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 understand that but what if you were unable to work like hundreds of thousands (?) of us? What if say, next week you had to give up work and then you did have a long life?

I mean, if someone in your situation doesn’t have the empathy or understanding to see this, what hope do we have?

There are going to be so many older, ill, vulnerable people fighting to get PIP just to survive. But hey, the stress will kill them so they won’t have to be paid🙄

The difference between retiring at 60 and 71 is over 100k. That’s an awful lot of money for those of us with no private pension. All our security has been removed.

Oh christ, im 1980 - i dread to think what it will be for my generation! Ill be dying at my desk at this rate.

although, there seems to be quite a few colleagues within my large company who, in the past ten years, seem to have been on the verge of retirement and died before actually getting to it. Very sad - people in their 60s 😢

I agree we can’t expect 30 year retirements but the majority of those able to retire at 60 or below would have started work much younger than 24. Many many at 16.

I'm an older millennial & have paid NI since I was 17 & throughout uni, the requirements contributions were pretty small.

Me too. I am trying to make shrewd decisions to ensure the safety of me and my children in years to come, and suggest everyone else does the same. I’m not rich by any stretch but saving, paying into pensions, overpaying on the mortgage if possible, will all help.

I’m a teacher and our pensions are linked to state pension age. I’m 45 and knackered now - imagine your teacher being 71! At least I’m secondary so I’ll just sit in my chair. Feel sorry for all the EYFS teachers who sit on those tiny chairs!

Yup I know a few like that

Nothing has been confirmed.

And it's not necessarily retirement, it's state pension receipt.

Looking at the positives it may mean the younger members of your families are not burdened with an impossible tax bill.

I think this issue will be even bigger. AI is gonna take over in many industries, there simply wont be jobs. We need to think of a new way to live and quickly.

Quite free with your assumptions there. How do you know pp didn't get involved in the fight?

State pension was designed to help those old people no longer able to work.

They're making it nearly impossible to get to state pension age. I've thought for a long while it's a push to get people to get private pensions or work.

It's a really short sighted way of viewing things as people will end up benefits or using whatever they've managed to save.

hopefully this thread gives everyone a boost to do something towards planning for old age. £100 a month over paying your mortgage or putting a small amount extra into savings pot. Nothing is too small, every tiny effort will improve your retirement

@MrsMurphyIWish Yep 45 here and exhausted. I really wish I had a current Plan B or a different profession! I am envious of those who can wfh and potter as that can be done when older.

I have a pension but it’s linked to state pension age so not possible to retire earlier. Am now thinking to opt out my pension!

In some countries eg France your retirement differs based on how physically demanding your job is. While this has led to some v weird situations due to resistance to the system being reformed (eg train drivers getting pensions in their 50s because they used to have hard, physical jobs on steam trains Vs today's drivers who push buttons on high tech trains), it's a good idea in principle.

I mean, I’ll probably be dead before 68 so in that event it’ll make zero difference to me. Theres no way I could work until 71.

This is just so depressing. I my 50 now and totally had enough of work.

Is that a CS or NHS??? Try and stash minoy in a private one.

The Teacher’s Pension.

Those medicals don't test reaction times though. My dad gave up driving HGV's aged 65 as he was aware that the older he got the slower his reaction time would get. Also the older someone gets the more easily they tire, again something that is not tested during the medical. A 71 year old who has been driving all day will get fatigued add in the 3-4am starts that dad quite often did, then it's not really going to end well IMO.

Can they change it now for those born in 1972? My forecast is for 2039 for when I’ll be 67- they can’t change it now can they?

I think for people in their 20s and 30s now there's time to plan for a "second career" that will take them into their 60s and 70s - one that is more flexible and less physical. It could be consulting or training in a field you currently work in, or a total change of career altogether. If we get used to thinking this way it isn't too bad. Life when we live to 80+ doesn't just have to be longer, it can also be totally differently structured. Different expectations, phases and so on.

We need to shift our thinking from children being a burden on the state to an investment in our future
I agree with you @Itisnearlyspring , BUT I feel there is some distance to go, the default response seems to be, 'why should the tax payer fund other peoples kids'. (As if children were a hobby that we partake in for our own entertainment!)

Given the nature and value of his load he won't be taking chances. The other parts of his job would show up any reduction in reaction time pretty quickly too. So I am confident he's safe.

Having said that I am aware he's pretty exceptional and not everyone will be as capable as him at that age.

Sadly those who can't continue to work will be forced to seek alternative employment or claim benefits if they don't have sufficient savings and pension.

I started legally work at 14. I actually started at 12 cash in hand.

The whole benefits system needs an overhaul and then pensions might be more affordable.