Then you’re all bollox’d.
A pot of £43k is barely worth £100 per month as a pension.
I’m in my 50’s and have paid into pensions since starting work in my late teens. Planning to retire by 60.
indeed. this is the worry. The average first time buyer is now in their 30’s, and the average FTB house costs roughly 9 years of their wage.
Dare I suggest (without vitriol) that you managed to buy a house in slightly less onerous conditions?
i’m not trying to start a generational slanging match here. it just occurred to me how much things have changed lately. My parents generation bought houses in their 20s, had the mortgage paid off in their 40s because it was only about 3 years salary, and then had 20 years or so to save up for retirement – as well as decent pensions.
My generation are buying houses at 35, with mortgages to run until their 60s (my wife will be 65 at the end of our mortgage term), little time to save up, and with much less generous pensions.
As for the people who are currently 21 or under, i shudder to think.
You’re right, we are all bolloxed…