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?

In Australia we have compulsory superannuation
Employers have to pay an additional 10 % of salary /wages into each employees chosen Super scheme, which continues as they change jobs
It started 20 ish years ago at 3% and is due to increase to 12% over the next few years
It's obviously taken a long time to turn around from almost everyone reliant on a state pension to a minority, but it is possible, if politicians take the long view and are prepared for employers not to like it
Of course a realistic minimum wage is also part of the success of this scheme.
It's currently about $16.50 per hr with all leave allowances,or $20 for casuals, ie more than $22 per hour incl private pension provision.
So any full time worker in a minimum wage job for a typical working lifetime should be able to support themselves in retirement barring disaster

Why all the doom?

Not everybody wants to retire at 60. If I enjoy my job, I may want to continue working until I'm 70. Particularly if I expect to live well into my eighties. Nor do I expect the state to fund me through 25 years of retirement. There are better uses for the money (hospitals, schools, roads, looking after disabled people, you know the sort of thing)

Few people will be too decrepit to work through their sixties. Not everybody does hard, physically demanding work; most don't. Quoting examples of older relatives who worked in heavy industry for 50 years isn't relevant, sad as their experiences are; times (and H&S rules) are very different now, and anybody suffering from a genuinely debilitating physical condition would be medically retired in any case.

I'm aghast that somebody is considering remortgaging her house to fund children through university, at the expense of her own pension contributions. Why? Let your children make their own decisions and accept the consequences. They won't be thanking you when you are asking them for financial help later in your life, when you can't afford your (re)mortgage.

It's never too late to save into a pension. We all know that there was dreadful mis-selling of pensions in the 1980s and 1990s. Things are much stricter now, and charges are being capped. Auto-enrolment into workplace pensions is being introduced; everyone will have an opportunity to save through one of those. "Those sharks will steal my money" sounds like a convenient excuse for burying your head in the sand.

I was amused by a thread on style and beauty about Mulberry handbags, where posters said that they were happy to spend £800 on a handbag because they didn't smoke etc., so it was affordable. I wonder whether any of those posters are complaining about not being able to afford to contribute to a pension and having to work until they are 70? Just wondering.

Having a decent pension provision helps me sleep at night. It's never too late to start!

"Those sharks will steal my money" sounds like a convenient excuse for burying your head in the sand.

Despite my Dad scheme going bust I'm am saving into schemes - to dam many as transfer costs ie most of what is in there to much or it isn't an option with new job as is my DH. All of which take a cut in admin and the difference in 1 % to 1.5% cut is apparently loads which ism''t immediately apparent as with most thing IME with pensions.

This is because I'm aware pension saving is important - however I can't help wanting it to be easier to have just one scheme and for the whole thing to be more transparent and straight forward,

While there may be people spending £800 on handbags - it's not me nor do I smoke nor do any of my family. Despite bringing in decent income - not great but no where near min wage - we are in the is it cold enough to put heating on yet camp.

The money paid into pension schemes gets paid in but it doesn't mean we don't feel it's loss.

We are saving over 600 quid a month for DP and me, also for DC. And have been doing so for over 12 years. We live overseas and have made no NHS contributions for a long time.

We have other savings, butwe know there is no way that is going to cover everything, so I am rather hoping I'll be able to work beyond 65.

Frumpet, as a rough estimate, to retire at 65 years old with £10K a year to live on, and no current pension provision, you need to be putting aside £350 a month!

That's, starting at 42 years old.

I am on one of the best private sector pensions around - market leading. My DH has just started work in the public sector and his pension is TWICE what mine is. Too bloody right he should work till he's seventy to qualify for a state pension. And too bloody right that I should too - why the f* should my children work to keep enable another generation to stop working when they're still young enough to be fully productive economically active members of society.

The state pension was introduced in 1919 (I think) when life expectancy was 2-3 years lower than the state pension age. It was not designed to cover people living for 20-30 years (that's nearly an entire other working life!!!).

It is possible to retrain into less active jobs as well, you know. Or you can retire earlier and support yourself!

It's all very well talking about whether we'll be fit enough to work in old age, what about whether we'll have a job?

I had a lovely part-time job but was made redundant a year ago when the shop where I worked closed down, along with a couple of other local shops. 19 people out of work.

I have worked as a PA, but who is going to take on a 50 year old PA?

who is going to take on a 50 year old PA?

a 70 yo who is still working who needs a PA

My goodness, 50's not old to be working as a PA.

Most people who are paying into a pension like me, will have to use it to top up a state pension. You need a very large pension pot to be able to retire at 60 and not have any other state pension as well. So the reality, is I will have to work till 68. I have poor health. I fully expect to be dead before then or far too ill to work.

This is so depressing. I work in private pensions and the amount of money you have to have in your pot is astonishing to get a reasonable income. You still have to pay PAYE tax on this income too.

This will work fine for highly skilled people, their skills will still be in demand. But for many jobs, employers will have no incentive to employ much older people. Sure people can retrain. But there will be a limit of suitable jobs. I am 46 and already can't do the physical jobs I did when I was younger. I know I am lucky to have a job that is suitable for me. But in 20 years time I really can't imagine anyone employing me.

Also, most of us in our 60's will be looking after elderly frail parents, having to work full time, and have grandchildren. I forsee mums net in the future being full of exhausted and stressed women struggling to cope.

It is scary. I don't have a pension but DH has spousal in his. I am a SAHM and not sure if I will work in future. Maybe part time. But my health is not great so I am limited and only in my 30s now. People are living longer but in ill health not more healthy years.

Right I'm 62, I spend 15 hours a week commuting into London to work. I am shattered, permanently, I have four adult children still at home, they can't afford to move out and a DH who works in the Building trade and as self employed has been paying quite large amounts into pension funds since he was 19.
He has stopped paying them this year as we found out that the annuities that he will purchase will provide an annual income of about £4,500 !!!!!! And as to the fund that was meant to more than pay what we owe on our house, well its £30,000 approx short!

We've both been hardworking and taken professional advice all along the way to make provision for our old age, and what for?

I want to retire now, I have no quality of life I have to spend all of each weekend catching up on al the chores I am now to old and tired to do in the evening. DH works 7 days a week as we are trying to address the shortfall on the mortgage fund, I never see him.

Those in Government are not old enough to realise how they will possibly feel in their 60's and how much your energy levels plummet, and how frequently health problems become a major concern and issue in your lives.

Work until you are 70!!!!!! I think there is only a small minority of people who will physically be able to do it!

My parents are in their late 60's and still working full time as are the majority of their friends. Most of them are lucky enough not to have to work financially but do so because actually, it keeps them busy and young. Those who are healthy and retired have turned into old people overnight.

Totally - If they don't have to work financially, then they probably have pretty good pensions and jobs.

Retirement age has no impact on life expectancy.

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).

I was thinking that.

And for the government it is false economy because medical retirement pensions are higher. Not higher overall but if you retire after 40 years working for the NHS in perfect health you will get the same as someone who took ill health retirement after working 20 years.

Grumpyoldbat, maybe you are entitled to an award for the WORST FINANCIAL PLANNING EVER IN THE ENTIRE WORLD?

Anybody else would be genuinely amazed by thosed truly ridiculous figures, but yup, clearly they should really be seen in their true context of society just wants you dead, wahwahwahwah.

Honestly, get in touch with that guy who has just been outed as Virginia Andrews' ghostwriter. Dave Pelzer is an amateur compared to you.

I always thought that I would retire at 60. Then 65, not its 67. How miserable.
I do agree that we are becoming more and more ageist.
No one will want me working for them, when I'm 67, surely?

Who wants a 67 year old working for you, when you could have a 30 or 40 year old?
I do believe that society just wishes us to slip away quietly, without kicking up too much of a fuss.

True cantthinkofagoodone
I work in private pensions and the amount of money you have to have in your pot is astonishing to get a reasonable income.

....one of many facts that are glossed over when commentators appear on TV telling people they have to save more for their pensions. As is this unpleasant detail from a few years back. The effect of inflation has to be considered too.
Whatever your views on these matters, they all have an impact on pensions, and saving for them.

Surely the whole reason we have this problem is that a 60 year old now is fitter and healthier than those of previous generations so, if a 60 year old now is in the same rude health as a 50year old of 50 years ago then retiring at 70 is the modern equivalent of them retiring at 60 iyswim.

I don't get this "I will not be fit physically or mentally after 30 years in the NHS". I work in the NHS and, while my job is not as physical as nursing it is stressful and mentally challenging but I see no reason why I couldn't continue longer if I had to

This makes sense however as usual the government targets the younger people and makes no attempt to claw back any of the large unearned gains of the baby boomer "greed" generation, of whom many have had free university education, massive above-inflation house price gains and access to massively over-generous pension schemes to name only a few.