Today's youngsters could be trapped into a "work to live" cycle into their twilight years Today's children could become what Aviva has dubbed "the forever generation". They are the generation who will be retiring later, paying their mortgage for longer and having children live with them well into their twilight years Lifestyle changes mean that people are now taking up to seven years longer to reach various milestones - leaving home, marrying, buying a house and starting a family - than they did 30 years ago. Aviva is therefore warning that people need to start planning for their retirement sooner rather than later. <...> Darren Dicks, head of annuity propositions for Aviva UK Life, said: "There is a risk that without forward planning, today's young adults could end up in a work-to-live cycle for what feels like `forever'. Without suitable pension provision and a means to pay off their mortgage before retirement, people could find themselves having to work for much longer than they do now. <...> "On a more positive note, life expectancy is also increasing steadily, rising from 82.8 and 86.8 respectively for men and women born 30 years ago, to 88.5 and 91.8 for people born now(4). So even though people are working longer, they are also living longer in retirement. This underlines the importance of planning ahead and preparing for a long life." Event Average age 30 years ago Average age now Shift in yrs compared to 30 years ago Expected age in 30 years time First marriage (men)(6) 25.1 years 31.9 years 6.8 years 38.7 years First marriage (women)(6) 22.8 years 29.8 years 7 years 36.8 years Birth of first child (women)(6) 26.6 years 29.3 years 2.7 years 32 years Purchase of first home(7) 27 years 34 years 7 years 41 years
Today's children could become what Aviva has dubbed "the forever generation". They are the generation who will be retiring later, paying their mortgage for longer and having children live with them well into their twilight years
Lifestyle changes mean that people are now taking up to seven years longer to reach various milestones - leaving home, marrying, buying a house and starting a family - than they did 30 years ago. Aviva is therefore warning that people need to start planning for their retirement sooner rather than later. <...>
Darren Dicks, head of annuity propositions for Aviva UK Life, said: "There is a risk that without forward planning, today's young adults could end up in a work-to-live cycle for what feels like `forever'. Without suitable pension provision and a means to pay off their mortgage before retirement, people could find themselves having to work for much longer than they do now. <...>
"On a more positive note, life expectancy is also increasing steadily, rising from 82.8 and 86.8 respectively for men and women born 30 years ago, to 88.5 and 91.8 for people born now(4). So even though people are working longer, they are also living longer in retirement. This underlines the importance of planning ahead and preparing for a long life."
Event
Average age 30 years ago
Average age now
Shift in yrs compared to 30 years ago
Expected age in 30 years time
First marriage (men)(6)
25.1 years
31.9 years
6.8 years
38.7 years
First marriage (women)(6)
22.8 years
29.8 years
7 years
36.8 years
Birth of first child (women)(6)
26.6 years
29.3 years
2.7 years
32 years
Purchase of first home(7)
27 years
34 years
41 years
and even if everything is done properly, the govt then comes along and says, you have money that we need, so we're gonna have a windfall tax.
Meanwhile public employees and company directors have entirely different arrangements that we pay for that ensure they're free and easy from age 50 onward.
So the forever generation is now, people like me. I'm 50 and I have no pension worth squit. I will work forever or live in utter poverty. keep to the Fen Causeway
As to the fact that people are now simply enjoying life as young adults without the social obligation (especially for women) to get married and have babies does not mean that such a trend will continue linearly forever - there are physiological limits to that. Marriage is increasingly unrelated to whether one lives in a couple or has a family...
And as to housing, extrapolating the past 30 years, which were essentially one bubble followed by one larger bubble, into the next 30 is rather ... daring.
But whatever, this is just about trying to grab people's money for insurance funds. In the long run, we're all dead. John Maynard Keynes
this is just about trying to grab people's money for insurance funds
marco:
Aviva is therefore warning that people need to start planning for their retirement sooner rather than later. <...> Darren Dicks, head of annuity propositions for Aviva UK Life, said: "There is a risk that without forward planning, today's young adults could end up in a work-to-live cycle for what feels like `forever'.
Aviva is therefore warning that people need to start planning for their retirement sooner rather than later. <...>
Darren Dicks, head of annuity propositions for Aviva UK Life, said: "There is a risk that without forward planning, today's young adults could end up in a work-to-live cycle for what feels like `forever'.
Raising a family, you say? On a lifetime earned wage of 15 years? The brainless should not be in banking. — Willem Buiter
Today's youngsters could be trapped into a "work to live" cycle into their twilight years
