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?

I can see youd argument, honestly. But I find it very difficult to believe today's youth believe any NI they pay is ring fenced for their own retirement.

I'm 55 and have grown up understanding that there probably wouldn't be a state pension when I retired because that was common parlance when I was in my late teens/early 20s.

Also, I don't mind my NI supports older retired people because I have parents, grandparents, older retired friends and family I see benefit from it.

@Pistachioitaliano not everyone can work. Regardless it wouldn't make it sustainable even if you stopped pension credit. It's not based on contributions, it's paid forward

@TwentyKittens we don't know what younger generations will end up paying and what they will get from the system

Nice try to take my argument out of context. There will be poor and rich in any generation but we should as a whole seek to support ourselves as a generation otherwise it obviously places a burden on the generations that follow. Baby Boomers are the richest generation on record and yet haven't contributed enough into the welfare state to cover their own costs. That should have never been allowed to happen.

but it won't be more 😆

Argh. I've a migraine and getting muddled. Everyone has benefited, the Silent generation much less than others.

(I think.)

I agree. There’s a lot of discussion that means testing is expensive, but it doesn’t need to be. I am in Scotland so get free prescriptions at any age, and a bus pass at 60. Neither of which I need ( but I do use the prescriptions)

But I also have to complete a self assessment tax return, which , if done accurately, should allow pretty much any government agency determine if I needed benefits ( other than PIP or DLA, etc)

HMRC are happy to waive tax filing if you don’t show any income over PAYE. They are missing a trick I think.

I'm in a similar situation to yourself but, here's the thing, our generation had the option of benefitting from cheap property. In our 20s, DH and I were able to afford a 4 bedroomed house with acreage. Then, when children came along we managed on one wage for several years until they were at school.Young adults today do not have that luxury.
We have seen privilege that today's youngsters will never have.
DH and I will pay it forwards, we will downsize to help our children out but so many "youngsters" don't have that chance.
My siblings are angry re how they will cope in retirement but they never took out private pensions, they say they couldn't afford them but they were out partying several times a week, had Florida holidays, flashy cars. Pensions were simply not a priority.
I agree that we can't expect people in their 70s to be doing manual labour but neither can we expect young adults to shoulder the burden of paying their pensions.

It's not even just today's youth that think that their NI contributions are ringfaced. A lot of people believe that they have paid tax and therefore are 'entitled' to X or Y. We need to improve education about what actually happens to the tax people pay, why it isn't actually necessarily funding a future pension and how projections actually look for someone who is young today.

I also think your view is totally understandably about wanting your NI to fund older people without necessarily getting the same benefits for yourself but I do think as a point of democracy that this should be spelled out for people and people can take an informed stance on this.

This. 😟

So why are some honing in on the Boomer generation and blaming them for everything when all generations up to millennial are beneficiaries, mostly (other than the Silents) to a similar degree.

The vast vast majority of them weren't in charge when decisions about the increases to pension ages were decided, and it's only the oldest few years who benefited from the traditional ages.

@TwentyKittens I don't think we can say certain generations will have benefited when they haven't started retiring yet and any projections won't account for any changes eg moving pension age out further.

Means testing is not the answer. If it happened gen Z would see no point in working in a low paid job to end up with no state pension just a tiny private pension. Whilst those not contributing would get pension credit.

We need to encourage gen Z to work and thus give them an incentive of a state pension. If pension credit was removed, people would be more willing to work even in low paid jobs.

@TwentyKittens people talk about boomers because many have parents in that generation. More older people voted for Brexit which hasn't been helpful to the economy and I wonder how many will vote for Reform.

That report makes huge assumptions that almost certainly won't be true.

Yes the UK will follow suit of course...only a matter of time. Theyve just raised it to 67.

The population is ageing and they've spent the pension funds. There's not enough money in the pot... theyre hoping that a lot of us will die before we are due our pensions...

Where are your figures from, and what does your source say about the other generations?

@Dearg maybe they will but then you will get people moaning about those who are "feckless" and get it all paid for.

@TwentyKittens that report is from 2018 so is completely outdated and says in the beginning it's based on hypothetical outcomes?

Well we have that now, pretty much daily, on here.

But I also am thinking of the mountains of paperwork which each agency has to review to do their mean testing, where we could push the information from HMRC so it’s not done twice. Has to be a saving there.

I'm 64, I'm still working, although not full-time anymore. My state pension age is 67. I was looking forward to taking my occupational pension at 61 but then they changed the rules and tied it to my state pension age. I ended up taking it at 62 but I lost 25% of it as a result (5% for each year earlier than 67!)

@Dearg I agree with you re making the method far more complicated than it needs to be.

@treetopsgreen I think you’re missing the point. That poster was saying that every generation has its pros and cons. Young people now struggle to get on the housing ladder. Young people in the 1940s had to deal with war.
No generation gets it all their way.

Yep. Those who aren’t fit to work will end up in some sort of benefits. The stupid people like me that are physically fit will work till we drop. We already know this. No announcement needed.

@SalfordQuays I'm definitely not the one missing the point.