What happened to all the older workers?

[Countdown]

Older workers leaving isn't necessarily a bad thing.

Given how negative some people have clearly felt it's probably a benefit for both them and the Company if they part ways. It also creates opportunities for younger people with more energy and enthusiasm.

[shed driver]

It's nothing that hasn't been foreseen in some fields. I retired from NHS Nursing at 55 back in 2021. I'd given 36 years, two major back injuries and numerous assaults and many facefuls of phlegm. Pension changes made in the late 90's and early 2000's meant that there was a specific cut off date when retirement at 55 would no longer be as easy or as financially advisable. The pandemic just cemented my decision and I've done no nursing since. I've changed career and am now working in the funeral care industry.

Sadly, despite this being identified - it was even given a name "The Demographic Timebomb" no steps were made to either recruit extra or to make the conditions better for senior nurses. I'm glad I left a career that I loved, and am no much happier.

SD.

[asfault]

Slow.Patrol said:

I used to love my job, customer facing role. I worked all through covid as I was considered a "key worker". Something happened during the lock downs that turned some of the general public into total ass holes. Whether it was those on furlough getting cabin fever, but it was challenging.

After the first lockdown we decided to sell up, move away and give up work a few years early.

No regrets.

Similar in food retail.
Everyone jsut a complete dhead. left it for driving and much happier on the road away from the general public.

[aterribleusername]

conanius said:

As a side comment I do continue to think that the country is going to have a hell of a shock when people who've paid statutory minimums into private pensions are totally confused why their pension pot of £60k at 68 isn't going to give them any meaningful amount of income.

There's a whole generation or three coming through that have had no choice but to restrict pension payments to the minimums, have multiple small pots rather than one or two bigger ones thanks to lack of job security and will still be paying off a mortgage/renting when they hit retirement age. The inflated housing market and cost of living increases are going to have a massive effect on people's quality of life for decades to come. The era of early retirement, decent pension payouts and a relaxed retirement is genuinely a one-off for a few lucky generations and we won't see it again in our lifetime.

[ChocolateFrog]

Olivera said:

If life involves living a bleak hand-to-mouth existence in rented property until retirement then playing Xbox at home until your parents croak it might seem preferable.

I know a handful of people like that.

A few literally living in their parents attic iluntil they inherit the house.

A female friend has done a bit of part time work on a cruise liner on and off but she is around 30 and lives in her parents £2.5m house. Literally no chance of moving out but she's an only child so a millionaire in waiting.

Still single too, which must say quite a lot

[jonwm]

I remember reading somewhere that when people like us (I'm 44 too) get to this age we usually see it as this is the kind of peak of career for the corporates, especially if you've done the same job for a while, lots at this point go self employed, start there own business or go consulting.

Could be where they have all gone!

[ChocolateFrog]

It's also where one or two of your mates and/or colleagues start dying.

Partners colleague dropped dead overnight a couple of years ago at 40, my sister died at 30.

Some must re-evaluate the work/life balance at that point.

[InfoRetrieval]

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?

[DodgyGeezer]

I can answer that - for the last (nearly) 10 years I've been told that I'm too old (obviously not as bluntly as that as that'd be illegal) for the roles I was looking for in London so I started working locally. After some less than pleasant employment experiences, partially (I feel) age related I thought "fk it, I can't be dealing with this any more. We can survive on our pension, don't need this st. I'm gone" (I accept that I'm fortunate beyond belief).

I've my personal experience of it and seen it replicated ad-nauseam with colleagues and acquaintances. No I'm not earning as much as I used to, but I have Z.E.R.O. stress and can spend as much time as I want with mrs DG and, going forward (hopefully), grandchildren.

[Vasco]

I know it won't suit everybody, and won't be possible for some, but much greater forward planning now seems essential. One thing Covid did was to wake us all up !
Many people are now actively considering downsizing their property (or moving to cheaper areas), selling off 'surplus' cars etc in order to free up their assets and give the greater flexibility that, in turn, contributes to considerations of early retirement. For many, finishing work entirely, or reducing hours significantly had been unexpected at their age - but is now proving to be highly enjoyable.
I guess there will be an increasing trend over future years to have mortgages timed to finish when you're in your 50s - and even the timing of your children (where possible!) so that they will have finished school by that age too.
It's interesting times, I foresee some sizeable changes in lifestyles now gradually happening - possibly not fully realised until after the event.

[eltawater]

I don't think it's helped by the continual push by successive government ministers telling us that we must work well into our late 60s and 70s for the wafer thin promise of a state pension.

I've seen too many people either pass away in their 40s or just become too old and tired by their 60s to do all the things they had promised to do when they retired. The gap between when people see themselves physically being unable to put up with the daily working grind and the day when they may be able to draw a pension is only getting wider. It's no wonder people like me in their 40s are already looking at what they can get by on in the years before retirement to at least have a hope of enjoying life whilst they still physically can.

I'm an IT worker so I consider myself very lucky that I have this choice open to me. I would like to spend my years in my 50s and 60s contributing back to my community and helping others who may not be so fortunate.

[Woodrow Wilson]

I'm in my mid 40s. Most of my working life has been very disappointing, albeit reasonably paid over the past decade. I could not have envisaged working any longer than necessary, but I felt stuck having to earn at the level I was at -Although, in reality, I had not fallen into the consumer arms race that many do and as a family we are relatively low cost and self-sufficient.

Having paid off my mortgage very early and with no other debts, it felt very liberating. I realised that we lived well within our means and I was free to try something else.

Having fairly recently change to a less well-paid, but far more enjoyable and satisfying job, and surviving, I can now see myself working whilst I enjoy it. If I don't, having made the leap previously, I will do something else.

I suspect that many others have looked around and realised similar.

Ps. News of interest rate rises don't cause me direct worry, which is not a luxury that many people under 50 have.

[InfoRetrieval]

aterribleusername said:

There's a whole generation or three coming through that have had no choice but to restrict pension payments to the minimums, have multiple small pots rather than one or two bigger ones thanks to lack of job security and will still be paying off a mortgage/renting when they hit retirement age. The inflated housing market and cost of living increases are going to have a massive effect on people's quality of life for decades to come. The era of early retirement, decent pension payouts and a relaxed retirement is genuinely a one-off for a few lucky generations and we won't see it again in our lifetime.

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.

[Slow.Patrol]

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.

My now deceased parents had a much better life than I did. Retired in their late 50s on final salary pensions, state pension at 60 and 65, and decent service from the NHS. Not to mention cheaper housing.

The odd thing is I didn't hate them for having a better life in the same way Millennials seem to hate Boomers.

[DodgyGeezer]

InfoRetrieval said:

aterribleusername said:

There's a whole generation or three coming through that have had no choice but to restrict pension payments to the minimums, have multiple small pots rather than one or two bigger ones thanks to lack of job security and will still be paying off a mortgage/renting when they hit retirement age. The inflated housing market and cost of living increases are going to have a massive effect on people's quality of life for decades to come. The era of early retirement, decent pension payouts and a relaxed retirement is genuinely a one-off for a few lucky generations and we won't see it again in our lifetime.

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.

it's interesting - it seems like Canada has got the same issue

https://macleans.ca/longforms/the-end-of-homeowner...

[anonymous-user]

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!

[Vasco]

Slow.Patrol 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.

My now deceased parents had a much better life than I did. Retired in their late 50s on final salary pensions, state pension at 60 and 65, and decent service from the NHS. Not to mention cheaper housing.

The odd thing is I didn't hate them for having a better life in the same way Millennials seem to hate Boomers.

Was housing really cheaper ?

Mortgage rates here were often very much higher than they have been in recent years and wages were a mere fraction of what is expected nowadays. I wonder what % of net income went on housing in, say, the 60-70s versus now.

[DodgyGeezer]

Vasco said:

Slow.Patrol 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.

My now deceased parents had a much better life than I did. Retired in their late 50s on final salary pensions, state pension at 60 and 65, and decent service from the NHS. Not to mention cheaper housing.

The odd thing is I didn't hate them for having a better life in the same way Millennials seem to hate Boomers.

Was housing really cheaper ?

Mortgage rates here were often very much higher than they have been in recent years and wages were a mere fraction of what is expected nowadays. I wonder what % of net income went on housing in, say, the 60-70s versus now.

Even allowing for inflation houses were a LOT cheaper - but then again borrowing was a lot stricter and the were less 'demands' on your money for frivolous shyte. People were happy to use hand-me-downs rather than want everything new yadayadayada <oldmanspeak>

Edited by DodgyGeezer on Thursday 29th June 09:23

[GilletteFan]

Job losses are happening. It is mostly the junior and middle layers being targeted. Gen X and the left over Boomers will absolutely hold on. Think it will take another decade before things change in the workplace. And another two decades for society. So any young adults (Millenials and Gen Z) will be SOL.

[GiantCardboardPlato]

Vasco said:

Was housing really cheaper ?

Mortgage rates here were often very much higher than they have been in recent years and wages were a mere fraction of what is expected nowadays. I wonder what % of net income went on housing in, say, the 60-70s versus now.

Here is a graph of absolute mortgage rates and those same mortage rates adjusted to account for the house price:average earnings ratio of the time.

You can see the absolute rates might be lower today, but because house prices/mortgages are on average a larger multiple of salaries, in affordability terms (i.e. “how expensive are they?”), those 10+% rates of the 70s/80s/early 90s would be equivalent much less than current rates (except perhaps fpr the 1990 peak - but we are heading there fast)… An additional issue with higher house price:earnings ratios is that deposits become much less affordable (you have to save much more of your salary to accumulate one).



So in answer to your question: Yes, I think houses really were cheaper.