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

In my 40s my retirement age was 60, I then (late 40s) got told that retirement ages were equalising and that there were staggered retirement ages to bring women into line with men at age 65. My pension age was 64 and 10 months.

I agreed it made sense to make it the same, even though most women who had children were disadvantaged, as being out of the workforce for even 1 or 2 years having children seriously affected their status, earning and pension potential.

At 59 I was (out of the blue) told that I would not get my state pension until 66.

This isn't a pity post. I can and will do this - it's more a warning that the goalposts can and will change to make sure those at the top are not going to suffer.

And that IMO conservatives (*spits) are at least more honest about this than labour (animal farm) because all of them do it.

Semi retirement is not possible for many people, they need to work full time until state retirement age.
It is the middle classes who can dabble in semi retirement doing a bit of consultancy work until they get their state pension.

They need to review taxation to make working more attractive or part time work more feasible- eg if you’re over 60 and earn less than 20k per year, you don’t pay tax on employment income ( so basically double the personal allowance for older people)

To the person describing their fast pace office of under 40s, and how older people wont cope. Most people in my sector arnt in senior roles until they are post 40, more like 50 - 60. These roles ensure the UK functions.

My dad is 73 and works part time in his office role, travelling when needed. He is managing fine to.

Don't agree with upping the age, just that the poster made people over 40 sound like they were ready for the scrap heap.

I teach. They'll make moves towards getting rid of inadequate teachers ( rightly so) so there will be competency proceedings when you start to slip and aren't on top of the game anymore. It'll be impossible to meet the standards and they'll sack us with years to go before pension starts. I guess it'll be meagre benefits or spending all savings and losing homes.
There is no way someone over 70 could cope in the schools I've worked in... even those in their 60s are washed out and carried by a lot of Depts.

I'm 51. I intend to retire at 67 from my NHS office job. I'm lucky and I love my job In my current place where I've been for 28 years.

I have mild arthritis now which will get worse. I struggle with stairs in the evenings now. If I had a physical job I would be struggling now. I can't kneel (and have been banned from doing so my my consultant). What if I was a plumber, carpet fitter etc? I couldn't do it. I've been working since I was 16 with just a few O levels.

I work in a department of those predominantly over 50. We can't get our jobs without years of experience and qualifications. There are a number of people over 70 too. I'm planning to go at 62 though. An awful lot of women I know who have meagre pensions feel that they can and should leave work at 55. They may have only accrued about 10 years of their work pension. Then like my SIL they never go out as they left work and are trapped by poverty. It's crazy. She had a good job but because her mum retired at 55 she feels she should too!

I know people working pretty part-time after 67. Doing a few days a week, or even a few mornings a week. But working full-time till 75 is just not realistic for many. And this would be necessary for most people who are on lower wages.
I know where I work they have made some redundancies amongst cleaners and other lower paid roles. Everyone who has been made redundant is older. I know this does not happen in well paid jobs as the redundancy costs can be high. But in lower paid jobs it often seems to be the oldest workers who go first.

God, I have enough trouble remembering my work login password now at 51, I won’t be fit for anything at 70. I could possibly be a cat sitter, or plant waterer, but nothing that would command much of a salary. Will have to keep on Dd’s good side.

Teachers are allowed to take early retirement right?

I'm planning on making DH go at 55. According to the calculation I've just done on the teachers pension website he would have a £17k income per year plus a £70,000 lump sum.

If our house is paid off then £17k a year is fine to live on. True we're not going on holiday on that.

@LaurieFairyCake I left teaching at 60 5 years ago which, I believe, was the last year that would count as not retiring early. I don't get that much pension (30 years of teaching) but I get enough that I have to pay some tax on it. I also have an annuity from an AVC until my state pension kicks in. I consider myself lucky, more so than the teachers in their 50s who were bullied out when my school became an academy and luckier than many women my age with no private pension at all.

And I do manage to go on holiday because the mortgage is paid off.

Yes middle class people in retirement will have a house they own. But there are older people still paying rent like my parents.

Dh should have 27 years of teachers pension by 55.

I'm much older than him with no pension and will need to retire by then so we will be living on that 17k together.

Just got to hope they don't stop people retiring at 55.

Retiring when you own your own home is different from retiring when you are renting. The welfare bill for people aged 60+ who can’t work and yet can’t afford to retire is going to make a nonsense of this.

I think the age will go up, it's inevitable. However, with life expectancy increasing I do think 60 was too early as a retirement age.

I was chatting to a bloke the other day who'd been retired since 1992! That's pretty much more years than he was working for. A pension should be just to get you through the last few years where you can't work because you're too old and will die soon. It's a bit selfish otherwise.

So what are the Government going to do so people can actually work longer? Because age discrimination in employment is huge.

I also think it's inevitable that the retirement age will go up. I've another 13 years until I'm 65 but I'm ok with that as I still think it's an age where, health permitting, you are able to enjoy life. I've had a pension since I was 21, not a huge one, but it will certainly make a difference. DH also has a couple of pensions and pays as much as he can into them. Between the two of us we'll be ok and certainly luckier than some.

We need to find a way to properly tax the big tech giants and stop all the foreign money laundering etc, there's enough to go around it's just not shared out properly

A pension should be just to get you through the last few years where you can't work because you're too old and will die soon. It's a bit selfish otherwise.

God, what a grim view of life! Work until you simply can't any longer, linger for a while in ill-health then die.

BenWillbondsPants just in case you don't know, your state pension age is 67 now, not 65.

If you know this, ignore me, but some people of our sort of age don't seem to realise the age has changed already.

Grim indeed. And what happens to all the free child care, volunteering and community work that the fit retired currently do?

I'm happy to work until I'm 75, I'd like a job which involves participating in discussions on messaging boards, we are creating the social fabric here, this is important work!
Or my job could involve a YouTube channel where I teach skills that I have to other people?
I think new kinds of jobs will open up in the future, we will be able to earn a living doing things which we didn't used to consider work because they weren't previously things that you got paid for.

I've posted on here a couple of times about the future and maybe giving up work to care for mum.

one point that was made, and that my friends emphasised, was putting contributions to state pension.

I don't believe it will exist by the time I get "there" - I'm 43 - and I think things like this will be the creep towards that.