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>I'm on the edge of this group (1980/1982-wife) Hey, you're me. >If I was just 2-3 years older I could have bought a house for 80k instead of Yeah, this stuf

>I'm on the edge of this group (1980/1982-wife) Hey, you're me. >If I was just 2-3 years older I could have bought a house for 80k instead of Yeah, this stuff is frustrating in hindsight. But the economic tide ebbs and flows. It's important to be ready for the next opportunity; it's not always obvious in advance. Personally, I believe ours will come as the Baby Boomers (who haven't saved enough) try to liquidate their McMansions to fund retirement and find no worthy buyers. We just have to stop them from voting themselves legislation to compensate.

EliRivers 11y ago
"We just have to stop them from voting themselves legislation to compensate." It's become clear that the UK government (no matter which of the two parties are in power) will do whatever it takes to allow the young to take on enough debt to fund ever-increasing house prices. I genuinely expect to see some kind of scheme that either explicitly gives these people the money their house "should" be worth, or in some way tilts the field so that they make it up in other ways. On the plus side, my shares in house builders have done really well, and some of them have got so much money they don't know what to do with it; big dividends and occasional special dividend payments ahoy.
efaref 11y ago
> We just have to stop them from voting themselves legislation to compensate. Too late. In the UK at least, the state pension is being increased from ~£110pw to ~£150pw, despite the fact that pension payments are among the government's biggest liability and we're apparently in a time of austerity so severe that we're required to starve disabled people by removing their living allowance unless they submit to humiliating tests. Meanwhile, the chancellor is planning some more pension "reforms" later this month, which is most likely going to involve removing the deferral of tax on pension contributions, i.e. moving all the tax payments that were due to happen in fifty years' time to today. That means the current pensioners will benefit from tax paid on current pension payments as well as tax paid on current pension contribuitions. By the time millennials retire, the deferred payments will have expired, and only the current contributions will remain. Add on to that the massive blackhole that will be the forgiving of student loan debt (which even by the government's own optimisitic predictions, 40% of which will be unpaid over its lifetime - many experts predict this will be higher), and you begin to see exactly how fucked millennials will be come retirement.
SaintGhurka 11y ago
That is a remarkable amount of wisdom packed into 2 brief sentences. If you want some insight into what's going to happen politically and economically, remember this one fundamental fact: Baby boomers will never willingly pay for their stuff. They use their political might to ensure that future generations will pay the bills. Social Security, Medicare, public pensions, infrastructure, college...

EliRivers 11y ago

"We just have to stop them from voting themselves legislation to compensate." It's become clear that the UK government (no matter which of the two parties are in power) will do whatever it takes to allow the young to take on enough debt to fund ever-increasing house prices. I genuinely expect to see some kind of scheme that either explicitly gives these people the money their house "should" be worth, or in some way tilts the field so that they make it up in other ways. On the plus side, my shares in house builders have done really well, and some of them have got so much money they don't know what to do with it; big dividends and occasional special dividend payments ahoy.

efaref 11y ago

> We just have to stop them from voting themselves legislation to compensate. Too late. In the UK at least, the state pension is being increased from ~£110pw to ~£150pw, despite the fact that pension payments are among the government's biggest liability and we're apparently in a time of austerity so severe that we're required to starve disabled people by removing their living allowance unless they submit to humiliating tests. Meanwhile, the chancellor is planning some more pension "reforms" later this month, which is most likely going to involve removing the deferral of tax on pension contributions, i.e. moving all the tax payments that were due to happen in fifty years' time to today. That means the current pensioners will benefit from tax paid on current pension payments as well as tax paid on current pension contribuitions. By the time millennials retire, the deferred payments will have expired, and only the current contributions will remain. Add on to that the massive blackhole that will be the forgiving of student loan debt (which even by the government's own optimisitic predictions, 40% of which will be unpaid over its lifetime - many experts predict this will be higher), and you begin to see exactly how fucked millennials will be come retirement.

SaintGhurka 11y ago

That is a remarkable amount of wisdom packed into 2 brief sentences. If you want some insight into what's going to happen politically and economically, remember this one fundamental fact: Baby boomers will never willingly pay for their stuff. They use their political might to ensure that future generations will pay the bills. Social Security, Medicare, public pensions, infrastructure, college...