Boomer Wealth

CrankyHaus

Wanderer78 wrote: »

my answer is a real concern, some seem to think, if we bring the public sector down to the same level as the private sector, we ll all some how rise together, or something!

Your confusion stems from a misunderstanding of the social contract between citizens and the state. Citizens pay taxes in exchange for services. They do not pay taxes for cushy numbers for a public sector aristocracy.

Wanderer78

CrankyHaus wrote: »

Your confusion stems from a misunderstanding of the social contract between citizens and the state. Citizens pay taxes in exchange for services. They do not pay taxes for cushy numbers for a public sector aristocracy.

so all public servants have cushy numbers?

CrankyHaus

Wanderer78 wrote: »

so all public servants have cushy numbers?

You were the one decrying the prospect of their conditions being "brought down" to private sector levels, so a belief that they are and should be privileged is inherent in your own reasoning.

Wanderer78

CrankyHaus wrote: »

You were the one decrying the prospect of their conditions being "brought down" to private sector levels, so a belief that they are and should be privileged is inherent in your own reasoning.

'privileged', heres a mad idea, how about you pay a visit to your local a&e tonight, just for the craic, and lets us know how those public servants are enjoying their cushy numbers! oh, might be a good idea to bring a hazmat suit as well!

Hodors Appletart

I'm 40 and my wife is 45, we have a 6 year old (we started trying and if were successful our kid would be 10 or 11 now, it just never happened like that, we were only ever having one)

We are both in line to inherit a sizable amount of money as my own parents own their suburban semi-d in an increasingly attractive part of Dublin and I'm one of three kids (I'd expect the house to be worth about 500k, my parents are 64 and 68, I'm one of 3 sibs), my wife only has her dad left and his house, which he also owns, is worth about 250-300k - she has one sib.

Even taking low-end valuations, we are going to be a quarter of a million richer in the medium term - or be part owners of 2 houses that will pull in decent rent.

Now, we're struggled ourselves since the early 00s, I was made redundant twice, but I'm in a good job now and my wife is doing well enough too, but because of circumstances she doesn't need to job hop for raises.

We'll have our mortgage paid off in 6-7 years too.

It is our own son who will be the real beneficiary of all this I think.

arccosh

I was chatting to my parents about getting a mortgage together before, they said they could give £5k towards it and that should definitely "get me in somewhere"... when I showed them what 5k deposit would get in Ireland (especially as they wanted me to stay local where 2 bed house prices were circa £300k) and explained 30 to 45K would be a more realistic figure, they were a bit shocked :-D

now before people get the wrong idea, no I'm not turning my nose up at it, I'm not entitled, I was merely giving an example of how disjointed the different era's are on how much they think money goes in today's world.....

I do agree that comparing the era's is a bit like comparing chalk and cheese, they had their issues too...

What I don't agree with though is the ignorance of some boomers to what's going on to the younger generation and for me I think it may come back to bite them in their elder years when there is a political age demographic shift, and the Dail begins to be filled with people who have been directly impacted by these issues the last 10 years.... I could see some sort of taxation of wealth ... this obvously wouldn't be popular to implement at the moment because the main voting group over 50's, who would vote whatever government who tried to implement this straight out the door. That said, how good would that be if the majority could be dead at that stage?

Politics is a generational thing, the issues 25-35 yo's are dealing with now won't be fully addressed for another 5-10 years until people in that age group start getting voted in..

Wanderer78

arccosh wrote: »

I was chatting to my parents about getting a mortgage together before, they said they could give £5k towards it and that should definitely "get me in somewhere"... when I showed them what 5k would get in Ireland (especially as they wanted me to stay local where 2 bed house prices were circa £300k), they were a bit shocked :-D

now before people get the wrong idea, no I'm not turning my nose up at it, I'm not entitled, I was merely giving an example of how disjointed the different era's are on how much they think money goes in today's world.....

I do agree that comparing the era's is a bit like comparing chalk and cheese, they had their issues too...

What I don't agree with though is the ignorance of some boomers to what's going on to the younger generation and for me I think it may come back to bite them in their elder years when there is a political age demographic shift, and the Dail begins to be filled with people who have been directly impacted by these issues the last 10 years.... I could see some sort of taxation of wealth ... this obvously wouldn't be popular to implement at the moment because the main voting group over 50's, who would vote whatever government who tried to implement this straight out the door. That said, how good would that be if the majority could be dead at that stage?

Politics is a generational thing, the issues 25-35 yo's are dealing with now won't be fully addressed for another 5-10 years until people in that age group start getting voted in..

housing is a train wreck, and im not convinced anybody knows what to do about it

Geuze

Mad_maxx wrote: »

the over sixty-five segment of the population are prioritised over every other age demographic to a horribly disproportionate degree

No pension cut during the financial crisis recession despite it being extraordinarily high

Medical cards for well off pensioner's

Reduced rate of taxation on income - savings

Even the current pandemic lockdown was largely speaking about protecting the strongest voter demographic

To hell with leaving cert students

Yes.

Note that although the State Pension wasn't cut (all other welfare rates were cut twice), the PS pensions were cut.

Known as the PSPR, the cuts were fairly modest for lower pensions, bigger for large pensions.

Yes, all over 70s were given a medical card (maybe 2005??), then when a means test was introduced, it is way more generous than the <70 means test.

Yes, >65 get three tax reliefs on income that younger people don't get.

Wanderer78

Geuze wrote: »

Yes.

Note that although the State Pension wasn't cut (all other welfare rates were cut twice), the PS pensions were cut.

Known as the PSPR, the cuts were fairly modest for lower pensions, bigger for large pensions.

Yes, all over 70s were given a medical card (maybe 2005??), then when a means test was introduced, it is way more generous than the <70 means test.

Yes, >65 get three tax reliefs on income that younger people don't get.

again, public expenditure didnt cause the previous crash, cutting funding was never gonna address the root causes

Geuze

myshirt wrote: »

Public Service pensions for the incumbents need to go. Immediately. Bring in crisis legislation if needed. It's that serious and that outrageous given how overpaid and over penisoned certain groupings in there are, often for piss poor performance. We've a huge pensions time bomb in this country. The numbers are astronomical and no one covers it meaningfully.

You seem to be suggesting to abolish the pensions currently in payment to thousands of former public servants??

Can you confirm that is what you propose?

Geuze

myshirt wrote: »

Cut those pensions and cut that pay without delay. Raise the CAT rates, and tax their properties and passive income.

Rather than cutting the PS pension of all retired nurses, teachers, doctors, etc., why not make sure every worker has a work pension?

Wanderer78

Geuze wrote: »

Rather than cutting the PS pension of all retired nurses, teachers, doctors, etc., why not make sure every worker has a work pension?

should be automatic sign up, in both sectors

Tork

Tork wrote: »

If one or both parents get to the stage where they need full-time care, watch that wealth start to shrink.

This is why it’s key for assents and cash to be gifted rather than left to inherit. People should be actively aiming to avoid being caught by the fair deal scheme etc. Farming families are well wise to this now and get farms transferred over so they are out of reach of the fair deal but many people with cash or assets don’t even think of it.

The assets and cash need to be a few years passed over too before they are liable so anyone who stands to inherit money or assets from their parents should be having the conversation now on starting to sign stuff over before it gets eaten by the fair deal scheme etc.

Also it’s far more beneficial for money in particular to be passed on sooner rather than later, a young couple buying a house will benefit much more from a cash gift now rather than years later when they are more comfortable financially anyway. Now I know most people who have the cash to help their kids do so but there are those out there who don’t even think of this and just leave it all in a will.

Wanderer78

Leilani Fast Windbreak wrote: »

This it’s why it’s key for assents and cash to be gifted rather than left to inherit. People should be actively aiming to avoid being caught by the fair deal scheme etc.

The assets and cash need to be a few years passed over too before they are liable so anyone who stands to inherit money or assets from their parents should be having the conversation now on starting to sign stuff over before it gets eaten by the fair deal scheme etc.

Also it’s far more beneficial for money in particular to be passed on sooner rather than later, a young couple buying a house will benefit much more from a cash gift now rather than years later when they are more comfortable financially anyway. Now I know most people who have the cash to help their kids do so but there are those out there who don’t even think of this and just leave it all in a will.

maybe these elderly people dont know when theyre gonna die, and are saving for the just encase they live for another while longer?

Hodors Appletart

Just further to the above.

I regularly take loans from my parents. I currently am paying back 10k to my mother, it was a car loan and totally interest free. If I miss a payment here or there it won't matter and my asset is not at risk, but it's all written down and properly accounted for. If I have extra money (the last few months for example where I've not had travel/commute expenses) I pay more off without penalty.

I'm fairly sure my 2 siblings have similar arrangements, and probably got help with their mortgage desposits (I didn't need that help myself).

Wanderer78

Hodors Appletart wrote: »

Just further to the above.

I regularly take loans from my parents. I currently am paying back 10k to my mother, it was a car loan and totally interest free. If I miss a payment here or there it won't matter and my asset is not at risk, but it's all written down and properly accounted for. If I have extra money (the last few months for example where I've not had travel/commute expenses) I pay more off without penalty.

I'm fairly sure my 2 siblings have similar arrangements, and probably got help with their mortgage desposits (I didn't need that help myself).

sounds like you re very lucky, i dont think i know any family that could do that, fair play

myshirt

myshirt wrote: »

CAT thresholds need to drop, and CAT rates need to go up. Property taxes need to go up, both to raise revenue, and to also push housing stock to where it is the most productive in the economy. It helps no one (but John and Mary) to have them living in Dublin city.
.

CAT is a rotten bad b*stard tax, totally unfair and unjustified and already far too high in this county. It should be totally scrapped for patent to child transfers at the very least and I’d advcaote it being scrapped totally between any blood relatives. We are one of the highest taxed countries in the world when it comes to gifts and inheritances, with most countries having much lower levels and many not taxing it at all.

It’s a tax only promoted by begrudgers and the jealous simple as that. Luckily it’s increasing the thresholds year on year that is happening it’s just not by enough.

Wanderer78 wrote: »

maybe these elderly people dont know when theyre gonna die, and are saving for the just encase they live for another while longer?

They obviously don’t give it all away and those who have good cash and asset pots will likely have good pensions so they are generally living off that and not touching the money in savings or investments as that’s earmarked for their kids.

Edgware

Wanderer78 wrote: »

...or maybe that widowed person needs their neighbors and community more than ever during this stage of life!



ah right, prejudice as well, thats fair enough i guess

Check out the prejudice definition



Its prejudice when you want to treat one group different from another. I think it is a waste of scarce resources if one person is taking up the living space that five people could use regardless of whether the property is owned privately or publicly.

Wanderer78

Leilani Fast Windbreak wrote: »

They obviously don’t give it all away and those who have good cash and asset pots will likely have good pensions so they are generally living off that and not touching the money in savings or investments as that’s earmarked for their kids.

so what happens if they dont, should they still sign over their wealth, long before they may die, should all of us just sign over our wealth long before we may die, what should be the cutoff point(age etc) for such activities?

Edgware wrote: »

Check out the prejudice definition

Its prejudice when you want to treat one group different from another. I think it is a waste of scarce resources if one person is taking up the living space that five people could use regardless of whether the property is owned privately or publicly.

im gonna stick with prejudice for now, unless you wanna try convince me, not need to if you dont want to

Edgware

Wanderer78 wrote: »

so what happens if they dont, should they still sign over their wealth, long before they may die, should all of us just sign over our wealth long before we may die, what should be the cutoff point(age etc) for such activities?



im gonna stick with prejudice for now, unless you wanna try convince me, not need to if you dont want to

No point when you come with the "gimme gimme" agenda of Maggie Cash and Co.

Wanderer78

Edgware wrote: »

No point when you come with the "gimme gimme" agenda of Maggie Cash and Co.

yup, still prejudice, want a shovel?

Edgware

Wanderer78 wrote: »

yup, still prejudice, want a shovel?

Never used no doubt

Wanderer78

Edgware wrote: »

Never used no doubt

not at all, me poor ould shovel is getting knackered at this stage, the forest is killing it

Tony EH

El Tarangu wrote: »

This statement doesn't stand up to any scrutiny; by the late 1980s, unemployment was at 17%, interest rates were at 15%, marginal income tax rates were at 60%.

And yet people still had roofs over their heads and adults weren't forced to live with their elderly parents because being in their own home was merely a pipe dream.

Phil Bogan

My parents came from humble backgrounds and worked hard to give me and my brothers a good life. Now they are happily and comfortably retired. I am happy for them and grateful for the life they gave me.

Fck the whinging millennials.

Thelonious Monk

My parents and aunts and uncles are all well off now, and are all from very modest working class backgrounds. Dad was born in 1950.
It's great for me because I'll inherit a couple of gafs and they helped me out with a deposit. I ain't complaining.

Wanderer78

Tony EH wrote: »

And yet people still had roofs over their heads and adults weren't forced to live with their elderly parents because being in their own home was merely a pipe dream.

Phil Bogan wrote: »

My parents came from humble backgrounds and worked hard to give me and my brothers a good life. Now they are happily and comfortably retired. I am happy for them and grateful for the life they gave me.

Fck the whinging millennials.

.......................

alias no.9

Wanderer78 wrote: »

again, public expenditure didnt cause the previous crash, cutting funding was never gonna address the root causes

Public expenditure had been expanded massively on the back of tax windfalls that came from transactions funded by cheap credit, mainly relating to property. When the credit tap was turned off, the taxes disappeared and we were left with a massive budget deficit. The debt accrued to finance the budget deficit was much greater than the debt accrued from bank bailouts. While it may be strictly true that public expenditure did not cause the last crash, it made the impact of the crash much worse.

Harry lyme

My story.

After my father got his redundancy (a redundancy he wanted) from his job in the early 2000's they instead of doing the sensible thing of using the money to clear our mortgage (which only an idiot wouldn't do) they remortgaged our house and bought a house in a neighbouring village and rented it out.They somehow managed to sell this house in around 2007 and then despite having a warning already ( by just barely being able to sell the house) they once again refused to pay off the mortgage and then bought an investment property in Spain.Of course this investment tanked as it was almost certainly a scam and it means that despite living in the house since 1997 the full value of the initial mortgage still has to be repaid .

This means I have to pay the mortgage or my parents are homeless and therefore I am stuck living with my parents until they are dead and their sheer idiocy and selfishness has ruined my life and caused my enourmous amount of stress and hopelessness. What exacerbates this is we live in a very rural area and I'm very shy individual so whatever chance I had to grow as a person is not helped by being stuck in a very rural area with little scope for social interaction compared to being in a urban area. What they have done to me is a disgrace (the fact the banks allowed them to so is incredible) and the fact that they even asked me to pay the mortgage now is incredibly selfish and really makes me very angry.

Just thought I'd share this as an example of the boomer generation getting carried away during the Celtic Tiger and expecting the next generation to pick up the pieces for them.

OwlsZat

Harry lyme wrote: »

My story.

After my father got his redundancy from his job in the early 2000's they instead of doing the sensible thing of using the money to clear our mortgage (which only an idiot wouldn't do) they remortgaged our house and bought a house in a neighbouring village and rented it out.They somehow managed to sell this house in around 2007 and then despite having a warning already ( by just barely being able to sell the house) they once again refused to pay off the mortgage and then bought an investment property in Spain.Of course this investment tanked as it was almost certainly a scam and it means that despite living in the house since 1997 the full value initial mortgage still has to be repaid .

This means I have to pay the mortgage or my parents are homeless and therefore I am stuck living with my parents until they are dead and their sheer idiocy and selfishness has ruined my life and caused my enourmous amount of stress and hopelessness. What they have done to me is a disgrace (the fact the banks allowed them to so is incredible) and the fact that they even asked me to pay the mortgage now is incredibly selfish and really makes me very angry.

That's truly grotesque. Sorry for the situation you find yourself in.