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AIBU?

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Original poster

To cry over state pension age speculation rise to 75-81

589 replies

feellikeahugefailure · 02/03/2016 07:20

www.telegraph.co.uk/news/politics/georgeosborne/12179375/Work-till-youre-75-or-even-81-under-Government-review-of-state-pension-age.html

Where has it all gone wrong? My parents could buy a home one one income for 3 times annual wage. Dad retired at 55, mum never needed to work and has been claiming a state pension for over a decade since 60. I do a similar job to my dad.

Where I live the average house price is 13 times my wage. My pension I've been paying into for over 10 years will if I keep paying into it for almost 40 more years give me 2'000 a year if it does averagely and 1'000 if it does poorly, and it probably will do poorly. Then no state pension until I'm about to drop dead. Can't afford a house or to put money away for retirement.

OP posts:
Obs2016 · 04/03/2016 07:48

This announcement filled me with dred too. I don't have enough in my pension. I don't want to be working until my mid 80's thank you.
What a mess.

PennyDropt · 04/03/2016 07:51

No woman who is 60 today is ineligible for the stAte pension

Well, she is eligible once she reaches 66 or over.

I spoke to someone the other day who didn't realize she had to wait until 66 (or it could be more for her by then not sure if it's still increasing). She'd presumed it was 65. She'd just received her work pension as she'd reached 60.

I have a friend who I considered around my age who has had her pension for 3 years, she got hers at 60, I must be about 3years younger and get mine in 4 years time. Fortunately DH provides for me.

Flowerpower41 · 04/03/2016 08:01

Having checked it appears my retirement age for the state pension is 67 and not 66. As has been said above it may well change ....

BarefootAcrossHotLegoPieces · 04/03/2016 08:02

I know you are joking, but I never said any of the points in your last phrase, frumpet.

How much more would you pay? Another 5% of your income? Another 10%

redhat · 04/03/2016 08:11

Whilst I disagree with some of what is being said on this thread one thing is clear. If you want to spend money in retirement then you're going to have to put some money aside to enable that rather than rely on the magic wand approach. It needs to become part of regular monthly expenditure.

HappydaysArehere · 04/03/2016 08:28

Unbelievable! Not enough jobs so the old will get moved to low paid paid part time work. People will probably drop down dead at work! No one to provide free childcare for the hard pressed young parents. However, us oldies won't be a problem anymore as we will have been seen off by stress and exhaustion.

robin4 · 04/03/2016 08:59

Whos money and where is it?
you.38degrees.org.uk/petitions/state-pension-at-60-now

nauticant · 04/03/2016 09:46

Effectively it's our children's money. That's how it works.

frumpet · 04/03/2016 10:32

I know you didn't barefoot , but there have been others who seem to think that anyone currently collecting their pension are little more than scroungers stealing from all the badly done to working folk !

How much extra would I be willing to pay to maintain the surplus ? tell me how much I would have to pay and I will answer honestly .

BarefootAcrossHotLegoPieces · 04/03/2016 11:07

Frumpet, I don't know how much extra, not being a treasury minister.

I could make some estimates but I'd have to look up a lot of information about average wage, proportion of working population etc. I don't have time to do that.

Based on the fact there used to be 0.2 pensioners per working person and this is rising to 0.35, that's a 75% increase. So I think the numbers would be pretty big.

Flowerpower41 · 04/03/2016 14:06

Perhaps in a sutble insidious way the country is turning more and more into a developing country.

If we are supposed to be one of the key economies of the world why are we in such a mess?

cleaty · 04/03/2016 14:20

Except other countries have the same demographics and still have better pensions and pension ages than ours.

nauticant · 04/03/2016 16:07

It's interesting to look at retirement ages and see that in many countries, being broadly similar to the UK, the age is increasing:

en.wikipedia.org/wiki/Retirement_age

It doesn't say anything about the amount of pension though and simply comparing the monthly amounts in different countries usually opens up scope for statistical mischief.

BarefootAcrossHotLegoPieces · 04/03/2016 17:25

"Perhaps in a sutble insidious way the country is turning more and more into a developing country."

Nope. As evinced by the longevity which is part of the problem!

frumpet · 04/03/2016 19:46

So has it actually risen to 0.35 or is it forecast to rise to that point within a given timescale ? Also at what age is pensionable age calculated ?

Your serve barefoot Grin

cleaty · 04/03/2016 20:20

Actually most countries broadly similar to us, the retirement age is 65. And increases to 67 are not due to happen until another 10 years. We have some of the highest retirement ages in the world,

Rezolution123 · 04/03/2016 20:48

Cleaty I agree with what you say. Most European countries seem to be raising the retirement age to 67 at varying dates but broadly speaking in line with Britain.
My question is a genuine one so please don't shoot me down. Many of the younger generation of "NEETS" are not contributing and may not ever contribute to the "National Retirement Fund", but will expect to draw their pension at 67/75/whatever . How is this sustainable?
This is not a criticism of young people who are unemployed, by the way.

shazzarooney99 · 04/03/2016 21:07

So they basically want you to work till you die, i wonder what the point of life is if you cannot retire and relax for a little of your life.sad that isnt it? considering you only have one life.

Arrowminta · 04/03/2016 21:13

I've read but haven't researched it that the value of our state pension which is approx £150 per week is lower that most of the developed world and will keep people in means tested benefits, so if you rent and this is your only income, you will cost more.

Reading the link it does seem to be around 60-67 in other countries now but we are proposing increasing this it into the 70's. Very grim.

BarefootAcrossHotLegoPieces · 04/03/2016 21:15

See my earlier two posts frumpet and read the link to find out more about the methodology of the survey. Repeated here for your convenience:

Yesterday 22:51 BarefootAcrossHotLegoPieces

If working patterns continue, the ‘old age dependency ratio’ (that is, the number of people over the state pension age for every 1,000 people of working age) is likely to increase:

in 1971 the ratio was 280 per 1,000
in 2009 this ratio increased to 314 per 1,000
by 2032 the ratio will become 349, even with implementation of higher state pension ages.

Yesterday 22:51 BarefootAcrossHotLegoPieces

www.kingsfund.org.uk/time-to-think-differently/trends/demography/ageing-population

LuluJakey1 · 05/03/2016 00:00

Palomb There are so many jobs a person could pysiciay do in to their 80's - nursing, police, teaching, driving and loads more

Please tell me that comment is meant to be ironic.......if not it is moronic

frumpet · 05/03/2016 06:49

Thank you barefoot a very interesting read , going further than the first page , what I thought was interesting was that they are predicting a significant rise in deaths between 2012 and 2032 , not surprising but certainly significant when discussing future pension requirements . Basically longevity is going to take a nose dive or at least return to 1963-1990 period .

Flowerpower41 · 05/03/2016 07:36

Think next week's 'Tonight' problem Thursday evening will be interesting - it is about how the over 65's by and large are vastly better off than any future generations in their retirement ....

Dawniedots · 05/03/2016 08:09

Absolutely! These are the very jobs that will struggle to be done by people in their 70s (or even 60s!). All requiring physical and mental strength to do properly. My daughter is in the police force and it is an exhausting job physically, requiring you to be at peak fitness at all times. Mentally you need to be absolutely at the height of your game as you are dealing with some incredibly complex cases (and individuals!!). I am a teacher with 34 7 year olds in my care ever day. Again, it's exhausting and my workload (as all teachers) is massive. I work 70 hours a week (believe it or not it isn't a 9-3 job as many would like to think!!!). I am 52 now and can't see how I could do this job at 65 let alone 75!