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

Most people I know have retired on their work pensions which they can draw after 35 years of work, or of course, they can keep working.
Is this option not available nowadays? Is there no time limit when you can ask to retire and draw your work pension.
So most of these people retired at under 60. This is not an expensive area so their mortgage is probably more or less paid off.

These are mostly teachers and nhs workers.

A case of who will keep the Treasury Coffers topped up?

People are living longer, medical science is continually advancing.

When the NHS / State Pension was initiated, life expectancy was on average a lot lower than it is today so not many lived long enough to claim a State Pension or if they did, they did not claim for long

I am all for retiring at 65 but how will the coffers be topped up if more is taken out than put in ?

Government of any colour will have to grasp that nettle sooner rather than later

There will be a lot of ppl on sick pay then. It won't save much. Ridiculous

I kind of think this (or maybe around 70) is fine for people who've gone to uni, didn't really start contributing to the pot until their 20 and now work in jobs that aren't physically demanding. But if you started working a physical job in your teens, you'll be too worn out by that age to get any kind of enjoyment out of your pension. If you're asking people to save, ie delay gratification, it needs to be at least a little bit worthwhile. So maybe different retirement ages based on different life expectancy (also accounting for risk of disability) by sector or job? (I'm the former btw, I think I should work longer than others, it's not fair.)

Tbh I think people need to to stop thinking of the state pension as being able to take care of their living costs in old age. The state pension age is just when the state start giving you a top up: we should all also aim to have a private pension / savings that we can retire on earlier. I'm not saying this in a smug "well I'm ok" kind of way, but because I can't see how the current system is sustainable.

(I'm not on track with being able to do this myself, but I have had a pension since I graduated and am trying to plan very carefully for my future while still being young enough. Due to the wonders of compound interest, I'm hoping that the small investments I make now will make a genuine contribution to my situation when I'm older)

I’m planning on the state pension not existing when I’m older, I have sorted my work pension so I contribute as much as possible, I also have an additional private pension I pay into. I recently bought a flat, I also part own a flat with an ex, my flat will be paid off in 10-15 years depending on how much I overpay, flat with ex has 12 years.

There are far more exciting things I could be spending my money on right now, but I would rather have less now and better off when I’m older. Especially as I have type 1 diabetes so I am more likely to have poor health in old age.

Lots of people however could be saving the same proportion in a pension but because wages are stagnant it simply won’t be enough to live on when they need to retire. That is a huge worry as lota of people will be too poor to retire but not fit enough to work enough hours to support themselves.

The problem is Gentlemanwiththistledownhair that lots of people just can't afford to save or even pay into a pension scheme (and lots of schemes are not very good these days due to the ending of final salry schemes), they are struggling as it is. Add to that things like zero hour contracts and insecure employment...

That’s just an idea of a think tank not a plan.

Oh it's that time of the year again, is it? I got so bored before the last two elections with being endlessly spammed with ideas which were supposedly "leaks from a think tank".

If they went down like a lead balloon they were hurriedly disowned ("It's just a think tank, not us guv. And anyway, norty norty leakers").

If they got applause they were seized as electoral gold.

I actually watched the cutting of child benefit to be first-two-children-only go through this cycle from first trailing to real-life roll-out.

Social media's just one big freebie focus group, innit?

Its not fake new I read it myself in the Daily Mail this morning

Hilarious oxymoron

If the government stopped sending so much money abroad they could look after the indigenous of this country

Ah let’s blame those pesky foreigners stealing our money 🤪🙈🙄

The problem lies closer to home.

It’s those who earn the most who are stealing our country’s wealth. Look at the highest paid jobs. Most of them are not actually creating wealth or doing anything of any value to society. They’re just sucking all the money up for themselves.

When I was in my 20s I expected to retire at 60. Now it's 67. Things change.

Life expectancy was about 68-70 years old when retirement ages were 60/65 so things weren't set up for a 25 year retirement period. It was 10 years max.

I suspect that we have peaked at life expectancy. When I was a DC there were hardly any fat people but now they're everywhere. According to recent news headlines obesity is a bigger problem than smoking now.

This is the same thinktank that came up with Universal Credit. So they're very good at thinking up plans that punish as many people as possible, whilst actually costing the government more money.

It's a non starter, but a subtle way of increasing the retirement age to 70+ and making us think they're doing us a favour.

I think they are using this to soften us up for bringing forward the increase to 68 which is due in 2044.

Work pension not enough to live on. Ok if you can supplement.
Plenty of money for wars, brexit, new runways, roads.

Imagine teaching 16 year olds at 75

All those posting smugly that we need to look after ourselves, that's to miss the point really that it is the most vulnerable and the least able to save who will be most badly affected by this.

I should have a reasonable private pension and a mortgage free house by the time I need to retire, but I know many people who work incredibly hard in low paid jobs who simply cannot put money aside for home ownership or private pensions.

Can’t imagine companies wanting to continue with death in service payments employing 70 year olds becomes the expectation.

I’m mid-40’s. I’m assuming I’ll work till I’m 70. I’m pretty ok with that in that I don’t think there’s a realistic alternative given life expectancy, unless the whole country says they’re ok with a Logan’s Run scenario.

I retired from teaching at 60 with my teacher's pension although I won't get my State Pension until 66. Since then I have looked after my grandchildren after school, without that help my daughter would have been unable to work. I volunteer for two organisations involving children, these wouldn't happen without volunteers. I invigilate gcse and A level exams, I get paid but not enough to live on as it is only part time and at exam times.

There will be no one to do any of those things if people have to work until they drop. Not to mention those developing dementia while still working which could be catastrophic in some jobs.

Both of my parents had cancer by the time they were 70 (luckily both treatable).

I fully expect a move away from pensions based on age only and to move to a model of minimum age + disability. So if you live in good health at 70 you will be expected to work and if not you will be pensioned off based on your disability.

Cue even more assessments and starving elderly who are passed as "fit" when demented or infirm.

On the brighter side, I'm already seeing more people gradually reducing working hours as they are rather than working FT and then stopping suddenly at retirement age.

If we're creative, we can maybe make semi-retirement work in more jobs.

Boggles is there any group in society that you actually like.

If this goes ahead a lot of parents can kiss goodbye to their free childcare. Some people will get a shock when they realize how much older people do unpaid especially older women.

Imagine being 74 and working in a nursing home.

It would be cheaper and more effective to just introduce a universal non-means tested income for everyone.

Forget all the paperwork, treating people like criminals for needing benefits or a pension etc.

It would be cheaper, less intrusive and beneficial to society as a whole.

Some people will get a shock when they realize how much older people do unpaid especially older women.

Very true, it would really shine a light on the unpaid work of women, especially in that 'sandwich' stage of life. My mother gave up work at 60 (2 years before her state pension) as she was caring for 3 elderly relatives. She now helps me loads with childcare and I'm very grateful. We'd need a huge shift in the economy to account for this.

Also, there's not enough money going in to initiatives which help people to extend their healthy life expectancy. The life expectancy itself is not a good indication of how long we can work.

Late 40s I accepted long ago that I will be working until 70, the thought of it being 75 and the part pension I'm due to get at 60 being well worthless is so depressing