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?

This is true, but in this case I feel there is a bit of, you get the government you deserve.

Look how many people on this thread alone think the idea that they might not get time in retirement to do what they want is awful. Or who think that people should strike or protest. If any government had made that call chances are they'd have been out on their ear in short order.

There are real questions about how to manage the fact that people are not as fit into their 70s. But there is also a lot of entitlement, the fact is that historically, people had to work to live until they were pretty old, often when infirm, and there was no expectation that people would have even a decade of being retired and healthy, much less two.

Not quite. He probably started work at 16 so he’d have worked for about 50 years.

That’s not really the point of my post though. Just saying that my NI contributions would in principle cover my expected pension. I was slightly surprised thinking they would be woefully short.
Obviously I have paid taxes which cover other benefits I have received.

But presumably you will get the state pension as well, which will be £11,500 next year? So a combined income of over £20,000 which is not too shabby.

Sorry to be pedantic over this as I know it's not the point of the thread...2023-1986 = 37 years of pension...guy was 96, therefore 96-37 = 59 when retired so if he started work at 16, 43 years working.

I was born in 83 and have never expected a state pension.

I just hope to be well enough to carry on working indefinitely on a part time basis post sixty or so.

The writing was on the wall years ago. Most of my peers in childhood had two or three siblings. I was very much an outlier as an only. Now the opposite is true. There will be nobody to pay for our pension. It really is that simple.

The only thing which worries me is the advent of AI. It's all very well to be expected to earn a living when there is the means to do so, a very different scenario when there are no jobs left.

Still, I suppose most of us will have succumbed to one disease or another well before seventy one so what is there to worry about, but our children's generation. And even then, there is nothing that we can realistically do to halt the trajectory.

It's all very unfortunate.

Still, I suppose most of us will have succumbed to one disease or another well before seventy one

Bloody hell, considering that gives me seventeen months to live I really hope not!

For all those people who are claiming state pension which they had paid their dues, remember the ones who died before they could claim.
My uncle retired at 60 on the Thursday went on the Saturday for a weekend away then dropped dead on the Sunday morning.
Then there was those that died before retirement age.

Well, hopefully not in your case, but I was rather referring to those of us who are thirty years your junior and who will ostensibly be affected.. if we live that long.

Which the majority of us won't, one way or another.

The boom years are over indeed.

Born 71... really was looking forward to being retired as I've been working full time since 1987!! Absolutely crap.
My mother was diagnosed with dementia at 69.
Father died aged 72

No surprise.

I’ve been expecting this for ages.

How many people are going to be able to work ft at 71? The average UK average for healthy years is 62 so people will be expected to limp on with failing health for nine years after that?

But I won't be able to keep teaching until 71 - a secondary school classroom is really no place for someone in their seventies. And my teacher pension alone isn't enough to retire on, so what I am worried about is how to bridge the gap. I don't feel like anyone will want to employ me at that point or if I'll actually be fit for work at all. That's what worries me, and why this idea is so terrifying.

It’s lunatic that the country is doing so. But they’re still a significant voting block. Even if they won’t live to see the consequences of their leisure time at the expense of investment in early years education / environmental policy…

I'm really surprised no one has mentioned this before.

MPs with shares in care homes and private agencies providing staff to the NHS.

Doctors prolonging life at all costs so that people can go into care homes that they own.

With the state of the things I don’t understand why the gov stopped the h&S levy they introduced. Why don’t working pensioners pay NI now when the age of younger people have been pushed out?

In a fair world nobody would pay NI once they had the necessary 35 qualifying years for a pension. A lot of people retiring now have 50 years, enough surely?

i’m a millennial & have paid it since I was 17 so if I’m working to 71 that’s 54 yrs!
But my question was more if todays youngsters are meant to work to 71 or whatever why don’t todays working pensioners pay it? Economically the money is needed.
I also assume prescriptions won’t be free when i’m 60!

Need isn't the point.

Anyone that has paid national insurance contributions for years should get the pension. If you pay in for 35yrs you get the full amount, if not it's scaled back.

I was born post 1970 so will be caught, but you won't see me for dust from age 58, I'll draw on my ISAs and private pension. The state pension will be a nice top up.

The issue is the govt don't save national insurance contributions, they pay for todays pensioners. The issue will be a reduced work force supporting a skewed population of more pensioners on less income, hence raising the age.

Best thing to do is educate yourself so you don't need it. invest in a private one, max your ISAs, then bonds, etc. I prefer low risk and no fuss so avoid property investment but it's an option.

I agree state pension will gradually become meaningless as average ages stagnate/fall and they raise the draw age - stealth phaseout.

If you’re a millennial you won’t be working until you’re 71. Your projected retirement age is 68, so 51 years contributions. Just like someone who started work at 16 and will retire at 67. Today’s young people don’t start work until they’re 18 at the earliest, 21 or 22 if they’re graduates.

Why are you so sure it wouldn’t change & move out?

Today’s young people don’t start work until they’re 18 at the earliest, 21 or 22 if they’re graduates.

Why wouldn’t graduates not start work till 21 or 22? Lots of uni students work pt & study, I did & I wasn’t an anomaly & I believe even more do now.

But many MPs retire early on a fantastic pension having been subsidised by the state for expenses? Do as I say not as I do. Yes most are living longer but not the same health as younger years. Surely having worked from say the age of 16 to 60 and 44 years paying into the system should allow some payback?

Why does everyone say get ISAs - I don’t get why? Aren’t they just savings?