Retirement for those born after 1970 is likely to rise to 71 in the future

[Tiddlywinkly]

This Guardian article was a tad depressing to read:https://amp.theguardian.com/money/2024/feb/05/uk-state-pension-age-will-soon-need-to-rise-to-71-say-experts

I fully acknowledge that we are living longer, are having less children etc, but for many, our health might not be up to working for that long. There'll also be a knock on effect as to how much we'll be available for helping with grandkids/ very elderly parents.

I just wondered what other people thought?

The goal is that we work until death in a nutshell. Average life expectancy is on a downward trajectory too. The Gov are loving it. No more pensioners to fund for 30 years!

I should add, my own parents retired on final salary pensions at 60. My dad had a heart attack a few months later which has deeply affected both their experiences of retirement.

Bloody hell. I'll be dying at my desk at this rate. 🙄

It's shit but unsurprising.

Current divisions between the haves and the have nots will only widen.

My own Dad died from cancer shortly after his 71st birthday. He had a very average middle class job, with a final salary pension and had been able to retire at 58. It wasn't a retirement of luxury, but it was manageable and given his early death, I am grateful every day for the retirement time he had with mum and wish I'd spent more of it with him.

There's no way such a choice is available to the majority of even graduate workers today, never mind those reliant on a state pension alone.

Well they can try but if people are actually unfit to work (as 50% of us are, by age 70) then they'll need to think of something else.

Retirement age is 67 in Aus. What age in UK?

It’s shifting pensions back to what they were first designed to be - for the incredibly old and infirm. When the original pension age was set, it was an age older than usual life expectancy.

Everyone else will have to work until the vastly increased retirement age, or save enough privately to be able to stop work.

No more 30 year retirements. It’s been on the cards for years - governments have just been too afraid to pull that lever.

Current divisions between the haves and the have nots will only widen.

Agreed* *

Should of helped us fight it more then. I've had 7 years added to my working life despite starting work in a time of no maternity leave and a lifetime of lower pay. I had around ten years to save for the extra 7. Once they robbed us they start robbing you ce la vie, I'd have more sympathy if you'd joined the fight.

Just means people need to be more smart with their choices from careers to spending habits.

@Validus yes, I think we'll need a significant shift in our thinking, but it's hard to stomach when 30 year retirements were exactly what my grandparents had and enjoyed (I'm genuinely pleased they did).

i thought life expectancy was falling!

I don't plan to ever fully retire thinknthere have been enough studies to show that if you don't fill your time or keep active then it's actually not good for you and live less longer.

If I can I'll work part time even 1 or 2 days.

You're going to have to. Be tricky if you're getting chemo or waiting a hip replacement though.

Not surprising. The average life expectancy for women in the UK is about 82, so 11 years retirement on average.

If I can still work is what I said, obviously if my health isn't where it is to work I won't but my intention is to do some form of work on a part time basis as there are more benefits than it being about money

It's shit.
But...I've got relatives who retired at 60/65 and are still going strong at 85/90
Mil has had state pension for 25 years now as has an uncle retired at 65 is now 90
It's just not sustainable
And don't get me started on whether actually they need it...they really don't!!

OssieShowman - It's similar, but not a fixed age in the UK, it depends on the year you were born.

@sashagabadon it is falling (though some of that is down to Covid). But as it is, we’re averaging reaching out 80s, while retiring 13 years earlier.

Unless you are Glaswegian, in which case you’re apparently already unlikely to reach retirement.

The boom years are well and truly over.

I don't think the majority of people will be in good enough health to work until 71. I read somewhere that 90% of people in the UK will have at least 1 long term chronic health condition before the age of 70. Many will have 2 or more. Of course for some people it is possible to work with a health condition but for many more it isn't.

it was a bit insane to think the country could support lots of able bodied people living a life of leisure

I'm pretty disabled and still working full time (and a higher rate tax payer) so actually think why should I support others who may be older but are far more physically able than I am? (And have the luxury of a long life i probably won't get)

I work in a hospital full time on my feet with a chronic condition and I'm mid 40s. I will never in a million years be able to do my job in my70s.

Most public sector jobs would be laughable in your 70s - police / firefighters / surgeons / teachers / carers / paramedics etc.

The UK pension age of 66 is set to rise to 67 between May 2026 and March 2028. From 2044, it is expected to rise to 68.

71 is a bit of a shock - maybe it's to soften us up for next rise in 2026 and ones afters.

I have said on birth rate threads this was likely though - any way they can increased the working population and decrease dependents but many posters don't want to hear it.

I wonder if it will be common to work p/t in 60 and 70s - though again you need employers to have jobs and be willing to employ people in these age ranges. Also impact on none paid family work - family care elder care and GC care.

@hazelnutlatte those who can’t may get some govt support. But that will be hard to access and limited.

Many people will be expected to rely on their families to support them. I fully expect to see a return to multigenerational living.

Sadly I think this is right. In a sense it’s a return to what pensions were initially supposed to be - financial support to get you through the last few years. It’s only the last few decades (with rising life expectancy and the last private final salary pensions) that it’s been seen as a sort of extended jolly. Rather depressing.