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

I agree ghostofharrenhal At the moment possibly politically homeless, or the LibDems may mop up those who have got disillusioned with Corbyn after Brexit. That generation can't be expected to shoulder it all.

I feel very sorry for young people today, they have been screwed over.

@ghostofharrenhal I did know but thank you. We've both planned to retire at 65 regardless and have hopefully made enough provision to do that. But things can change can't they. When my parents retired many years back no one ever seemed to worry about pensions, you just worked til retirement then got your pension. How things have changed now that it's a constant worry for most people isn't it.

I feel very sorry for young people today, they have been screwed over.

Agreed. It's awful isn't it.

I am expecting at least some of my DC to stay living at home because of the way things are now!

I read an article about this over the weekend Most people affected initially will have been born between 1961 and 1977

fussychica

That's what I asked earlier - are you saying that you think teachers can't choose to retire before state pension age ?

If we have to work until we're 75, given that life expectancy is only around 88, is it still worth paying into a private/work pension?

If I can't claim my work pension until 75 (linked to state pension age) it won't have been worth it for me. I'll have paid in for 55 years to claim back around 13 years worth. If I'd known that would have been the case I could have just saved a portion of my salary over that period which would have been enough to last me through old age, and just spent the rest while I'm young enough to enjoy it. As it stands I'll have paid in way more than I get back.

It's the constant moving of the goal posts that makes this so annoying as you can't make informed decisions over your own provision

I think the biggest change will be that people will need to get into the mindset that when they leave their main career they aren't retiring yet.

Because he and my Nana got landed with my siblings and I unexpectedly my Grandad retired from his job (he couldn't do the job in the steelworks anymore as it was too heavy) and got a job delivering cars. I think that kind of switch is going to become much more common.

As well as young people I think this kind of change will disproportionately impact women. More women work part time than men because of child caring and I think there will become more and more competition for part time job from people retiring from their main job.

lyra that is an excellent point.

My dad got made redundant from his foreman job He had worked in construction since the late 1950s He got a job as a taxi driver and is finally retiring at the end of this month. Hes 83

My mum didnt retire until she was nearly 80.

They ALREADY tested the water.............................

www.theguardian.com/uk-news/2016/mar/14/tory-minister-wanted-uk-pensioners-to-be-low-wage-fruit-pickers

If we have to work until we're 75, given that life expectancy is only around 88, is it still worth paying into a private/work pension?

Yes, possibly even more important, because, for example, my private pension would start paying out at 55 (although most start later and it would probably be in my interests to defer the drawdown). I could, however, choose to take it at 60/65 and use that to cut down to part time

DB is a senior caster . There is no way he could work until 75.

@lyralalala That already happens. I have a lot of friends who work in the trades. A lot of them switch jobs by the time they get to their fifties. Nothing new about that. BUT it is tough to find another job in another field when you are that age. And as far as I can see, normally means a pay cut.
But changing jobs in your fifties is hard enough. Doing it in your sixties or early seventies is almost impossible. Most people I know working after current state pension age are doing so part time, But if you rent you need to work full time until you state pension age. And that would be tough to do until 75 in almost any job for many people.

Yes, possibly even more important, because, for example, my private pension would start paying out at 55 (although most start later and it would probably be in my interests to defer the drawdown). I could, however, choose to take it at 60/65 and use that to cut down to part time.

You are well off if your pension is enough to do that. Most people I see use pensions to top up state pension so they are not totally skint.

Honestly if this comes in I will withdraw all my pension pot and live it up. No point in hanging on until 75 to receive a small monthly top up.

jenny i think a lot of people in your situation will do the same.

Yeah, great, I'm 24. I imagine it'll be abolished or be 80 before I get there. Fab.

lest we forget that fairly recently they were saying that Jeremy Corbyn was too old to be PM And voicing "genuine concerns" about his age.

www.express.co.uk/news/uk/1147921/jeremy-corbyn-age-frail-labour-leader-too-old

You cant have it both ways fuckers.

@jennymanara I think it’s becoming more and more common.

However, you still hear a lot of “I couldn’t be a teacher at 70” or “my job is too manual to be doing at 70” comments from people who haven’t yet realised that for a lot of people there will be a leaving the main career and into another job before retirement.

And a lot of people will be part time, which is why I firmly believe that it will have a huge impact in young people and women. Those kinds of workers will have less restrictions from uni and children (although some are likely to have other caring commitments) so may be able generally to be more flexible, which will be attractive to employers.

We live rurally in an area with a lot of summer/seasonal jobs. More and more of those jobs are being done by older people rather than students and youngsters. My neighbour is the manager of an amusement arcade and says that he finds it easier to employ older local people as they are flexible, they don’t have any restrictions (so no under 18s employed this year) I’m hours and they don’t need to disappear first week of September for college or uni.

This is yet another reason why the Tories need getting kicked out asap. Yes it may be alright for big company directors who only pop in the office a couple of days a week, but what about the manual workers with heavy jobs, do they expect them to be carrying on working full time until they are 75? Look now how many people of working age are retired early due to ill health, think about HGV drivers who have to pass a medical for their licence, as they get older it gets harder to pass the medical. What about all the retired grandparents who provide childcare so that their children can work, are the government going to provide increased amounts of nursery places for all these children?

Just because a think tank comes up with this doesn't mean people have to accept it.

Just because a think tank comes up with this doesn't mean people have to accept it.

This particular think tank has history of their ideas being accepted by the government

It's the constant moving of the goal posts that makes this so annoying as you can't make informed decisions over your own provision

This. I'm in my 30s & have paid NI since I was 17, I also have paid into a private scheme since my 20s & moved into the public sector recently & one reason was the pension. I'm also making AVCs. I'm ok with retiring at 68 etc but I do want some retirement & will the NHS even exist in 40 yrs?
I think the younger generations are screwed & if I was in my 20s would probably leave the country. We are going to have less & less younger people with an ever increasing burden. A 20 yr old needs to pay for uni, pay rent & save for an overpriced house, save for a private pension & potentially private healthcare. I also think there will be income tax rises as the country is broke. Plus these 25 yr olds need to get a job in a market which is full of older people still in their positions & therefore the younger people will be on lower salaries & less likely to see the same progression. Oh & because everyone has less disposable income what is going to drive our service based economy?

@lyrala You don't get it do you. Some older people work part-time to top up their finances. But without a state pension a lot of people will have to work full-time. It is a very different prospect working a few mornings a week at 70, to working full-time. People who own their own homes don't need as much to live on, if you are renting you need to earn as much as you did when you were 40. Yes you will no longer have kids to support, but for lower paid workers you will no longer have the benefits that come with kids. So you need to still be working full-time.

And for those who own their own homes but are in lower paid work, they still need to work a lot of hours to achieve the minimum income guarantee that older people currently have. Sure they could work 3 days a week and take home £900 a month and scrimp and save to survive. But a pretty shit life. Most will still try and work full-time so they actually have some money to enjoy life a bit.

There is no point people in lower paid work saving anything into a private pension if this kind of thing happens. And those in state private pensions that mean you cannot take them until state pension age are totally screwed.

I don't know what kind of jobs people in these think tanks do. But I work in an office job, not a manual one. It is demanding though with lots of deadlines and outcomes to meet.