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?

If we do keep raising the retirement age, then as a country we need to invest in making it easier for people to retrain - and then find jobs – so they can move into more age appropriate careers as they get older.

Hmm the maths isnt hard
reduce numbers going to uni from 50% to 25%.
And get more kids doing apprenticeships or placements than alevels.
Thats 3 years of kids for uni.
Also reduces the loan debt

The flats here are unsuited to LIFE Thats why people in the UK dont like them!!!!!
Very true, @JenniferBooth !
flats are designed to maximise profits for the developers, they should be suited to the needs of the actual people who will live in them😡

The Tories have said they won't push through the proposed attacks on disability benefits until the next Parliament. Of course, they won't be in power then. I doubt Labour will go with it, although no guarantees, I suppose. But don't panic just yet.

Best that people make private pension provisions, so that they can retire when they choose,

I have given up on the idea of getting a state pension to be honest (born early 80s). Anybody who hasn’t been contributing all they can into a private pension since at least 2010 can’t pretend they didn’t know what was going to happen.
Private pensions linked to state pension age are an issue in this reasoning though, I’ll admit.

We are already pretty much unable to help with childcare with the current retirement ages of 66, 67 and 68. All a bit of a shitshow really.

Yup, almost the entire "adult" education sector was disbanded about 25 years ago when Blair dictated that colleges etc should concentrate on 16-18 year olds and continued with the de-funding of adult education.

It's meant that "adults" of all ages have very limited access to any affordable training nor education.

I used to teach accounting for adults at our local college of FE - it had a "business" department that did accounting, marketing, business, administration, etc for adults, which also included 16-18 year olds who wanted to do extra evening classes. The entire department was abolished in 2001 despite being very popular, most courses full, etc.

We need to start ramping up adult education again.

Because experts don’t control state pensions. Politicians do.

Agree, imagine if we all very carefully saved & retired at 50. Not enough people willing to work & they are self funded so the gvt cant sanction them.
Will they pass a law such that your air supply is cut off unless you work x amount of hours in [whatever sector needs staff] per week?

DH and I have been saying this for years, the current system is not sustainable.

I live in a retirement town, 'by the sea' 😂 and every day people walk past my window who could be working but have 'retired' This is what was agreed with society back at the time the Welfare State was born however it is not sustainable now there are more people retired than working 🙁

It is unfair for all concerned, current pensioners, my generation (born in 70s) and my children. However, why are people under 70 not complaining or marching in the streets?

I do wonder if a later state pension age will motivate people to change their lifestyle choices to try to stay as strong and healthy as possible for as long as possible. Ofcourse, nobody can predict accidents, illness and disabilities. But it could be a possible unintended consequence

Totally agree about retraining

You may find this interesting or not...
I have 35 years of qualifying NI payments. If my payments had been invested over that time period at a compound interest rate of 5%, then I would have a pension pot of £207,048. At the same interest rate, that would pay out £10,352 per year, which is within spitting distance of what the state pension is. So I consider that I have paid my dues and am entitled to my state pension from next month.

It could be easily changed. Planners should require developers to show sustainable and livable solutions for things like laundry, recycling/waste disposal, storage of bikes/mobility scooters, and access to upper floors for those with mobility issues.

Agree!!
Easy to change. BUT the rules are made by the people in power, people who have a vested interest in the current set up. These turkeys cannot be fooled into voting for christmas, THEY are the ones who put all their efforts into hoodwinking US into voting against our interests (and in favour of theirs)

I’m a doctor. I don’t think surgeons should be operating at 71! I also have read that your cognition starts to decline in middle age - yes Biden may still be going strong but your mind and body do start to slow down.

I’m early 30s so can plan for no state pension, I still have time. I do know people who’ve opted out of nhs or private work pensions so they can afford holidays or weddings when my parents always raised me that pension was a non negotiable essential.

I doubt many Drs will need to be operating at 71. They get excellent NHS pensions and very good salaries which would enable them to not be reliant on the state pension.

People don't want to pay tax
The corporations don't pay enough
We want nhs with out any private insurance
Brexit effects birth day and number of workers
We have incompetent idiots in government

NI also pays for the NHS though so it’s not only in the form of pensions that you get it back.

I was born in 1970 and I'm in Ireland and it's the same here, where we cannot get a cent til 67 but we can maximise it by 5% per year by staying at work til 70. I'll be fit for the knackers yard. Sorry, not really, not saying 70 year olds are fit for the knackers yard, but I won't want to be working at 70. When do I get to relax! argh. The reason a lot of older people get a second wind in their late sixties is because suddenly they get to please themselves. I feel like my generation will not get to do that. I'm single, so there's no man in the household with a better pension. Just me.

My lifestyle will be vastly less comfortable than current senior consultants, completely unrecognisable. I have tons of student debt and spend a lot of my own money on compulsory exams, courses and portfolio fees. There is no job security anymore, lots of doctors can’t get into training schemes to become consultants. Market is flooded with foreign doctors and physician associates/advanced practitioners. I know GPs who have just finished their training and cannot find a salaried position as the practices can’t afford to hire them. The competition rate to get into radiology training is ten doctors for every job, at a monopoly employer where the main recruitment cycle is only once a year.

I never advise anyone to become a doctor now. NHS pension is great but I have often been paid less than people I supervise or who go to me for advice/final patient decisions e.g. physician associates. Huge huge discontent amongst my colleagues now and lots are quitting.

@Babyroobs sorry forgot to tag you in my comment x

This is another good point. I have told my daughter (in a conversational way, not a warning way) that if she has a child, I can't mind it! She's only 20 but previous generations, there would have been a grandparent on hand to take some of the childcare burden away from our children's generation. Time and money burdens

@Babyroobs see above comment but consultants have had the biggest pay cut in the public sector in real terms. Huge personal sacrifices involved being a doctor, savage hours, massive responsibility and a really challenging job. As a registrar I find myself wondering if I can make it to the end of post grad training and there’s no light and end of the tunnel