, so that’s 48yrs of paying in. My Dh worked from age 16-68, which is 52 years.

I also know plenty now who are reaching their 30’s and taking a year or two out to go travelling before returning to restart their careers. One couple in their late 30’s took their three children on a year’s trip round the world. That was unthinkable 50 years ago, but these are people with well paid jobs but not fabulously wealthy. IDK how they paid their mortgage as well for that year!

I’m not envious of this generation, I wish them the best of luck and hope they enjoy their ‘time out’ but let’s not pretend they’ll all be working from leaving school to age 70. And I do think the university fees set up is a lousy one, that’s very unfair as should be addressed.

I don’t suppose there will be many of the current younger generations who will work from the age of 18 to 70 before getting their SP. Most YP I know didn’t begin work until they’re at least 22yo, so that’s 48yrs of paying in. My Dh worked from age 16-68, which is 52 years.

DH started work at 17, did a 5 year apprenticeship and worked until 67. Of course, he didn't pay NI contributions after 65 but that was 50 years of working.

My DC all went travelling before or after college/university.

Physically, working until you are seventy is a daunting prospect. I’m not seventy yet, and I know I’d find it very hard going now, to be working full time. Young people have energy.
Of course not everybody will have to work until they are seventy, but it will be the ones with the least pension provision who are forced to do so, as it is now.

I do not think it will ever be possible to have 70 as a fixed age for receiving the state pension. There will have to be a sliding scale based on health and occupation. A bit like ualifying for for a disablity pension.

But earlier this week there was a news report that said girls born in 2026 have a 1 in 5 chance of living to 100 and boys have a 1 in 8 chance. No nation can sustain a pension system where so many people will be dependent on pesnsion for their income for 20 plus years.

In 1950 average life expectancy was 70, now it is 82. In 1980 when most of us were in our early lives of contributing to pensions life expectancy was, on average, 74. People are now on average living 8 years longer than they did when we started our working and pension contributing lives.

Something has got to give. What do people suggest, taking into account that birth rates are falling and the number of people of working age working in companies and paying taxes to fund these pensions will be falling also.

Logan’s Run?

M0nica

I do not think it will ever be possible to have 70 as a fixed age for receiving the state pension. There will have to be a sliding scale based on health and occupation. A bit like ualifying for for a disablity pension.

But earlier this week there was a news report that said girls born in 2026 have a 1 in 5 chance of living to 100 and boys have a 1 in 8 chance. No nation can sustain a pension system where so many people will be dependent on pesnsion for their income for 20 plus years.

In 1950 average life expectancy was 70, now it is 82. In 1980 when most of us were in our early lives of contributing to pensions life expectancy was, on average, 74. People are now on average living 8 years longer than they did when we started our working and pension contributing lives.

Something has got to give. What do people suggest, taking into account that birth rates are falling and the number of people of working age working in companies and paying taxes to fund these pensions will be falling also.

I agree, falling birth rate and longer lives equals people must work longer allowing money to accumulate for state pensions.

My husband is well over 80 and still working, began work at 16.

I suspect our children will retire in their 80s.

M0nica

Casdon

The bottom line is, as a generation, we having it good now. I asked AI whether this was the richest generation of pensioners.

‘Yes, current retirees in the UK are, on average, the richest generation in history when measured by accumulated wealth and post-tax income. This demographic has significantly benefited from surging house prices and lucrative defined-benefit pension schemes, though severe inequalities remain within the retired population.’
The response was linked to the Telegraph +4 as source material.

And the generations below us will also do well in old age because with longevity, children will be in their 50s and 60s before their parents die and they will be able to sell their parent's house and have a large lump sum to take into retirement.

Only 20-30% of old people will ever need residential care. That means 70-80% of the generation below will be able to inherit an estate that has not been depleted by care costs.

M0nica And the generations below us will also do well in old age because with longevity, children will be in their 50s and 60s before their parents die and they will be able to sell their parent's house and have a large lump sum to take into retirement.

Only 20-30% of old people will ever need residential care. That means 70-80% of the generation below will be able to inherit an estate that has not been depleted by care costs.

I'm not sure I agree, IHT will impact, please explain.

IHT will impact on estates worth over a million pounds. Most of the population (96%?) don't have such a sum to pass down, so the impact will be relatively small.

I know this doesn’t apply to all, but out of our 5 children, 2 went to University, 2 went straight into work, 1 into banking, 1 into the CS.

There’s a big age gap between them all, 42, 40, 28, 25 & 23.

The two oldest have (mortgaged) houses, the other three still live at home, but the daughter at 28 and her wife just in process of purchasing their own house and should complete by the end of the summer, and daughter 25, has also started the process of buying her own flat alone.

The only one who worries us is son 23, he’s a professional musician with his own band and has been at home much less frequently this year as he plays around 4 gigs a month across the UK and is booked for festivals across the summer. He also produces and sells merch relating to the band. His current gf is their official photographer (her job role) so the likelyhood of them actually ever getting a mortgage so look slim. However, they are quite fortunate as gf parents own two houses and have stated that when they retire (maybe end of next year) they will rent their current home to them both.

All bar son 23, have occupational pensions in place. All have no intention of working til they are 80!

We worry about them all, this is natural as they are our children, but I genuinely don’t believe they face worse challenges than we did, but the challenges are different.

I’m probably amongst the youngest here, (maybe?) and had paid from age 13, starting full time work at 18, worked all the way through bringing up 4 children, with very scant maternity leave and at the end of my working life cared for both my elderly and infirm parents (only child) with lots of support from daughter 25!

Life is tough.

The one thing I have noticed is younger generations do seem to have much bigger expectations during their lives, (some) definitely seem to “want it all”, the nice house, the new car, holidays abroad, everything brand new.

I laugh when I look back to some of the places I rented and when I bought my first property, at 25, I had literally nothing in it, sold my car to buy white goods and took a second job for a year.

Our children and grandchildren will get by, just as we and our parents and grand parents did.

Doodledog

IHT will impact on estates worth over a million pounds. Most of the population (96%?) don't have such a sum to pass down, so the impact will be relatively small.

👍👍👏👏👏

No-one in the media ever asks why do other countries do it better than UK? With similar life expectancy, they retire earlier on better state pensions

Doodledog

IHT will impact on estates worth over a million pounds. Most of the population (96%?) don't have such a sum to pass down, so the impact will be relatively small.

As I thought I understood.

Also the wrinkle - home being worth far less than 500 pounds.

Cossy

Doodledog

IHT will impact on estates worth over a million pounds. Most of the population (96%?) don't have such a sum to pass down, so the impact will be relatively small.

👍👍👏👏👏

IHT is payable on estates worth over £325,000.

There is no IHT to pay if you leave everything to your spouse, civil partner or a charity or amateur sports club.
It increases to £500,000 if you leave your home to your children.

Your unused threshold can pass to your spouse or civil partner so theoretically could reach the £1 million.

Norah IHT is not a care cost and IHT does not hit in unless the estate is worth over £325,000 or £500,000 if the family home is left to children or grandchildren.

Families are smaller these days, so this sum will usually be divided between only 1 or 2 children.

By definition if your estate value is higher then you pay IHT, but even with IHT you will still be leaving your family more than if your estate did not hit the IHT threshold.

Chardy

No-one in the media ever asks why do other countries do it better than UK? With similar life expectancy, they retire earlier on better state pensions

Retirees and Pensioners in other countries . . .
In Germany, the standard retirement age to receive a full state pension is 67 for anyone born in or after 1964.
If you are receiving a statutory pension in Germany, you must also pay long-term care insurance contributions on your pension income.
Retirees currently pay the full 3.6% (or 4.2% if childless) rate themselves.Out-of-Pocket Costs for Nursing HomesWhile Long-Term Care Insurance covers part of your nursing expenses, it does not cover everything.
The remaining costs must be paid out-of-pocket by the individual or, if necessary, drawn from their savings and assets.