What happened to all the older workers?

[ARHarh]

All that graph says to me that baring the peak now and in 1989 affordability is broadly the same over time. Which is why houses are expensive as they are, people spend as much as they can afford at the time of getting a mortgage. If interest rates are low they can borrow more, if everyone can borrow more they can pay more for a house, therefore they outbid each over and houses get expensive but still cost the same % of income per month. Then once in a while interest rates go up and the market has a correction. Only difference now is fixed rate mortgages meaning the rate increases take 2 to 5 years to have an effect on prices. In 1989 fixed rates were rare and the crash happened over night. You probably have 2 years to wait till we have that adjustment this time round.

[InfoRetrieval]

wormus said:

InfoRetrieval said:

Definitely this. I tell my parents, with their decent housing equity and generous final salary pensions, that they are the richest generation of pensioners that will ever exist.

Is this between lying on their sofa and constant trips to the fridge to tell them there’s no food in it? Lucky them!

Weird comment? You think I live at home? If you look back in this thread I wrote:

InfoRetrieval said:

I'm 50 and don't expect to be able to retire until I'm 63-64.

- I don't have any final salary pensions
- I don't expect my kids to be properly financially independent until I'm 62-63 (my youngest is 12)
- I've got a mortgage with ten years to go

I'm definitely concerned about my career. I spoke to someone who changed jobs in their 50s but didn't get any interviews until they erased all hints of their age from their CV. I'm in the tech industry and friends of mine seem to do ok with contract work but companies don't want to take them on as permies (despite being desperate for staff). Any care to explain that one?

Besides, you've missed the point. I don't resent my parents taking the opportunities they were offered. Who wouldn't? I'm just explaining to them why I can't retire in my fifties like they did.

[Greenmantle]

InfoRetrieval said:

wormus said:

InfoRetrieval said:

Definitely this. I tell my parents, with their decent housing equity and generous final salary pensions, that they are the richest generation of pensioners that will ever exist.

Is this between lying on their sofa and constant trips to the fridge to tell them there’s no food in it? Lucky them!

Weird comment? You think I live at home? If you look back in this thread I wrote:

InfoRetrieval said:

I'm 50 and don't expect to be able to retire until I'm 63-64.

- I don't have any final salary pensions
- I don't expect my kids to be properly financially independent until I'm 62-63 (my youngest is 12)
- I've got a mortgage with ten years to go

I'm definitely concerned about my career. I spoke to someone who changed jobs in their 50s but didn't get any interviews until they erased all hints of their age from their CV. I'm in the tech industry and friends of mine seem to do ok with contract work but companies don't want to take them on as permies (despite being desperate for staff). Any care to explain that one?

Besides, you've missed the point. I don't resent my parents taking the opportunities they were offered. Who wouldn't? I'm just explaining to them why I can't retire in my fifties like they did.

I'm in the same boat as you
My youngest is 13
no pension except a fully paid up state pension
a hard stop retirement is not on the cards not that I am looking for one.
I believe working life will gradually come to an end.
Cant say when that will be
As long as I maintain the moisturizing regime of Brad Pitt and dont mention my age whilst looking for contract work hopefully I can eek out an existence of some sort.

[Deep Thought]

InfoRetrieval said:

I'm in the tech industry and friends of mine seem to do ok with contract work but companies don't want to take them on as permies (despite being desperate for staff). Any care to explain that one?

Yes.

Firstly, if they're being brought in as contractors its usually to be part of a project team or to fill a short term requirement, so often the roles they are filling arent the roles that are required by the company.

Contractors sometimes do show an interest in permanent work, particularly when the contract market is a little quiet, however many companies dont want to risk taking on an ex contractor in to their first perm role in case they bugger off again at the first whiff of contract work elsewhere.

I've coming 55 in 6 months or so and have been contracting in IT for around 10 years now. I dont see any reason why i wont be able to continue contracting until i am ready to retire.

Edited by Deep Thought on Monday 3rd July 14:49

[Olivera]

Started a new contract at a large US financial institution. Based on working in the office I'd say those aged 40+ number a low double digits percentage of staff, aged 50+ it's effectively dwindled to close to zero. :O