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?

Im a carer , il never be able to afford to retire . It will get to the stage where im providing care for people younger than myself. Hopefully i wont live that long .

You can usually only access a private pension 10y before state pension age.

I could have taken mine at 55. Will get state pension at 67.

Though I see this will change from 2028, to 57.

IF anything like this were to happen, IMO, if would have to be in conjunction with higher mandatory private pension contributions (employer and employee) and removing opt out options. People will have to start saving for a private pension from the day they start work and continue to throughout working life. Just see it as extra tax, money you never had available to spend (like student loan repayments for example). It's much easier if it starts that way.
Hopefully then most people would be able to reduce outgoings (paying off mortgage, dependents leaving) and have sufficient pension savings to fund the gap / go part time until SP kicks in.

I would be massively against any means testing of SP, we have contributed (a lot) our entire working lives, taken promised SP into account in our financial plans. Agree with a PP, 'they' can fuck right off with any suggestion that the biggest contributors get no SP.

The line that we are living longer is often trotted out - this may be soo at the moment but indications are it's a trend that might soon reverse.

https://www.bbc.co.uk/news/health-68203749

Should have, not should of.

I think a new job could be invented - something like life advisor or elder. Anyone over 70 could pass on their wisdom to younger people. A job that could be done comfortably in a chair. I know people dismiss the idea that older people can teach us anything, but I think we're missing out by not listening to them. But if the idea is to employ 70 year olds as cleaners or carers, that's obviously ridiculous.

They can all get a WFH job like disabled people are going to have to.

Where all these thousands of WFH jobs are going to come from I’m not quite sure!

Commit a crime and go to prison. Might be my only realistic option by the time I am 71.

Actually, I'd call the job mentor. People could advise on their area of expertise, though I think it should be part time and topped up via means testing.

@Goblinmodeactivated It seems that the big issue is the dramatic reduction in the work force as a result of preventable ill health

This is such a good point. I think the next government needs to look at improving public health as a national priority.

https://www.bbc.co.uk/news/stories-47033704

That seems to have actually happened in Japan.

for those who can, saving enough into a good pension scheme or putting savings elsewhere can help to retire earlier, problem is, in the public sector at least, retirement age now mirrors the age at which the state pension can be accessed, I couldn’t imagine being a nurse/ paramedic/ firefighter etc at that age, nor for that matter many jobs in the private sector, feel so sorry for those born post 70s, essentially work till you die

Pedants' Corner is that way ➡

I don't want to work past 45!!! (I'm 44 and really bored).

Many didn't.
MIL now 83, gave up work at 25 to raise two DC and never worked again. FIL is into his 30th year of retirement, doing very nicely financially thankyou, funds boosted by the non means tested benefits they receive and won't spend banking over £400 a month attendance allowance for example.

It's making me seriously reconsider paying in to a pension that I may not get the benefit of as it's linked to state retirement age. I'd rather self invest and draw down as I see fit, rather than when the government tell me I can.

There's nothing pedantic about pointing that out, and Pedants' Corner won't be visited by people who need to learn it. It's becoming extremely tiresome to keep seeing 'should of', would of', etc. I wasn't meaning to be rude, but was simply hopeful that a few people who use such abominations might instead consider choosing the correct word!

I am one of the 50/60 somethings who had zero maternity pay, etc.
I did not fight the change in the 1990s because it was unfair for women to retire at 60 and men at 65, especially when women live longer than men. It also isn’t in keeping with equal rights for men and women. I wish they had lowered men to 60, but they did not. Still the principle of same pension age for both sexes was correct.

The increase from 65-67 is more like this current potential increase. It is being mooted because tax revenues are not enough to pay for everyone. So the options are increase the pension age or increase tax revenues.

I think NIC taxes on businesses should go up to fund it. Businesses benefit from workers and should therefore do more to support knackered, old workers have a retirement.

How are you supposed to financially prepare for retirement when you work a minimum wage job and spend 60% of your wages on housing costs and the rest on the ever increasing cost of food and bills?

It isn't really fair to police spelling and grammar on random threads, though. You have no idea what a particular poster's circumstances are.

Agree.
Self employed and only contribute enough to our pensions to be tax efficient contributions.
I’d rather have money where i can get at it!

Or exporting our pensioners to low cost of living countries with lots of young people.

Well, for 18months they will if the new benefit reform goes through. After that it is mandatory work placement or starve in a gutter. Although no clue as to where the government will magic up these mandatory work placements from.