Are you financially stable?

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A report by eight charities including Age UK and the Alzheimer’s Society have said that it is a myth that all Baby Boomers (or Silversurfers as we are known in the UK) born between 1945 to 1965 are wealthy and that politicians have been inactive helping the UK prepare for an ageing society.

According to the report 25% of this generation rents their property and another 25% are still paying off their mortgages while almost 30% have no private pension. While the Baby Boomers are seen as the last generation to receive free university education only one in five have a degree.

The report shows that there is a huge diversity in income and wealth among the over 50’s with 72% of people aged between 50 and 65 still in employment. It also calculated that half of all these people would have to keep working for at least five years after they claim the state pension in order to make ends meet.

David Willetts the former government minister in his book “The Pinch” said that this generation were an economically privileged elite who were the largest, richest generation ever in the UK and could look after themselves.

What’s your view? Do you still work and if so how many more years do you think before you retire? Are we well off as a generation? Do you feel financially stable and prepared for retirement?

Are you financially stable?

191 people have already voted, what's your opinion? Yes No

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11th Oct 2015
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I was never paid enough to be financially stable, I cared for my mum most of my life and worked for minimum pay
13th Sep 2015
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I was born in 1944; does that make me a 'non-baby boomer' and therefore not a Silversurfer?
28th Aug 2015
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hilarious, after working to keep four children.
25th Aug 2015
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We've got two years left on our mortgage. Although we're ok financially I will feel more secure when we have the deeds. I'm semi retired and won't need to work then either!
24th Aug 2015
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I have commented before on a similar topic but there used to be 2 types of people, the 'have's' and 'have nots'. This has been expanded to include 2 more groups, the 'have lots' and 'those that believe they have's'.
The question indicates a condition of being financially stable - what one person's definition of financial stability is may not be anothers. A multi-millionaire who is down to their last half-million may not feel financially stable at all, yet a lot of people would be happy to be in that position.
I believe the Silver Surfer generation (and older) may on the whole be better off financially having been able to work and buy property at more sensible prices, but the threat of an ever-lengthening pensionable age and a gloomy outlook for pensions may mean many people may not reach and enjoy a financially comfortable retirement. I genuinely feel sorry for the younger generations as I believe they will not be comparably financially stable as the Silver Surfer generation.
21st Aug 2015
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For the first time in our married life, we are comfortable. We don't have a social life as that's not something that appeals to either of us. As long as we have enough money to keep our own roof over our heads, eat well and healthily (but not ALL the time, you've got to have treats sometimes!), buy books and plants, then we are content.
19th Aug 2015
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I feel quite content with my financial situation as I live modestly but comfortably. I have had my state pension topped up with pension credit. I rent a one bedroom flat that is pleasantly situated on the second floor of a small block of flats in a very convenient location near the shops & other essential services. I have a bus pass which saves me a lot of money on local bus/ trains.
I would be considered poor, no doubt, by some standards but in fact I currently enjoy good health, eat sensibly, walk most places anyway & have good friends & family, so I am rich in all that matters to me!
Pete H
18th Aug 2015
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Anyone who was fortunate enough to be able to buy a property in the last 60 years is laughing! My parents bought their first house for under a thousand pounds and it's now worth hundreds of thousands. Those who did not manage to buy a home may well struggle - this will be an issue to for future generations with those who have grandparents and parents with property getting help to buy their first home and others who don't have help throwing money at landlords for life.
18th Aug 2015
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Not me I'm afraid, I bought my house as a part buy part rent in 1994 with my partner,fast forward several years and my partner has left leaving me with a house that I can just about afford to run,I only own half of it so it's a leasehold which is slowly running out
I'm would like to sell up and move into something smaller but the prices have gone through the roof here so I would need a mortgage to cover the price of a new house,I'm on a low income so can only get a small mortgage,probably about enough to buy a studio flat if I'm lucky
18th Aug 2015
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I do think our generation is a lot better off than our parents/grandparents living through the 20s, 30s, 40s. My grandparents lived in Liverpool and had no money at all but were fantastic people and bless them both lived into their 90s. A simple life but they made the most of it and just got on with it. A tough generation.
18th Aug 2015
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Yes I'm in the same boat as John - working and mortgage. Retirement is a very distant prospect.
18th Aug 2015
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No really. I am still working and have a mortgage and at the moment think I will still have to keep working into the foreseeable future. I have a small pension but will keep that on hold. Think the economy looks like its getting better so thats a positive

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