Shane Ross

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Elderly teed up for Budget sting

Posted on: August 25th, 2013

Stella, the statistic, has had a good recession. Stella is 66, a widow, who lives in a large house in a Dublin suburb. She has no mortgage as it was repaid long ago. Sadly, her husband died in 2008, but he left her comfortably off.
He was prudent all his working life, saving for their old age. He left her his life savings of €50,000 and a risk- free share portfolio worth €300,000. She draws the old-age pension of €230 a week.
Big house, no debt, healthy income, a few bob in the bank… Stella the phantom statistic is riding out the recession, feather-bedded, unfazed.
She surveys the wreckage of the boom all around her. She is one of Ireland’s supposedly privileged elderly, the group who escaped the traumas of the collapse of the Celtic Tiger. Last week, The Irish Times dubbed Stella and her ilk “a lucky generation”.
What utter bunkum.

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