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?

I can't for the life of me imagine that people who are fire fighters,police officers, paramedics,building site workers,roofers,teachers,nurses,care home workers etc are going to be able to continue working until 71. Yet another 'great' idea that this government hasn't actually thought through properly.

You don’t pay tax on the interest so they are an efficient way of saving money to fund your retirement.

Aye, we are but cash cows for the wealthy🐮

Not only that, but they will be expected to "adjust" their career to makes sure they are in a less physical role but the time they hit retirement age.
How will a roofer go from his very physical job to a desk job?

The current government haven’t thought it through because they don’t see a need. They don’t care what happens to people provided their creature comforts continue.

The wealthier they are (relative to us) the easier it is for them to see us as subordinates.
And then treat us accordingly, enriching themselves further at our expense.
And so it spirals, until we the peasants snap and march to the palaces, pitchforks & flaming torches at the ready!

I don’t know about all of those. But certainly fire fighters and police are not expected to work until even 60. They have their own pension schemes that they pay additional money into and that kick in a lot earlier to see them through the years they would not be able to do the job for longer. I believe teacher pension schemes would allow teachers to retire years earlier too, if they put enough of their salary in and want to.

UBI

Working culture needs to change to enable most people to feel they can and wish to continue working for longer. I am just making a decision to leave my profession completely , I'm under 60. I feel like husk at the end of a work day, I always have more tasks than I can do, I don't get a lunch break , I start early and finish late, constant feeling of failure. I don't think I can carry on with this.

But it is those without a private pension or good work place pension who will have little option or as someone else pointed out will be supported via other benefits if unfit for work. Also its more important to ensure high employment amount younger people than dragging older people through work til the bitter end.

The wealthy do not care one iota about their subordinates, when they retire or their work/life balance. They only care about increasing/sustaining their wealth.

Not only has state pension age been increased but from 2028, you will no longer be able to take a private pension at 55. The earliest will be 57.

Due to the dubious quality of recent governments and their opposition, the British public has never felt so let down. Voter turnout is pathetic and as a result the UK is leaning more to the right. Cost of living is ridiculous and there is no end in sight. It will not change because the only solution will be to not pay as much for goods as we currently do but that will impact the wealth of the top 2% and they can't have that.

Until the British people strike/protest on mass nothing is likely to change. Those in work will be expected to just pay more, save more, work more but have less.

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

Seriously?? I know a lot of people who are 71 or older and have not succumbed to any disease. Two of my GPs died in their mid-80s, my DPs in their late 80s - all in reasonable health until their last years. Why do young people think that once you hit around 60 it's nothing but a downward slide?

The old teacher’s pension did but this was changed in 2014 (I think). It is now linked to state pension age. I’m mid 40s so have two pensions with TPS but for people of my age, the old pension (final salary, draw at 60) isn’t enough to live on until can draw the new one - it would now mean trying to make 9k last 11 years.

You could live to 95, do you think the state should support you on a pension for 45 years?

I had enough of working, hmmm when I was about 25...!

Onlythebravest I completely agree, depressing but true 🙁😡

You need a mix of investments. ISAs get interest tax free, regular bank accounts you pay tax.

They are a great tax efficient option. It isn't "just saving". It's compounded interest tax free, particularly if you've max you pension contributions or maxed whst your comfortable contributing from gross pay, protect a bit more from net pay in ISAs. You absolutely should have them for retirement planning as part of your portfolio.

The bigger question is who wants to employ a 70 year old as well.

It's utter rubbish but heard rumblings of this for years so we've been investing what we can in private pensions/plan to downsize etc to attempt to retire early on our own means.

Police and firefighters don’t work till their 60s now. They mostly retire in their 50s on their own industry specific pension schemes. Raising state retirement age to71 won’t affect them as they’ll still retire under their occupational scheme and mostly the take new jobs or self employment as they do now.

@twnety no I'm not saying the state should support me until I'm 95... more just expressing disappointment that my 67 will have another four years added on which makes me want to cry as I've already had enough!

Life expectancy is expected to continue to increase in the UK, so long as inequity doesn't hugely increase. Life with disability remains about the same - the final 9 years of life, on average.

Like a lot of things, I think this works well for people with decent incomes and flexibility. Dropping to part time / taking casual work etc works well for those in professional roles, and is probably good for a lot of people. Those in more physical roles, not so much.

Life expectancy figures can be a bit misleading, because they include the deaths of those who died in infancy, childhood and adulthood decades ago when childhood mortality was higher and when many more people died in their middle years from smoking related diseases. A woman who is 80 today has an average life expectancy of 9 more years.

The increase in life expectancy in the UK is plateauing - but primarily because poor people are starting to die earlier and have fewer years of healthy life. Health inequalities are widening. The stalling of growth in life expectancy started in 2011 🤔

https://www.bma.org.uk/media/6520/the-country-is-getting-sicker-bma.pdf

The assumption on here that all those in their seventies are sick is ridiculous on here. I believe a good third of them never get any chronic diseases. It is all down to pure luck. Also many are still alert and function well.

Quite a few go through life without any chronic illnesses.

Not the majority but there is still a significant percentage.

True, projections for increased life expectancy make assumptions, ie improving access to primary health care, etc.

My DF started work at the age of 14 and worked until he was 65. I started work at 16 and will retire at 67 so 51 years of work for us both. The starting age for work currently is closer to 18-23 so a similar number of years worked before retirement.

So they'll work 4 years longer than me (born 1960) - whereas I have to work 7 years past the date I was expecting to retire? And the issue is?

The point is, when I started work (mid 70s) you weren't able to save into a private pension. So my pension is measly. Those born in the 70s and beyond (and certainly those born in 90s+) should be saving into a private pension.