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?

Ironic given how much they talk about the importance of work life balance and how important down time is. Apparently not at 69 though

If the govt arent prepared to deal with the huge number of people that are unemployed, under employed or unemployable because they lack basic skills, then yes, our retirement age is going to go up and up and up. Someone has to work and pay taxes so that someone else can stay at home and choose not to work. Our welfare system - benefits, pensions etc is so far beyond broken its not true.

When the welfare state started the retirement age for men (because it was mainly men working and contributing the most to taxes) was set at the average life expectancy with the view that it should be reviewed regularly and increased as average life expectancy increased. It wasnt. Now it needs to be and people dont like it.

The number of people on welfare benefits from cradle to grave is astonishing the numbers are growing all the time.

we really need a bold politician to step up and start again. what we have at the moment is completely and utterly unsustainable.

Both my parents have recently retired at 66 - both have had to due to medical needs.

For different reasons as well - my Mum is due to a life changing diagnosis. & my Dad due to eye sight issues meant he could no longer do his job. He has been in mainly manual jobs and regardless would struggle to carry on. Thankfully both have ok pensions - my Mum especially, Dad cautious as his is a lot less both his wife is younger and has a few more years ahead of her!

Firstly who is going to be looking after all of their frail elderly relatives? How much do carers save the Government in money each year? That will go, likewise childcare by Grandparents. I would suspect many many more people will claiming state benefits through ill health.

I am fortunate to have paid into my NHS pension when I qualified as a Nurse back in 98 and have my sights set on going at 57- 60. At 48 I already struggle with the pressure and am sadly counting down the years until I go, I just cannot believe I would be mentally or physically agile enough to be working until 70, but most of all I simply don't want to work until then. I will sell my house and live in a flat in needs be and have a frugal life, anything to get away from work.

@treetopsgreen this is why I think you’re not understanding. Of course the war isn’t relevant when we’re talking about pensions specifically. The point is this:- you were saying that the current younger generation have it worst, they’ve been shafted etc. And yes, in terms of retirement age they’ve been very unfortunate. But it’s swings and roundabouts. In other areas they’ve been extremely fortunate. Hence the mention of the war. The point that other poster was making was that every generation has some good fortune and some bad fortune. Hopefully that’s made it a bit clearer for you.

More important than ever that people plan for their old age. No way could I have worked until 70. Didn't even get to 60.

I agree. I also think the numbers going to university need to reduce, as most degrees are of little value, so people start working and paying into pensions at 18, or even 16 in some cases.

You cannot expect most people to start at 21 or 22, and then retire at 65 or even 66. Reducing working careers from 49 years to 44 has an impact.

No you are still misunderstanding. The young have been shafted, the fact young people died in the war in the past doesn't change that or make it more palatable. HTH

I think many people would be happy to carry on working if there was flexibility in their working hours. Lots of my work colleagues have opted to go part time rather than just stop, I’d have done the same were it not for caring responsibilities.

Come to that, I don’t know many people who just gave up work and drifted into a life of leisure. We had elderly and vulnerable parents to take care of. Some had DGC. We are all working still, just not in a way that is appreciated or noticed.

This has been a ticking time bomb. I remember conversations about this back in 1990. Successive governments have failed in their planning, it's outrageous. Both my parents had public sector pensions in their late 50s, then state pensions at 60 and 65. It's been a total cock up. Echoe previous posters that no government has wanted to tackle this and the population as a whole will be poorer.

You cannot expect most people to start at 21 or 22, and then retire at 65 or even 66.

Nobody who is 21 or 22 will receive a state pension at 65 or 66...

This baby boomer began working at 16 and retired at age 67 and apart from about 3 years out when my child was very young I paid tax that contributed towards your healthcare and education. In fact I still pay income tax on my pension, I pay VAT and council tax too so I am still contributing to local and national finances which we all benefit from.

Why is it the state's responsibility to support you spending as much time as you would like with your grandchildren?

They'll be 55 or so, about the same age as I was when I found out that I'd have to wait to 65 to get my pension. Then they changed it to 66 a year or two later.

I unashamedly want to (semi)retire early to travel the world, run marathons and hopefully enjoy grandchildren. Also to avoid tax on the increase in value of my pension.

Half the Nurses I know seem to be retiring or semi retiring at 55 ! the NHS pension is very good.

Errr no

i even said in my post that it would have be done over 50 years or more years. It would involve basically stopping immigration or keep the birth rate down and I know that isn’t going to happen. It is a managed population decline which means reducing the working age population so consequently they will become a smaller elderly population and so on.

i’m just saying that is the only solution to the problem. If people put their fingers in the ears and just keep thinking that exponential population growth is going to have no issues in 100 years then fine. I won’t be here but the fact is that we are already taking about means testing pensions . In 20 years there won’t be a state pension - I’m calling it now!

That's just one academic saying it would need to rise to that to keep the same ratio of workers to retired: not that the government is going to implement such a policy. No scare-mongering please!

Also a boomer and still working, but I think I might stop soon as I'm almost 70.

I've been working constantly since 1972. Even when I went to college, I had part-time jobs. I think I've contributed plenty over 53 years.

@BangersAndGnashAlthough possible to take public sector pension earlier than the state retirement age for most people this simply won’t be possible as naturally the annual income is negatively affected to the point where it is not feasible for most

@SlipperyLizard

I wish previous governments had gotten to grips with this sooner

They tried. We've had incentivised private pension planning since the 1980s with firstly SERPS, contracting out and then S2P, all trying to incentivise people to make their own pension arrangements via tax relief, NIC reductions, etc etc.

Then with the gradual increases in state pension age.

And compulsory workplace pension schemes.

The writing has been on the wall for decades.

As I said in a previous post to you let’s take the war out of it. @SalfordQuays is correct I was using the war reference to show each generation has its challenges not that young people should be grateful they’ve not been killed in the war. I also mentioned some other challenges previous generations have faced and therefore ‘shafted’ but you haven’t questioned the inclusion of those. Do I think young people face challenges not faced by other generations? Yes I do but my point is they are not the first and won’t be the last. Having four young people myself I don’t think it’s useful to promote the ‘young people are shafted’ narrative. It’s like someone pointing out I have a big spot in my nose. I know it’s there you’re just making me feel worse about it rather than helping me manage it.

@lifeonmars100 that's definitely not true of the average boomer. And to pay enough tax for the state pension for yourself let alone everything else plus for other people you had to be a high earner.

Don't forget "The share of adults paying higher rates has increased enormously in recent decades. In 1991–92 just 3.5% of UK adults paid the 40% higher rate of income tax"

Us baby boomers worked to funded previous pensioners,just as our parents funded the pensioners before them,That is how it has always worked.Instead of bashing boomers how about you have a look at the massive and unsustainable benefits being paid to those with no intention of working funded by working people.My husband worked as an engineer for the same company for 46 years by the time he retired at 66 he was on his knees.He also had fibromyalgia,arthritis in his back and knees during the last ten years of his working life,many of these conditions are now used as an excuse not to work alongside anxiety(a bit nervous)depression)a bit sad.Do pray tell how boomers can be forced to pay their way.You make it sound like us boomers sat on our backsides all day.

@CantStopMoving

In 20 years there won’t be a state pension - I’m calling it now!

I tend to agree. At the very least it will be means tested, so it would probably be scrapped and replaced by some adjusted pension credit system for the poorest of pension aged people.

My 23 year old (nor his work colleagues) expect any state pension and are all very well aware they'll have to make their own provision and are trying to invest as much as they can afford (not much) into their employer's pension scheme.