Latest news with #Boomers'
Yahoo
27-05-2025
- Business
- Yahoo
More Canadians plan to carry mortgage debt into retirement: Royal LePage
More people are planning to enter retirement while still paying off a mortgage, a new report from Royal LePage says, with affordability and an evolution in when and how people retire among the factors. A survey conducted for the real estate company found that 29 per cent of the Canadians planning to retire this year or in 2026 will carry mortgage debt into their retirement. Separate data from Statistics Canada show that in 2016, only 14 per cent of senior families had mortgage debt; in 1999 that proportion was just eight per cent. 'In the era of rotary phones and station wagons, burning your mortgage was the economic finish line,' Phil Soper, president and CEO of Royal LePage said in a statement. 'Today's retiree reality is much more nuanced.' A factor in Canada's housing crisis is the concentration of single-family homes within the Baby Boomer cohort, Soper told Yahoo Finance Canada in an interview. 'We knew that eventually the tide would turn,' he said. 'People would just reach the age where they'd start to exit those family homes.' But, he added, the report shows that Boomers' exodus from property ownership 'has been much delayed compared to previous generations.' Boomers are subject to the same affordability challenges that define the current housing market in Canada, the report says, which have left many with significant mortgages. The report also notes several demographic trends — some related to affordability — that are likely also factors. This generation of retirees is entering retirement sort of kicking and screaming, saying, 'I won't go quietly into the night.'Phil Soper, president and CEO, Royal LePage The age of first-time home buyers has been creeping up, the report says, 'increasing the odds of future generations of retirees carrying a mortgage further into retirement.' In a 2023 report from Royal LePage looking at first-time homebuyers, it found 43 per cent were 35 years old or older — up from 33 per cent in 2021. The average retirement age has also risen fairly steadily: the age was 61.6 in 2000, according to Statistics Canada data, and 65.3 in 2024. Canadians today are also living 'about 50 per cent more years after turning 65' compared to their grandparents, the report says. 'People are working longer,' Soper said. 'People are staying active longer. The whole Zoomer thing didn't exist for Boomers' parents. They were just expected to retire and spend time with grandkids. … There's obviously exceptions but generally this generation of retirees is entering retirement sort of kicking and screaming, saying, 'I won't go quietly into the night.' "It's no surprise their attitudes toward home ownership have evolved with the times. With people buying their first homes later and working longer, it's increasingly common for Canadians to carry a mortgage well into retirement, often by choice rather than necessity.' In a survey of brokers and sales agents across Canada about the attitudes of people in the retirement window, Royal LePage found that 44 per cent saw an even split between people who planned to stay in their home and people who planned to downsize. 28 per cent said a majority were choosing to downsize and 21 per cent said a majority were choosing to stay put. Those preferences vary in different regions, and Soper said one factor was likely the particularly steep rise in home prices in greater Toronto and greater Vancouver. 'The amount of capital gains you could surface in our two largest cities really dwarfs what you see in other parts of the country,' he said. 'So I think we will see different trends in the GTA and the lower mainland of B.C. than for example what we might see in Halifax or Calgary.' Smaller Canadian cities may not have as many huge houses and may also have condo options that aren't as compact as many of those available in Toronto or Vancouver, Soper said, making a downsize move less 'dramatic' for someone retiring. Furthermore, someone in Montreal or Toronto contemplating a move into a larger condo may be deterred by the costs, Soper said. 'The price that is demanded for large condos in the city can be so high that once you include condominium fees, if you do the math over 10 or 20 years you're not saving any money by moving to a larger condo in our bigger cities.' John MacFarlane is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jmacf. Download the Yahoo Finance app, available for Apple and Android.
Yahoo
23-05-2025
- Business
- Yahoo
Wave goodbye to the British middle classes, exploited to extinction under Starmer's Labour
Jeremy Clarkson's declaration that Britain has 'fallen off a cliff' in the past 20 years is hard to disagree with. Referencing the boarded up shops, our sewage infested rivers and the fact you still can't get a decent mobile phone signal in some parts of the country, he said: 'I don't know what they do with the money.' Quite. Government spending remains at a record high, along with the tax burden – and yet, as Nigel Farage has repeatedly pointed out: 'Nothing works'. I'm proud of my country and I don't like beating the 'broken Britain' drum but the truth is that we are being led by donkeys down a path to self-destruction in what has now come to be known as Starmergrad. From the EU 'reset' surrender to the £30 billion Chagos Islands giveaway, with badly negotiated trade deals with India and the US thrown into the mix, this Labour Government appears intent on humiliating the UK on the world's stage. The socialist motivations are plain to see in the demeaning clause in the Chagos agreement, which obliges Britain to be 'mindful of the need to complete the process of decolonisation of Mauritius', even though the islands have never been part of the East African country's territory. Could there be a better reminder of how we're ruled by people whose politics haven't matured since their days in the junior common room? What a pathetic bunch of sell outs. Domestically, things aren't faring much better. If you're middle class, you've felt 'Britain falling off a cliff' acutely. We thought things were bad last year when Labour cut the winter fuel payment in an assault on supposedly wealthy 'Boomers' and Rachel Reeves imposed record tax rises in the Budget. Despite promising not to tax 'working people', the increase in employers' national insurance contributions and the lowering of the threshold at which they pay them has done precisely that. The Office for Budget Responsibility said that, as a result of autumn's fiscal fiasco, the tax burden will reach 'a historic high of 38 per cent of GDP by 2029/30' and predicted inflation and interest rates will both be higher. Indeed, we are already seeing evidence of this with inflation having just jumped to 3.5 per cent driven by higher payments for gas, electricity, water and transport in 'awful April'. 'Faster and deeper' interest rate cuts now look increasingly unlikely. Combined with the Chancellor's 'lowest ever fiscal headroom' of £9.9 billion, more tax rises seem inevitable, not least if Labour are to perform a u-turn on the winter fuel cut. And who will pay for all this? Middle England, of course. If you were ever in any doubt as to the level of hatred Labour reserves for successful, aspirational people like you and me, then just look at the contents of Deputy Prime Minister Angela Rayner's leaked memo. Sent to Reeves ahead of the autumn Budget, it proposed eight tax increases including reinstating the pensions lifetime allowance and changing dividend taxes. She also suggested raiding the million people who pay the additional rate of income tax and a higher corporation tax level for the banks. Although the Chancellor may have resisted the Corbynista proposals first time round, the document is likely to become a blueprint for Left-wing Labour MPs disgruntled with the Prime Minister over his attempts to cut benefits and bring down immigration. In Rayner's warped, Marxist mind working people only include those on the factory floor or in the public sector and members of her union paymasters. If you're earning above minimum wage for the private sector, or the business owner who pays workers' wages, then you can be taxed until the pips squeak. Ironically, the Deputy Prime Minister and her ilk are much more likely to stand up for the nine million people who are economically inactive in this country than to protect actual 'working people' who also happen to be middle class. Rayner has a name for such people which I believe starts with 'Tory' and ends with 'scum'. The trouble for Labour, however, is that thanks to the cost of living crisis and the wanton profligacy of successive governments, those earning £50,000 to £80,000 do not have any money left to give. Having spent the last decade being fiscally dragged into higher tax rate bands, relatively modest earners are now paying eye-watering tax rates. In 2010, the 40 per cent higher-rate threshold stood at £43,875, which was 83 per cent higher than average earnings. Today, workers only need to earn 37.6 per cent more than the average wage to be taxed at the higher rate. This figure is expected to fall even further to just 28.3 per cent by 2027-28, according to Taxpayers' Alliance analysis. If this wasn't all costly enough, consider the impact that immigration has had on house prices in middle-class areas, on top of the price of practically everything having shot up since Covid. Factor in Labour's utterly vindictive VAT on private school fees (which along with the assault on second-home ownership, lays bare the average Labour cabinet minister's contempt for anyone with any aspiration) and it's a recipe for disaster. And to think these class warfare waging maniacs may also be eyeing up a wealth tax. Last October, a dozen Labour MPs joined a cross-party call for an 'extreme wealth' tax in that month's Budget. They wrote to the Chancellor to demand a new 2 per cent tax on assets worth more than £10 million, which they claim could raise £24 billion per year. Although Reeves again resisted the pinko proposal, she continues to be lobbied on the issue and is likely to face increasing pressure in the coming month, not least as Unite has also been pushing for it. With figures showing that one millionaire left Britain every 45 minutes in the year Labour came to power, we already know that such policies have no impact on the super rich, who can simply move elsewhere, and only serve to hammer those contributing the most to Treasury coffers: hard working, professional moderate earners. They belong to the 40 per cent of the population who pay at least 83 per cent of the taxes that fund our public services. Labour's unending tax assault on the middle classes isn't just preventing growth and prosperity, it's breaking the backbone of Britain. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Mercury
23-04-2025
- Business
- Mercury
How downsizing Baby Boomers could unlock 33,000 Aussie homes
A record number of Australians plan to downsize to boost their retirement funds, according to new research, potentially unlocking more than 33,000 homes over the next five years. According to national survey conducted by leading property developer Capital Corporation, 56 per cent of downsizers intend to move to a smaller home to free up money for their retirement and reduce housing costs by 2030. One in four (23 per cent) of those surveyed said planned to scale down to a property within the same price bracket as their current home, with one in six (16 per cent) Australian downsizers expecting to spend between $1m to $2m on their downsized property. This coincides with the current Sydney median house price of $1.6m. The research supports a growing trend that Capital Corporation has observed in its new luxury apartment development, The Residences at Wahroonga Estate, with an influx of empty nesters purchasing the two and three-bedroom residences. RELATED 'You can kiss your pension goodbye': Radical plan to remove Boomers Radical plan to remove Boomers, unlock 60k homes Surprise results of Boomers' empty houses poll The luxury apartment project – estimated to be completed by 2027 – will include 186 homes, new roads, landscaping, and amenities. Capital Corporation Director, Jim Hunter said the majority of The Residences' buyers were looking for a 'house-like' experience on the upper north shore, trading in a large family home for a lower maintenance lifestyle, security and the freedom to travel. 'It's clear that many of our buyers are empty nesters living on the upper north shore seeking to improving their quality of life by downsizing from their family home,' he said. 'By enhancing the quality of finishes, providing generous garden amenities, and designing the apartments to feel more like homes, people have gained the confidence to downsize without feeling like they are downgrading in any way.' MORE NEWS: Final 43 Aussie suburbs under $400k exposed According to the Australian Bureau of Statistics, people aged 65 and over make up 17 per cent of the total Australian population. This figure is set to grow to around 23 per cent by 2063. With Australia's population ageing rapidly, the demand for smaller, low maintenance dwellings is on the rise. Mr Hunter said Capital Corporation's research showed that many older Australians still face significant housing costs, with 30 per cent of downsizers still paying a mortgage on their current home. The survey found 40 per cent of respondents in NSW and the ACT wanted to downsize to an apartment and 39 per cent of Baby Boomers nationally (aged 65 years or over) hoped to relocate to a two-or three-bedroom apartment. Radical plan to remove Boomers The housing crisis has now also emerged as a cornerstone of the federal election campaign, sparking calls for reforms by the Retirement Living Council (RLC) to unlock 59,576 homes across Australia. In a recent report, the RLC urges the removal of financial barriers in order to encourage older Australians to 'rightsize' and create much-needed housing opportunities for younger families. According to the Removing Rightsizing Roadblocks report, reforms to the Age Pension assets test and Commonwealth Rent Assistance eligibility could encourage an additional 94,000 seniors to access retirement village housing options by ensuring they are not financially penalised for doing so. MORE NEWS: Multimillion-dollar land sale proves property market is out of control RLC executive Daniel Gannon said these changes could lead to significant outcomes, including reducing the costs and demand on public housing, hospitals and aged care, while generating $2.95b in stamp duty revenue for state governments. 'Prehistoric policies are locking older Australians in large family homes during a housing crisis when rightsizing initiatives should be front and centre to ease pressure on housing and healthcare systems,' he said. 'It's absurd that policies written decades ago are expected to keep up with modern day house prices and cost of living. Older Australians risk losing their pension while younger people are in housing limbo.' Read more on the subject here. Surprise results of Boomers' empty houses poll A social poll asking whether a tax break will help around 60,000 Baby Boomers 'rattling around' in large empty houses move on to better digs has had some surprising results. Born after World War II to the mid 1960s, Baby Boomers have become the wealthiest generation on the planet thanks in large part to astronomical escalation in property prices, and around 60,000 are estimated to be living in homes too large for their needs that they cannot take care of without help – which prompted the question of whether a tax break might help make that decision easier. The feedback to a social media survey conducted by News Corp came thick and fast. Around 45 per cent of 1117 people who responded were a clear no on the question of a tax break to move on, 36 per cent were a clear yes, 13 per cent laughed, 5 per cent expressed anger and the rest loved it. MORE NEWS: Federal Election 2025: Labor, Coalition housing policies slammed Respondent Rachael Hickey commented: 'This is ridiculous. People shouldn't feel like they have to give up their homes they worked hard for' – a view supported by Ruth Griffin who said 'their homes were purchased with interest of 18 per cent for a loan. You had to work and save for most, not rely on government'. There were also calls to look at other options including one by Lamgwynn McLeod saying 'stop large scale investment buying! Limit purchasing of Australian properties to Australian citizens! Limit how many investment properties someone can own!' Read the fully story here.
Forbes
22-04-2025
- Business
- Forbes
What Are NILFs: Gen Z's Exit And Boomers' Return To The Labor Force
What Are NILFs: Gen Z's Exit And Boomers' Return To The Labor Force The term "NILF," or Not in Labor Force, has long been used by economists to describe people who are neither working nor actively looking for work. Bill Maher recently reignited attention to the term when he questioned whether Gen Z would be willing to take on new manufacturing jobs if more became available. He pointed out that over 10 percent of American men in their prime working years now fall into this category of lacking a desire to work, compared to just two percent in 1960. His comments reflect a broader concern echoed in Monster's 2024 State of the Graduate Report, which found that many Gen Z graduates feel overqualified for entry-level jobs and are holding out for roles that align with their values and expectations. Together, Maher's remarks and the data highlight a growing tension between the jobs being offered and the jobs new workers are actually willing to accept. Meanwhile, on the other end of the age spectrum, many Boomers still want to work but are often turned away, not because of lack of ability or interest, but due to persistent age discrimination that limits their opportunities. Why Gen Z Graduates Are Hesitating Before Joining The Labor Force The 2024 Monster State of the Graduate Report gives a real glimpse into the mindset of new grads. The majority feel optimistic about landing a job after graduation, but a surprising number feel overqualified for the jobs being offered. Is it entitlement, or is it a mismatch between what they've been taught to expect and what most early jobs actually involve? This generation is entering the job market with high expectations, often emphasizing competitive pay, meaningful work, and rapid growth opportunities. While those goals are understandable, it raises the question of whether they are overlooking the realities most new employees face when starting out. According to Monster, there was a 12 percent increase from 2024 to 2025 in students who said the traditional 9-to-5 feels outdated. But if every structure is considered outdated before it's experienced, is that a sign of progress, or a disconnect from how careers are actually built? Opting out of tradition may sound bold, but it's worth asking what might be lost along the way. How Mental Health Influences Gen Z's Relationship With The Labor Force Another key stat that stands out in Monster's report is that 91 percent of Gen Z grads say they want to be able to talk about mental health at work. They want to work where psychological safety is built into the culture, not just listed as a benefit. And they're willing to walk away from jobs that don't reflect that. They are evaluating employers as critically as employers have historically evaluated them. Many of the CHROs I interviewed for a podcast several years ago noted that even then, potential hires were coming in with high expectations. Those CHROs seemed to think that this was just the way of the modern workplace, and didn't complain about it. Why The Traditional Labor Force Model Isn't Working For Gen Z The traditional workplace structure isn't just being questioned by Gen Z; it's being left behind. In-office expectations are falling out of favor. Strict 9-to-5s feel arbitrary. Companies that insist on outdated models are watching talent walk away. And sometimes they're watching it happen before they even get to the interview stage. If anyone got ghosted in the past, it was the applicants. Now it happens the other way around, with candidates walking away from employers. It's because Gen Z doesn't want to waste time on organizations that don't meet their criteria. Salary transparency, growth potential, and flexibility are not just perks to this generation. They're minimum requirements. The Complexity About Gen Z In Today's Labor Force When people like Maher express frustration about the NILF trend, there's often an assumption that the labor force is shrinking simply because people don't want to work. But that view may oversimplify a more complex reality. While some are opting out altogether, others are making different choices like returning to school, pursuing gig work, starting businesses, or stepping away for mental health or caregiving needs. Whether these alternatives count as "work" in the traditional sense is up for debate, but they represent real activity outside the usual employment model. That complexity is especially visible among Gen Z. A recent statistic Maher cited revealed that 57 percent of Gen Z aspire to become social media influencers. The appeal of having flexible hours, creative control, and the chance to monetize personal interests is easy to see. But very few actually earn enough to make a full-time living from it. Most struggle to generate consistent income, and the odds of long-term success are low. That raises a larger question: is the widespread ambition to become an influencer a sign of innovation, or of disconnection from economic reality? The answer may be both. How Realistic Is It For Gen Z To Say No To Being In The Labor Force But is it realistic for young people to just say no to work? In previous generations, the idea of opting out of work without a backup plan wasn't on the table. Boomers and Gen X didn't expect their parents to support them into adulthood, and many took whatever job they could get simply to stay afloat. The pressure to contribute financially wasn't optional. While it's commendable that Gen Z wants purpose-driven careers and healthier boundaries, the reality is that bills still need to be paid. Flexibility sounds ideal, but without a steady income, independence and freedom can be hard to sustain. At some point, every generation has to balance idealism with practicality, and the challenge now is figuring out where that line should be drawn. That tension between idealism and workplace reality often shows up in how employees respond to discussions about performance and productivity. When I write about how leaders can improve productivity to avoid quiet quitting, the strongest pushback often comes from employees. Some feel overworked and underpaid, and argue that any push for greater output is just another way to help executives profit while employees fall further behind. There is a deep undercurrent of resentment in parts of the workforce, and it's not entirely unfounded. Many workers feel burned by promises of loyalty or advancement that never came. But when that frustration turns into a refusal to participate at all, it's hard to see how anyone benefits. The labor force works best when both sides, leadership and employees, see value in contributing. If either side stops trying, the whole system suffers. Why Older Generations Are Reconsidering Their Place In The Labor Force While much of the spotlight is on Gen Z, older generations are also navigating challenges in the labor force. Millennials and Gen X report rising age discrimination, especially in industries that prioritize younger talent. Gen X in particular often finds itself stuck between Boomers who are delaying retirement and younger workers taking priority in hiring. With labor shortages in sectors like manufacturing, reskilling workers over 50 could be a practical solution. Although not yet a widespread trend, some older workers may be ready to step in where younger ones hesitate, especially in roles that value experience and dependability. Why Opting Out Of The Labor Force Doesn't Mean Opting Out Of Ambition Every generation redefines what work means. Gen Z isn't rejecting work entirely. They're rejecting systems that feel outdated in a world where nearly everything else has changed. At the same time, older generations with valuable experience are being overlooked. Gen X and Millennials often face age-related barriers that have little to do with ability. If employers are struggling to fill roles, maybe the issue isn't just with Gen Z. Maybe the jobs themselves aren't keeping up. Instead of trying to force a return to what used to work in the labor force, it may be time to think more broadly about how to engage talent across all age groups. The goal shouldn't be to pressure any generation into fitting a model that no longer works for today's realities. It should be to understand what makes people want to work, and build from there.
Yahoo
10-02-2025
- Politics
- Yahoo
Jasper students head to Indiana Statehouse to advocate for state fruit
HENDERSON, Ky. (WEHT)- What began as a simple classroom discussion at Jasper Elementary School could now become a potential new Indiana State law. Newburgh Museum highlights 'Boomers' in new exhibit Fourth graders at Jasper Elementary will head to the Indiana Statehouse today to support a bill that would make the Persimmon the official state fruit of Indiana. Students have recently worked on essays, artwork, and presentations in their social studies class on why the Persimmon should be the state fruit. Now State Representative Shane Lindauer has authored a bill on the issue, which will be read in front of a committee today. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
