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 article is about research into maintaining the current ratio of workers to pensioners, which indicates the age would need to be 71. But it's not a realistic policy option.

Without younger workers working for longer where will the money come from?

We really need to means test it in some form so that those who don't "need" it don't get it, or get less.

I'd suggest we use the same £50k income threshold as used for child benefit as a starting point, so that state pension is no longer paid to those who have over £60k of other income, with tapering between £50k-£60k. It is being done for parents claiming child benefit, so can be extended to bring pensioners into the scope.

No one can say that a pensioner with an income over £60k "needs" the state pension!

One of my relatives was one of the Waspi women when the retirement age for women was changed ( although she does receive the state pension now)
'(Women against state pension inequality ' )
So many missed out back then.
The thought of retiring at 71 is depressing.
Those doing jobs where you are on a feet a lot or requiring heavy lifting etc will be royally screwed over. I'm not sure it's really fair, but I can see it being brought in at some stage.
Those with very good private pensions will be alright I suppose

Will definitely need body bags in the stationery cupboard!

i am not at all surprised but it’s something that is starting to worry me. I currently have a well paying professional job but at 50 I am already older than most of my colleagues. I am in good health and more than happy to work in my 60s but I will need to find a different field to work in. It’s not a choice for me, as due to various upheavals in my life I only have a tiny workplace pension.

I agree with this. Where were you all when us 50/60 somethings with no maternity leave, low pay, and hardley any warning were pushed from 60 to 67?

I was working hard not understanding why my salary was stagnating & wondering how on earth I would afford a home post 08 lending restrictions. Oh & also lamenting that the very good pension scheme my company offered had closer to new entrants whilst I was at uni.

Many younger people I know ( early / mid 20s) are planning on not having any children as childcare costs are huge and they can't see the point
I don't blame them tbh.

And it also coincided with the cost of products/leisure services/foreign travel becoming cheaper and more abundant, which meant people could lead active and enjoyable retirements.

It would take a massive shift in people's attitude to spending/saving throughout their entire adults lives. But in turn that would affect the economy, as people would spend less. And we'd have to get over the issue of debt propping up a lot of consumer expenditure too.

Obviously.

Another marketing opportunity.

Honestly, I can see why the Tories have given up on the UK. Every single opportunity and opening is just talked down by the negative nellies as this thread shows.

You can retire at whatever age you like if you are happy to fund it yourself , if the country cannot afford to fund it at lower than 71 then there is not much that they can do

Much of the "silver exodus" have left the workplace despite not being able to fund it themselves due to health reasons.

We were all worrying about how on earth to get on the housing ladder while juggling saving with student loans and high rents and the decline of NHS dentistry. ..

I’m going to look for the statistic but last week I read that we have something like 330 people retired for every 1000 workers. Previously it had been something like 200.

It's a really big issue which the gov hasn't planned for.

It’s not just an issue for people doing physical jobs. It’s also an issue for many people in office based private sector jobs that have a very “young” culture.

This is utterly depressing. It seems that the big issue is the dramatic reduction in the work force as a result of preventable ill health, I’d really like to see the government do much more to tackle that issue, than simply increase the pension age. It’s simple not realistic to expect everyone to work til 70 or older, many jobs simply can’t be done at that age!

No one can say that a pensioner with an income over £60k "needs" the state pension!

But they paid their stamp! You will get flamed for the above

I believe eventually everyone will be assessed by a panel to get a state pension. If you are deemed fit enough to carry on then you will have to .

Many younger people I know ( early / mid 20s) are planning on not having any children as childcare costs are huge and they can't see the point

Hence the birth rates

Of course people could just not vote for it

You could try to prepare for this by opting for a physically undemanding desk job, only to find that at 70, your strength and mobility are fine, but you can’t remember who just phoned you and what they said. Also, your eyesight is no longer good enough to see your computer screen properly.

Regardless of the type of job you have, I think it would be a very sad and depressing end to your career to have to struggle on until you are effectively sacked for underperformance.

I suppose if it's mean tested , then fair enough
It'll become the norm to just have a private pension and live on that and the state pension will become a thing of the past
I'm not saying it's right , but I can see it happening

I was literally in primary school when this policy change was agreed.

We are basically becoming like America work til you drop dead literally.

Sad situation because inevitably younger lot will struggle to get the jobs or high paid salaries because coffin dodgers are being forced to continue to work.

Our economics teacher back in the early 90's told us that most of our generation will not retire...

I also think it's got to do with the UK wages being kept artificially low. The larger the available workforce, the more choice for the employers and lower hourly rates. Win win for them.

Both my parents are in their 60’s and already in care homes. I know that is not necessarily usual but it happens, early onset dementia is a thing. So I doubt I will even make it to retirement age. Even if I do, who honestly wants to employ 71 year old me over younger applicants? There’s going to be a lot of older people on benefits. People managing chronic conditions/pain who had a realistic target to aim for at 67 are just going to think fuck it if the goal posts keep getting moved.

Surely this is partly because of the current benefits bill, the amount of people who never have a private pension, their own house etc plus the massive increase in those with mental health issues that may never work a full time job.

Anyone who only has the basic gets pension credit - there a lot of additional benefits/payouts here. The government will be looking to reduce the benefits bill and get those that can work longer work, work harder and pay more tax.

They really can't keep squeezing people like this.