I am a baby boomer. I make no apology or claim no benefit for this. It is because I was born at a certain time – it is an accident of birth. Like many of my generation, I have concerns and worries. Health, wealth, happiness, offspring and so on. Some but not all of my generation have enjoyed the 40 year job plan and will be able to retire on so-called gold-plated final salary pensions in due course. But over the past 20 years or so, particularly in the private sector, these privileges have been withdrawn.
The one saving grace of the baby-boomer set is our property. People in the UK have become asset rich in property and pension but cash poor, as we have written here .
If you are lucky enough to have bought wisely, stayed married to the same person and kept your job, it is likely your house value will have substantially increased and any mortgage on your house will have all but disappeared. Even if you have had a more chequered time, you should still have substantial equity in your house.