Retirement age in Denmark set to raise to 70

[MikeRafone]

https://www.bbc.com/news/articles/cvg71v533q6o

I hadn’t realised Denmark was presently in line with uk on retirement age and now raising it to 70

and that’s for people born 1970 onwards! I wonder if this will be used for uk to fallow suit?

Yes exactly. Qualify for even a pound of pension credit and you get the lot - all rent paid, council tax paid, dental costs free, winter fuel payment etc !

There's been absolutely no thought or planning for who is going to pay for it all!
People didn't expect birth rates to drop.

Which people didn't expect birth rates to drop? They've been dropping since the boomers were born! People living on Mars perhaps...

I think Hans rosling was among the first who tried to bring this to widespread attention but it's not been widely acknowledged or realized that we had a problem with demographics until recently.

I was taught about population decline and birth rates in school. So like I said, we've been aware for decades and nobody planned for it.

Why are young people such victims? Do they honestly think they are the only generation who have ‘suffered’? Get a grip

Actuaries have been warning about it for decades! Politicians have just farted around with small changes and kicked the can down the road!

That’s the exact position my mum is in at 80. She deceived to work to get some pension money. Look where it’s got her, privately renting and zero support.

No that isn't the case. A public sector pension can be drawn at 55 and will shortly rise to 57

That's disgusting, they should have to wait just like the rest of us.

You can usually claim DC pensions 10 years before state retirement age.

Oh dear, did you think you'd get away with dishonestly partially quoting me? What did I actually say?

"Civil Service pensions that people are currently paying into are generally pegged to the State Pension Age now. Yes, people can take early retirement before that as early as 55 but the value of their "pension pot" (no, it's not actually a pot) remains unchanged - they get a lower amount for a longer period. "

The thing is: if someone has the best of an argument, they don't need to be dishonest like you were.

No, @MikeRafone was dishonestly trying to mislead people who are ignorant about how things actually work.

So you've not noticed state pension age rising?

Way too little way too late.

It’s hardly surprising. Governments can’t afford to support the elderly for decades.

Do you know why/when it was reduced? I didn't know this.

So you didn't, but are trying to hide your ignorance. OK.

As pointed out you can draw on that pot but your pension lowers significantly. You might get eg 60k lump sum but your pension may be 300 a month (just examples). But you won't get state pension for another eg 12 years. So can you manage on that monthly figure if you have gone thro your 60k on eg a car, cruises, mortgage etc

Of course I noticed the state pension age increase. And it's too little action, far too late. It's still not affordable becuase of a complete lack of planning, going back decades.

No Govt wanted to tell us the hard facts and MPs get a v.nice pension which they might be able to supplement with other jobs. Boris, Liz, Tony Blair etc all get that 100k plus for being PM. But MPs get a better pension deal.
But it's not a vote winner telling us you need to work for longer and pay more in.

Oh don't be so silly. Such a lazy and fatuous statement.
I suppose you think getting rid of the subsidised dining room in the Commons will solve our budget shortfall too?🙄

I made a jokey post early on in this thread but it's actually pretty worrying. Until this country tackles inequality then the retirement age will continue upwards until you may as well abolish it. It's not only a demographic time bomb, yes there are less young people paying for more pensioners, but also more and more wealth is concentrated in fewer and fewer hands. These 'elites' avoid tax pretty easily and so as wealth continues to flow upwards, there's less and less available to tax. You only have to look at our Royal Family and the Duke of Westminster to understand that for the wealthy, tax is optional.

Except that tax is primarily levied on income, not wealth, and we have a progressive income tax regime that means that high incomes incur higher percentage rates of tax than lower incomes.

What is dishonest about starting that a public service employee can draw their pension at 55? Many public service employees do raw their pension between 55-67

Private pensions can draw their pensions at various ages