State pension age rise brought forward

http://www.bbc.co.uk/news/uk-politics-25225532

More people will have to work until they are 68 before being entitled to a state pension under plans to be announced by Chancellor George Osborne.

The current state pension age was set to change from 65 to 68 in 2046.

But that date will be brought forward to the mid-2030s, Mr Osborne will say in his Autumn statement.

The pension age could rise again to 69 in the late 2040s, he will add, meaning people now in their 20s may have to work until they are 70.

Sensible and inevitable. Those of us in their 20s should be clear that our state pension won't come, at least, until we're 70. For all the focus on benefits they're a small expensive relative to the amount spent on pensions.

Originally Posted by Damien

http://www.bbc.co.uk/news/uk-politics-25225532



Sensible and inevitable. Those of us in their 20s should be clear that our state pension won't come, at least, until we're 70. For all the focus on benefits they're a small expensive relative to the amount spent on pensions.

you are one of the very few people that actually see the reality of the state pension problem

I'm one of the first who had their retirement ages extended and I've known about it for 20 years..

I've already been informed mine has gone up to 66.

[richard s]

[Get us older ones to retire at 65 and let the youngsters have a job.] This has become a dream. I feel like I am actually living in an episode of the twilight zone (TV series).

What a country this has and is becoming.

[MovedGoalPosts]

Whilst I can see the problem, and inevitability that the pension age needs to reflect average life expectancy changes, and thus ability to fund, increasing the age of entitlement isn't necessarily the answer. Many people do more sedentary work, and so can perhaps work till they are a bit older. If your work is more active your body naturally weakens and physically you may be less able. If you can't get a pension, will you be able to get other support if you aren't able to work at your trained skill? Few employers will justify retraining someone in their 60s.

[Taf]

Administrator, teacher, call centre worker at 70? No problem.

Labourer, truck/train driver at 70? Too many sick days perhaps?

[nomadking]

Originally Posted by Taf

Administrator, teacher, call centre worker at 70? No problem.

Labourer, truck/train driver at 70? Too many sick days perhaps?

What is that different from being 65?

Any talk of retiring @ 70 is still only something that may or may not, happen a long way in the future, ie 40 years from now.

The pension age could rise again to 69 in the late 2040s, he will add, meaning people now in their 20s may have to work until they are 70.

Since 1960, the average life expectancy of a UK resident has increased by 10 years - this is probably one of the main reasons for increasing the state pension age.

The Government probably needs to find a way to incentivise saving for private pensions more. They're doing that Workplace pension scheme which is a good idea albeit the contributions forced are very low and therefore not enough on their own. Not sure what could be done other than existing tax relief on contributions? Maybe you get NI back too and then those contributions are not taken out when you receive the pension in the way the tax is taken back.

Originally Posted by Damien

The Government probably needs to find a way to incentivise saving for private pensions more. They're doing that Workplace pension scheme which is a good idea albeit the contributions forced are very low and therefore not enough on their own. Not sure what could be done other than existing tax relief on contributions? Maybe you get NI back too and then those contributions are not taken out when you receive the pension in the way the tax is taken back.

Insentivising a private pension isn't the problem ,wage levels are the problem .People on minimum wage will find it impossible to pay for a private pension that will keep them in retirement and since the number of people on or very near minimum wage is increasing then despite the govs plans to shuffle retirement age about we will still have a very large portion of the work force claiming benefits to top up a pension

[Taf]

Originally Posted by nomadking

What is that different from being 65?

You may, or may not, be entering that part of your life when we seem to fall apart at a faster and faster rate. 5 years is a long time for a failing body and mind. We may be living longer, helped no doubt by better medicine and nourishment, but are we still as fit?

Originally Posted by Taf

You may, or may not, be entering that part of your life when we seem to fall apart at a faster and faster rate. 5 years is a long time for a failing body and mind. We may be living longer, helped no doubt by better medicine and nourishment, but are we still as fit?

That's the thing isn't it ,living longer does not mean a person may be able to work longer

[Wad_2002]

Was always going to happen.

Save your $$ in a pillow case

[spreadsheet]

was bound to happen

by way of example the firemen want to retire at 55 on a pension of 19,000
which i understand is not acceptable to them


a fit bloke could live another 30 years with no real problems so that's £570,000
that has to come from somewhere and that's not including any inflationary factors