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?

Well yes, ‘become’ the norm for those that are young now that know what’s coming but what about those of us that were led to believe we would get state pension from 60?

I have savings but they’re to go alongside the state pension I was promised. I kept my side of the bargain & worked all my life & paid in. So they can penalise me for saving & living frugally? They can fuck right off.

Who ever is in power has same demographics and numbers - and limited unpalatable ways of coping with that.

What has that got to do with the price of fish ? It's not as if we do evidence based policy in the UK, is it ?

When the old age pension was first introduced it was set as HIGHER than the average life expectancy. It was never meant to fund 30 years of retirement, sitting watching Eastenders, going on cruises, and having nice chit chats at knitting groups. The reality is if people want to have a period of time not earning their own keep at the end of their lives then they need to spend some time saving.

Most people are vastly underprepared financially for retirement and there is this idea that the government owes them a long fully funded old age. Everyone has to take responsibility for themselves. If you want 20-30 years not working then save and fund it yourself!

I don't agree myself with ( effectively) abolishing the state pension scheme, but just making the point I can see it happening
They will just keep on pushing the retirement age up by stealth I suppose

Well, I just be claiming disability benefits then. My job is not physical but very mentally draining, I imagine I will not have the high cognitive function by late 60s to handle that amount of pressure (think public sector role)

Do you honestly think any party is going to be able to sustain 20+ years of pension payments for people to enjoy decades of retirement?

It's not a Tory/Labour thing, it's a 'this is never what pensions were meant to be for' thing.

I kept my side of the bargain & worked all my life & paid in. So they can penalise me for saving & living frugally? They can fuck right off.

Young people can't opt out of paying in

Both my parents got their pensions age 60 and died age 62 and 63.
I get mine this year age 66.
Yes more are living longer but still loads not.

In 20 years time, technology will have shifted massively. Many jobs will have become obsolete. It is quite possible that funding both pensions and unemployment benefits will need a huge rethink. Money will be concentrated even more into the hands of the elite.

My prediction is that at some stage we will move to a universal income model with top ups for age and disability. The tax model will have to change because AI generate profit but do not demand wages or pay taxes (yet).

Will it not be the case that all developed countries are competing for immigrants from the less developed ones? And as those countries develop they will also be subject to the same shifts i.e falling birth rates.
I don't think any other countries have succeeded in incentivising people to have more children

You're right we will be competing with other countries for immigrants as demographics are hitting much of the west. Are we attractive enough? Birth rates would improve somewhat with more support but I think the ship has sailed. We already have more over 65 yr olds than under 15 yr olds which is pretty scary.

From an economic perspective

The business opportunity has already been met! But I think it might be a good idea to buy shares. The dividends might cover what a pension won't!

Anyone ordered a temporary pop up morgue before? www.mumsnet.com/Talk/_chat/4997503-anyone-ordered-a-temporary-pop-up-morgue-before

Id image also it would be likely that the manual, and particularly the caring jobs, that would be the ones to remain, and these are the least possible to do as you get older.

A friend of mine said a year ago that she was quite aware that she would never be able to retire. She is 35. She said she was just being realistic.
I think she is right. So depressing.

This is state pension. Quite a number of people (88% of eligible employees (20 million) in 2021) now also have workplace pensions. Others may have private pensions. There'll probably be a big drive to get people to save more into these types of pensions. If you're just relying on the state pension, you're in trouble.

It’s great that you have been able to do this but thousands can’t. Don’t make such naive comments about others being able to plan for this as if their industry could support it. Many sectors can’t.

And the extra 'stealth' changes brought in later?

The principle still applies: if anyone wants to complain about pension changes which will/may affect them in the future, maybe they should've protested the ones recently brought in which affected others but paved the way?

Not sure if anyone has mentioned this yet but all pensions are income and therefore taxable. For those moaning about people with private pensions, they will almost certainly pay tax to help with public services etc.

OP this is a very misleading thread title. Some expert have said this. That is it.

I wonder if a certain bouncy poster will be along soon to lecture us, though...

😅

40.000 care workers were lost due to the Covid vaccine mandate With that attitude we had better get ready for an even bigger exodus. Jobs like this are low pay so people doing these jobs arent going to be able to save and fund it themselves. Ditto the supermarket workers who made sure you were fed during the lockdowns. No wonder the idea of a "Citezens Army" was laughed at.

It's a rolling figure.

A few years ago SPA was 65.
Anyone retiring this year, SPA is 66.
I am 58 and will reach SPA at 67.
I believe that those who are currently 50, SPA will be 68.

I however have already retired (went at 57) and living on my works pension. SP will kick in at 67 and provide an added bonus.

'I don't think any other countries have succeeded in incentivising people to have more children'

Maybe not but the UK does a good job in disincentivising it through some of the poorest childcare policies in Europe and unaffordable housing. We need to shift our thinking from children being a burden on the state to an investment in our future.

The rise of AI is going to vastly change the number and types of jobs available in all sectors. We can't imagine how the world is going to look in 20 years but uts going to be very different.

I think the question has to be, how does she state pension compare to UC, disability benefits etc. Because many people in their late 60s will be unable to work, or find it difficult to find work.

So, they will be getting working age benefits rather than state pension which might be more costly.