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?

It's a joke. DH was made redundant in his fifties, as loads of people are, so ghat cheaper younger staff can keep costs down and shareholder dividends up.

He's not had a full time job since. Some short term contracts, some freelance work. All dried up when he reached sixty. He's been unpaid retired for years now and finally gets his pension this year.

Apologies, it wasn't you who said Boomers benefitted by 25%. It was @Bumpitybumper .

However you did respond to them with a comment about them providing facts.

If the report I quoted is out of date, I'd appreciate Bumpitybumper sharing where they got their more accurate information from.

We have never had a discussion about retirement and pension and how the population numbers and plot affects this. It is always kicked to the long grass.

the only long term solution to the pension isssue is to reduce the population to levels seen 50 years ago (not in one go obviously but managed over the next 50 years). Otherwise the top gets bigger and bigger and lives longer and longer and you need a bigger and bigger workforce to fund it. We will never ever have the housing for that workforce so they’ll struggle under the weight of it all until the system finally collapses

we need a workable population triangle that the government should working towards and polices should be adapted to keep the population within those bounds. No one is ever going to do this and so kicking the problem to future generations

The Danish context: this is the STATE pension age.

Anyone who has worked for 40 years can apply for the Arne pension - a sort of early retirement.

There is also a senior pension for people who cannot work more than (I can't remember exactly but I think it's) 20 hours a week in their last job if they are x years from retirement.

No one in Denmark relies on the state pension - your work pension is the one that counts and any private pensions. So you can retire before then but you won't get the state pension before 70.

About half of the Danish population works. We have to work for the welfare state to be able to function.

I'm planning to work until I'm at least 75. I'm hoping to cut down to 3-4 days around 69. And then planning to look after my great great grandchildren and fund my children and grand children's lives. I'm also very pleased that I'm supporting all those people using NHS resources for self inflicted illnesses like smoking and alcoholism and I'm particularly happy about continuing to work to fund the many people who would really really love to work...but just can't because they just can't get their shit together. When I die, any remaining wealth will then be taxed and ploughed back in to disproportionately support the children and families of those who can't be arsed to work.

Happy Friday.

@treetopsgreen bit you asked what the relevance of the war was. I was explaining.

@FalseSpring I agree with you, but I wonder whether attitudes will change given the declining birth rate? If there’s not enough younger people available to fill vacancies, older people will have to be considered. 🤷

Good Heavens, 70 is a rather long wait. Some of us will become grandparents in our 60s, we cannot spend as much time with GC as we'd like if we are working 40 hours a week.

@SalfordQuays the war isn't relevant.

They are cutting pip

@StrictlyAFemaleFemale

We aren't Denmark, they have a higher GDP per capita and a much higher productivity. I also believe uni is free & housing costs are a lower proportion of income.

Unfortunately I should add!

Happy Friday to you too my dad is slowly dying from his factory job he worked in from age 14 is that classed as self inflicted?

@CantStopMoving so you want to euthanise old people?

Average life expectancy is 82, for a manual worker is just 72, for a professional worker its 79

Most can claim SP at 67 or 68, so they do not have "Decades in retirement" many will have just a handful of years.

People who want a later retirement age, are the very wealthy or stupid.

So like we can access private pensions at 55, soon to be 57.

As a 1970 baby, everyone* can just fuck right off now. I cannot do my job until I'm 70 ffs!!!!

*the people in charge of making this decisions.

@TwentyKittens it's out of date because so much has happened since then in terms of economic liabilities & likely birth rate predictions were higher then. And realistically one can only hypothetically project what costs will be incurred when younger generations retire.

Healthy life expectancy is only about 62

People who want a later retirement age, are the very wealthy or stupid.

They will probably be retiring earlier but think it's fine for everyone else to

It's very difficult to compare pensions across countries because there are as many variations as there are with healthcare systems.

In almost every country in Europe apart from the UK and the Netherlands, the state pension has a substantial earnings-related component. (The UK had the SERPS scheme that tried to do something like this, but it was abolished in 2002.)

Also, many countries have very high participation in private pensions, either workplace-based or purely private. This is encouraged by having the premiums be fully tax-deductible, especially since these countries often have very high marginal tax rates from quite low earnings. UK income tax is relatively low on incomes below £50k, so the incentive to save into a pension is reduced — you only get 20% tax relief and that may not cover the perceived cost of locking your money away for 30+ years in a high-charge pension scheme.

As a PP noted, very few people in other (northern) European countries rely on the state pension. There seems to be a historic reluctance in the UK to consider alternatives (at least, for a substantial part of the population). Some people maybe imagine that their house will be their pension pot, but it gets complicated when you have to turn that into cash or an annuity.

Um, when exactly did any of that happen in "medieval times"???

Not sure your have read my post -struggling to see how your comment is related.

Sorry about your dad.

What worries me is that I have paid into a pension since the age of 23, part public sector, part private sector with my job, but both are being eroded and redefined over when I can claim and how they will be calculated, and will not be worth what I thought and was told. I will also be getting a full state pension in some format, probably minimal by the time I get to whatever retirement age it is set at when I get there. However I can see a scenario whereby the state pension is so measly and means tested that I am living on my other pensions, and am on a similar income to those who haven’t saved, or worked as they will get all the extras.

Yes, the state pension should provide to ensure people can live, but I do find it very unfair that unless you can afford to save and get a very big pension then you are no better off than having done nothing.

Lots of people mistakenly use pension age and retirement age interchangeably, but in the UK, with a few exceptions - such as judges at 75 - there is no retirement age. An easier and fairer way to tackle this issue would be to raise the number of years you need to pay NI from 35 to 40 plus and then allow workers to claim a full state pension then. So the manual worker who started work at 16 and has worked and contributed full NI could retire earlier than someone that studied longer, took non-working gap years, worked abroad and did not pay tax and NI in the UK.