Cost of ageing population 'needs re-calculating'

**Maggy** · 10-09-2010, 07:39

http://www.bbc.co.uk/news/health-11243976

Quote:

The cost of old age on health services in industrialised nations may need to be re-measured, a study suggests.
Rising life expectancies and improved health means the population is ageing more slowly and the burden may not be as dramatic as feared, scientists say.
The US and Austrian study in Science magazine proposes a new way of measuring ageing which is not reliant on fixed chronological ages.
This will help calculate the cost of old age and retirement more accurately.

Quote:

Michelle Mitchell, charity director for Age UK, said: "This study clearly shows viewing older people simply as a 'burden to society,' is an out-of-date concept.
"On the contrary, increasing longevity and improved health care mean many older people are able to make a very positive and important contribution to our society.

An interesting idea that might support the idea of raising the retirement age..

Taf · 10-09-2010, 08:26

I see evidence that work age is slipping from 16 to 65 to something more like 20 to 69. Same number of years, but a later start due to poor employment prospects for teenagers.

TheNorm · 10-09-2010, 19:56

Quote:

Originally Posted by Maggy J

...An interesting idea ..

Yes, very!

Personally I think people should be allowed to work as long as they wish (provided they are capable). The idea of forcing someone to stop working simply because of their age is ridiculous.

nomadking · 10-09-2010, 20:00

Then you have to get into arguments about whether they are capable or not. If you have a definite fixed upper age limit then there can be no arguments. Lower age limits are fixed for the same reason.

Peter_ · 11-09-2010, 21:12

I want to retire on my retirement day which is already 7 months over the age of 65 due to govenment rules as I want to enjoy retirement and not have to worry about keeping a job until I die which is what they want to happen as they are loath to pay pensions.

I do think that the should be an age limit after which you can no longer work as otherwise where are the jobs going to come from for the younger people if the workforce continues to age.

colin25 · 11-09-2010, 21:17

I thought the issue was that we need people to work longer, as we don't have the supply of younger people, and the cost of pensions is getting more expensive.

Alas, I will need to work until over 65...if i still have a job. Next 10 years, if you see an old guy flipping burgers in mcdonald's..and you aren't seeing a reflection..it might be me

Peter_ · 11-09-2010, 21:20

Quote:

Originally Posted by colin25

I thought the issue was that we need people to work longer, as we don't have the supply of younger people, and the cost of pensions is getting more expensive.

Alas, I will need to work until over 65...if i still have a job. Next 10 years, if you see an old guy flipping burgers in mcdonald's..and you aren't seeing a reflection..it might be me

I would retire at 60 given the chance as I want to enjoy freedom from drudgery and no longer having to work and my mortgage will be a distant memory at 60 as well.

**Maggy** · 11-09-2010, 21:23

Quote:

Originally Posted by Masque

I would retire at 60 given the chance as I want to enjoy freedom from drudgery and no longer having to work and my mortgage will be a distant memory at 60 as well.

I wanted to be able to retire at 60..unfortunately because of the levelling up of the retirement age from 60 for women I have to go until I'm nearly 63.In fact it means my husband will retire before me..no fair.

LondonRoad · 11-09-2010, 21:25

Quote:

Originally Posted by Masque

I would retire at 60 given the chance as I want to enjoy freedom from drudgery and no longer having to work and my mortgage will be a distant memory at 60 as well.

Good attitude.

My retirement age will totally determined by finances. It may when I'm 70 or it may be on Monday if those lottery numbers have rolled properly.

11-09-2010, 21:57

Quote:

Originally Posted by Masque

I do think that the should be an age limit after which you can no longer work as otherwise where are the jobs going to come from for the younger people if the workforce continues to age.

In an ideal world retired people would be users of goods & services, which would help provide employment for those providing said amenities.

Unfortunately that relies on the premise that people retiring will have sufficient disposable income to make such a situation sustainable.

With hindsight it can be seen that this level of income after retirement may only be possible for people who have made provision over & above the requirements that qualify for a 'state pension'.

In the worst case people might find that 'compulsory' retirement would plunge them into a scenario where they are still paying off a mortgage/car loan/credit card - which their pension entitlement won't cover. These people will, probably, want to carry on working, rather than deal with the consequences of their remaining debts.

Interest rates currently are such that private or occupational pension schemes are suffering badly. The number of schemes being moved from a 'final salary' basis is a consequence of this - too many schemes are in deficit - and, in fact are having an effect on employment, the Royal Mail being a case in point, their pension deficit being a major factor in the decision to float the business.

colin25 · 12-09-2010, 07:14

I should also say..if I win the lottery, it won't be me in the burger joint, unless it was only three numbers

Angua · 12-09-2010, 07:20

The NHS funding is already variable as to what part of the country you are in so tihs is no surprise.

Dai · 12-09-2010, 08:01

Quote:

Originally Posted by gazfan

Interest rates currently are such that private or occupational pension schemes are suffering badly.

That, and the current low interest rates are what will hit me hard. The original plan was to liquidate my property investments and take an income from capital invested. Now, there's no interest available so I'd have to be living off my capital. Also the value of an annuity from my private pension scheme has dropped dramatically recently.

All in all, it looks like I'll be working for a year or two yet..

**Maggy** · 12-09-2010, 09:47

I still can't see where the jobs will be available for anyone over 65?Are we all going to be in retail selling to each other..I can't see me teaching at 70..and I know that it's against the law these days to discriminate on the grounds of age but how likely is it that they won't just make the elderly workers redundant in the present climate so when the economy improves they can get in younger workers.

Ignitionnet · 12-09-2010, 10:20

Quote:

Originally Posted by Angua

The NHS funding is already variable as to what part of the country you are in so tihs is no surprise.

Que?

My contribution to my pension scheme is quite prodigious precisely to ensure I can retire at some point before I'm too old to actually do anything with that retirement.

Quick check suggests I'd have the equivalent of Â£1320 / month at current prices if I maintain current contributions. Main concern is paying for my housing, I need to purchase and pay for a home before then which is looking rather difficult with the housing market as screwed as it is here.