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, me too. I've just retired at 55. I'm "fortunate" in that I can but it has been planned for 30+ years by not having the level of lifestyle I might have otherwise had.

I haven't included my state pension in any of my calculations because I'm not at all convinced I'll get one.

It is also worth pointing out that the majority of older boomers started work at 16 so they have been paying NI contributions a lot longer .

I'm nearly 73 with the usual health worries that older people get (and a dose of cancer which seems to have been seen off). I know that I wouldn't want that surgery or treatment again, nor would I want anything distressing done that might prolong my life - when my health takes a turn for the worse I'd like to fade away with the help of a tablet or two. I'm sure I'm not alone in this wish and I'd like it to be made possible for me to take control of my ending - I don't want the NHS to cough up to keep me going in misery!

@JasmineAllen more of them rent though as they couldn't get on the ladder.

"People who expect to rent throughout their retirement could need an additional £391,0002in savings compared to those who have paid off their mortgage, according to new analysis from Standard Life, part of Phoenix Group."

we also don't have enough suitable homes for the needs of more older people

Everyone has equal access to a state education, use of the roads or healthcare. Our circumstances might mean that we use them more or less than other people but still, the opportunity to use them is available to all.

Old age benefits are different because there is a good reason to believe that the current system that is being funded by today's tax payer is unsustainable and won't be around in its current form when younger people hit retirement age. I don't think this is being made clear enough to the population. Even your last sentence about taxes being 'for the good of society as a whole' implies that like education or roads, these things are in a sense for everyone when it's simply not the case. Some people currently paying NI will probably not receive a state pension and if they do, it won't be comparable to what is received today. All well and good if that is clearly publicised to younger people and they choose to support the older generation regardless, but it absolutely isn't being made clear. Too many people still believe that their NI is somehow ring fenced for their retirement and they have a guaranteed pot at the end of their working life.

This reasoning is why I think all the moaning about how young people face unprecedented difficulties is pointless. By the time they reach late middle age Generation D or E or whatever will be slating Gen Z for all the benefits they've had, and be saying Gen Z have shafted Gen E.

Every single generation faces its own unique problems. Mine (X) included 15% interest rates and the consequences of people being unable to pay their mortgages combined with massive negative equity, so couldn't pay back what they owed the lenders.

@BangersAndGnash the (non state pension) benefits bill isn’t twice the amount of state pension - half of all benefits ARE state pension, the other half are not.

Ah, the same told 'what about manual labourers'. They obviously can't work till 70 but don't assume office workers can. Mentally I won't be able to reinvent the wheel every 5 years, navigate mansplaining and patriarchy, create shareholder value and just generally being fucked over in the corporate world.

Very true although the comfortable lives of the politicians with golden pensions also rely on businesses and services being staffed by people who are capable of doing the work.
No man or woman is an island: rich people can only attain and maintain their privilege if those beneath them are willing and able to work to keep the wheels turning.

It would not have generated the same revenue for govt as a person working full time and paying full time NI and PAYE.

As a higher rate tax payer I will have paid more than most but the contributions are the contributions. The vast majority won't have paid enough to actually fund their pension.

Baby Boomers on average will receive 25% more from the welfare state than they have contributed. This is fact! They simply haven't paid enough tax to cover their expenses.

Too many people still believe that their NI is somehow ring fenced for their retirement and they have a guaranteed pot at the end of their working life.

this

I wouldn’t be surprised if we follow suit , at some point anyway

@Bumpitybumper you can't bring facts into the debate and remember it doesn't matter about that bit because young people have more employment rights.

Yep. No wonder my two adult DC have no intention of having kids!

Men always got state pension at 65. Surely not that much of an 'unsustainably young age'

And it has risen for all, including younger boomers, to 67, two years older, over the last 7 years,

Many older female BBs weren't even eligible for state pension

You would think that everyone in the BB generation had been frolicking in clover since the age of 55.

We will definitely follow suit and by the time us in our 40’s hit retirement age no doubt it I’ll be older than 70!

I find the whole thing ironic. We have the medical advances to keep people alive longer even if they don’t have the mental capacity and they are actually suffering and have no quality of life.

We have no money to fund care for the elderly, such is the issue that they end up in hospital for longer than need because of the lack of care packages.

This then has a knock on affect on other people because they can’t get a hospital bed and their health deteriorates.

To summarise, we now we have so many people living longer, without being able to offer them the care and support they need and now they want to increase the retirement age, because we’re all living longer, but we’re still going to be in the same predicament as we’re in now. Only the can has been kicked down the road and the ages have increased…. Great… 🙄

@Parky04 I really worry about my dc. My parents are immigrants so we have other options at least. I can only think posters why refuse to acknowledge how difficult it is for younger people must be very privileged & their dc are insulated.

Obviously it was unsustainably young... hence the change.

If we are looking at what someone has contributed and then the longevity of their state pension, we should be looking at removing pension credit as the first step in updating pensions. Afterall what have they contributed?

we should be looking at removing pension credit as the first step in updating pensions. Afterall what have they contributed?

yep, don't look at means testing take it off the poorest. 🙄

why not means test it instead of increasing the age?

Pretty much everyone has been a net beneficiary, not just the Boomer generation. The Silent Generation who financed the establishment of the welfare state are the only ones not.

Because the modern welfare state developed as they were in older working age, cohorts that have now mainly reached the end of their lives – members of the forgotten generation (born 1896-1910) and the oldest two-thirds of the greatest generation (1911-25) – emerge as clear net beneficiaries. Measured relative to GDP per capita, these cohorts’ average
withdrawals were at least 25 per cent higher than their contributions. The silent
generation (1926-45), however, were mostly in early working age during the establishment of the modern welfare state from the late-1940s onwards. This means that the increased spend on education for subsequent cohorts, along with health and pension provision they were taxed to fund for other cohorts, was almost greater than the support they received themselves, leaving them with ‘net withdrawals’ of 5 to 15 per cent.

To consider the lifetime position of younger cohorts that have not yet reached old age we are required to make big assumptions about the future path of tax and spending. In the first instance we follow John Hills’ approach and assume that taxes collected in any given year are sufficient to fund welfare spending in that year, and that this spending takes up a growing share of GDP, largely due to growing health spend, as long-term Office for Budget Responsibility (OBR) projections suggest it will. Under these assumptions, cohorts from the baby boomer generation (1946-66), generation X (1966-80) and the millennial generation (1981-2000) all have higher net withdrawals than the silent generation, of around 20 to 25 per cent.

https://www.resolutionfoundation.org/app/uploads/2018/02/Generational-welfare.pdf

No, if you work in a low paid job you should qualify for state pension. The state pension is there to look after the poorest as long as they have contributed something,

It's a fact that no generation has other than the Silent generation.