To wonder how the bloody hell I sm going to be still working at 70?

[ItsAWonderfulCervix]

Nurses, midwives, teachers, etc

Physically and mentally, how?

I'm pretty knackered now. I'll be hobbling with a zimmer by then.

And if we all have to work until we are 70 who will do the free childcare for our grandchildren?

I think they are hoping people will be working until they drop down dead, tbh! DS1(18) said he thinks DH & my generation (mid-late 40s) will be dead before those already in their sixties by the way we are being forced to keep working.

If only they'd go after the Phillip Greens and Amazons of this world there'd be no need for any of this!

It's not just teachers, nurses etc is it? It's everybody

40 is not too late to start paying into a pension.

It was if you were aiming to retire at 55, but if you are going to be working well into your 60s then you have 20+ years to make contributions - or save by some other means, ISAs or any other investment you choose.

Kirsty PAYE is tax, which pays for the running of the state. You also pay NI which is what entitles you to a state pension, but the state pension has never provided anything other than a very basic income so you need some other provision on top.

yanbu

am really scared about "retirement" ...we can't afford private pensions and we don't even own our home and not ever likely to
what is going to happen to us when we are old? it genuinely scares me and am only 34

yes everyone. how? the mind boggles.

Ah I see I got the wrong deduction - is is the NI I meant then!

Still, if you live hand to mouth you can't really afford a private pension. If you struggle to pay for today there's no way you can afford to pay for tomorrow.

I'm hoping euthanasia will be available on the NHS by then.

unless you are paid enough that you can pay loads into pension or ISAs or savings or property, or you can expect a big inheritance.

the rest of us are fucked.

We won't have an NHS by then seb if the Tories have anything to do with it!

The Great British con. You would need very good genetics, luck with your health and a very healthy lifestyle to be working productively to 70.

Judging by the percentage of the population claiming disability benefits, it seems only a few would manage this. I hesitate to call them the "select few", as it almost sounds like a punishment for working hard and staying healthy.

I feel like its a con because when I was planning my life and pension, I thought I was going to retire at 60. That then changed to 65. Now its changed again. Yet people looking forward to final salary pension schemes face no such changes. Admittedly they are private sector, but taxation could be used to equalise it.

DH will have a RAF pension so we are going to be better off than most, but I am disabled so will only have a state pension.

My siblings have no pension, they have never earnt enough to keep a house running and pay in.

Looking at my parents, I'm not particularly worried about the idea of working till I'm 70. My parents both retired and turned round next day and started 'work' as childminders / gardeners / tour guides. Apparently childminding is much more tiring than their actual jobs.

Sure, my job involves a lot of desk work, but I don't think I'll be incapable of sitting and writing a document in 30 years time. Hopefully I might even get better at it!

Grendelsmum not every job is as sedentary as yours.

I suspect a lot of employees will end up being medically retired before they reach retirement age, in public sector (assuming the pension schemes still allow that to happen then).

My mil still works at 68 with no problems. 70 is still pretty young these days. When people retired at 60 they expected to live to 65. People retiring at 70 should still get 10+ years of retirement

Lesmiss - are you suggesting that those with private sector pensions should not only pay their own pensions but in addition to the huge contribution all taxpayers already pay to public pensions, that somehow private pensioners should be taxed more!!!

The state pension changes will apply to everyone.

Most final salary schemes are now in the public sector as the private sector shut most of them long ago as unaffordable.

Don't get me wrong, I agree with many posters that just because we're living longer doesn't necessarily mean we are fit to work that much longer, but I do see the economic impossibility of keeping the age at 60/65 no matter how much I might hate it.

Is there a difference between paying into a pension scheme to paying into a savings account?

It is an inevitable consequence of people living longer and I think it is entirely reasonale as people who are 65+ are still capable of working.

My father is still working at 70 (no choice as he has no pension whatsoever and no entitlement to anything). He has no plan for what he is going to do when he cannot work any longer. It is a big worry for me, it will fall on me to do something.

I definitely think I will be working until 70 but cant say it bothers me. Work keeps me fit so hopefully will stay that way.

NI contributions go towards the current pension payouts don't they?

The thought of working til 70 scares us, but it really is a natural consequence of living longer. We aren't any worse off on balance than our predecessors who were able to retire earlier but were likely to die earlier too.

Having said that, I am buying extra years for my pension- I don't intend to work til 70 but I don't expect anyone else to bail me out!

What happens when you're medically retired from a job with a pension scheme? You get your pension but less of it as they expect you to get it for longer?