State pension age to increase to 75 WTF??

[mrselizabethdarcy]

Just seen this article. I'm so worried about the future.
www.mirror.co.uk/news/politics/tories-raise-state-pension-age-18953679

No the economic blip of increasing wealth, home ownership, good pensions was my parents generation, the rest of us are back to the hardship of being working class.

Born then work until you die...

At what age will people stop having to pay National insurance?

Bagpuss, I think you stop when you reach pension age....

Yes - I just looked it up!

The gov website is saying that they are reviewing the pension age and the change to a pension age of 68 may be brought forward.

I apologize for overeacting @itsallabitcrap2

@HelenaDove

The Indy's write up is fucking depressing... class warfare indeed

www.independent.co.uk/voices/pension-age-rise-iain-duncan-smith-state-centre-for-social-justice-pension-age-75-a9071396.html

That article has made me incandescent. Duncan Smith is an absolute disgrace.

The government have bought in 'almost' compulsory pension schemes for employers, employers pay, staff pay. Less need for Government to pay in future. Seems like a pretty good idea to me.

You need to read that article, treeplop The government is seeking to make us pay more so it can subsidise other areas, like big business!

Also can we start collecting tax from corporations & looking at wealth as opposed to just income.

No! We can't even colect the basic tax from many corporations. No way woll anything more complicated work!

The government have bought in 'almost' compulsory pension schemes for employers, employers pay, staff pay. Less need for Government to pay in future. Seems like a pretty good idea to me.

Yes great idea in principle but when you have the likes of Philip Green who paid himself & family a 1.2B dividend, ( not out of profits but by loading the company with debt) & a huge multi million pension black hole not so great.

Curios

So how much more income tax should people pay?

Theresa May said it herself.

There’s no magic money tree = money is limited. There’s not an infinite supply of money, although the total amount does grow with the economy.

The problem comes when most of that money sits with a small number of people.

If the government took action to make some more of that money end up in the pockets of everyone, then we’d have a lot less problems.

This isn’t about socialism, or left wing. It’s simple economics.

Instead, those who are incredibly rich are hoarding assets (property and money).

Completely agree

Looks as if Boris didn’t get the magic money tree memo, given the way he’s splashing the cash. Apparently NI contributions significantly outpace payments at the moment. The money’s always there when it suits.

If this comes in I wonder what people who expect not to live until 75 will do (those whose parents died of ill health young or those with conditions themselves). There are two real options, either pay more into a private pension or not bother at all.

There will be quite a few people in that boat and many more who just generally can't imagine themselves to survive that long, I wonder what it will do for the pension funds that are currently needed to pay people already retired.

I think the concept of "retirement" needs to be considered separately from "state pension age". The latter does not designate a retirement age, it's merely the age at which a person is eligible to claim the state pension.

The problem with saving for retirement is that none of us knows how long we will live, so it's impossible to know how much savings we will need.

Would it not be better to have a greatly increased state pension, payable from a much older age, say from age 80? If that were the case, then at least people would know that they needed to be self-supporting until age 80 and then the state would take over. So it would be easier to work out when you could afford to retire if you knew that if you reach 80 the state will support you.

Of course, that system would rely on everyone saving for their retirement throughout their working lives. Auto-enrolment would have to be compulsory, larger amounts would have to be saved and, most importantly, I think there should be a certain amount of guarantee of return, underwritten by the government.

The great difficulty with implementation of such a scheme is that we currently have a kind of ponzi scheme, with workers paying national insurance for other people's pensions and not their own. Somehow, that will have to change, though I can't think how.

People paying for others’ pensions can’t change without one age group paying twice. It’s not going to happen.

We are all paying for the lifestyles of those who are incredibly rich in two ways

One, indirectly, by our averagely low salaries

Two, directly, by taxes to fund things like housing benefit and tax credits etc etc which effectively subsidise business

the corporation tax thing drives me nuts

I remember when the papers screamed about Jeremy Corbyn was proposing a "horrendous hike" in that tax which turned out to be....putting it back to where it was before David Cameron cut it down quite a lot.

It really makes you think about alternative ways of life.

80smum

i can show you a thread full of MNers arguing against a rise in the minimum wage.

How on earth would the low paid afford to do this..............including the care workers who care for the elderly so that their relatives can continue to go out to work and pay into pensions/assisted living

I think compulsory auto enrolment would be horrendously unfair

If the person in question is on a good wage, it’s also forcing them to use money in a way they don’t want. My cousin has a health condition which shortens his life expectancy. He doesn’t pay into a pension but often finds himself having to pay for things like taxis in order to stay in work, and sometimes private treatment because the NHS are so stretched, sometimes it’s better for him to just pay.

I’d rather sign a disclaimer than be forced to pay into a pension. But I think the main factor is most people couldn’t afford it.

Countries like Australia have compulsory employer paid pensions (9% at the moment but growing to 12.5% in the next few years). Sure it's employer paid but generally jobs are quoted plus or minus pension amount so it's clear what the take home pay will be.

People are contributing from the moment they start work even if they're 16 and working at McDonald's on a Saturday. That weekend work as a teenager doesn't sound like much until 45 years down the line when they retire they have benefited from a lifetime of compound interest.

I don't think auto enrolment is a bad thing.