I read an article in a newspaper on Friday that claimed to sympathise with people in their 50s who now have to look after two generations: their kids and their elderly rellies. In fact, my sums make it three generations, since 50 somethings have to look after themselves as well.
As of today the Coalition is taking money off 50 somethings to put towards a pension for their old age.
Let's do a quick sum: if you're in your 30s, you have to get a job, find a place to live, set up a family and then plan for your kids' education, so you need to start saving now to pay their uni fees. But you may still be paying off your own student loans from your 20s. In that case, tough: try living, saving and paying back all at the same time. You may also have bought a house at the top of the market so you're in negative equity now and have no cash from your 'property' and can't afford to move from there for a while yet. But your mortgage marches on!
As you approach your 40s, you may have no student loans of your own to pay off but children are dear little things so you'll still have very little disposable cash. What you have goes on keeping your home up to scratch: new windows, heating, bathroom, kitchen, roof, ... Luckily, your parents are still hale and hearty.
And then, you enter your 50s and the elderly rellies enter their 70s, and you suddenly discover that now your parents need care. Their carer is likely to be you. Your kids will have finished their education but they're not earning enough to live on and so still depend on you. Even if they leave home, the chances are they'll be back.
Good luck, folks.....
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