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

[feellikeahugefailure]

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.

My grandparents retired over 20 years ago in their early sixties, they enjoyed over 15 of extremely good health where they travelled the world, volunteered and had really good lives. In the past 5 years there has been a slow decline in their health but it's only in the last 12 months they have been unable to travel and are now living in a care home. They are mid 80's now. So there retirement has been good and actually for them, there would have been no reason for them not to continue in their jobs or longer. They didn't need to work financially, they both have good pensions (gm was a teacher and gf had a good office job). I think they are really lucky to have had this. DH will be paying a morgagte until he is 68 so no chance of an early retirement for us. I'm self employed and don't have a pension plan.
There was a time I thought we would one day inherit some money to pay off some of the morgagte but the way care home fees are draining their bank accounts I don't think there will be anything left to inherit. (I would rather have my family than their money, so please don't misinterpret this).

64 is the average when people start suffering age related ill health. Statistics matter, not individual anecdotes.

I shall tell my disabled father that statistically he shouldn't have ill health for another two years. That will make the last twenty years of struggle he has had much easier to deal with .
I guess my point is that one rule doesn't fit all. My dad could/should have finished work years ago, in his thirties on the basis of ill health, whereas my grandparents could have worked well into their 70's with no problems.

Chicaguapa I fear that is the attitude of too many people nowadays. People say that they "can't afford" a pension, when what they actually mean is that they choose to spend their money on other things.

When you're young (under 50) retirement seems a very long way off and not everyone has the self discipline to save for it. That's why I think pension saving should be compulsory and deducted directly from salary, through PAYE.

You obviously don't understand statistics.

80sMum perhaps you are not aware that some people struggle to make ends meet.

80s mum i never clear my overdraft, only really buy essentials, havent had a holiday in many years, all my clothes seem have holes in that im forever fixing, have had to get emergency loans after being ill as I dont get sick pay.

Then again I did just buy a mattress protector, i guess thats me being wasteful with my money.

Feelings, I understand your predicament, its very difficult and when you're at the bottom of your finances very difficult to find a way out.

If I were you I'd seek some debt advice, structure payments, or seek advice from your bank, even a little bit of paying off completely a month could help you ( even if its £10).

What I don't understand is why you are on another thread wanting interest rate rises so that it will help you save to buy a house. Surely if you are at the bottom of your overdraft every month you will be charged more for having this. If you have any savings use this to pay off your overdraft as there is no point in having savings and being in debt at the same time. Also if you have had emergency loans and are constantly od you will not pass the fitness test for a mortgage. I think you need some serious financial advice and should seek it from one of the charities that offer such.

Good luck!

I am a mental health nurse. Even if I wanted to work until I was 80 I seriously doubt whether I would be of any use to anyone.
Massive risk.

My father worked full time to age 77 ( doctor). Lots of people happily do so. Anyway we are not going to get much choice so we might as well accept it and do all those things in our 40s/50s which mean we will be able to - eg staying under 10 stone, walking or running every day, not eating junk, not smoking. It is in your own hands to a large extent to determine how your future will be. Put down that chocolate now.

blindsider "I will get shot down in flames here but the problem is essentially the cost of houses. House price inflation really kicked off when the norm was for dual incomes in families rather than a single breadwinner. House price inflation is an absolute curse and has done this country no favours at all. I was always amazed at people saying "ooh I have made 60K on my flat in 2 years" no you haven't you haven't, it simply means that the next house you buy has just become 150K more expensive than it should be."

SO, SO TRUE.

House price inflation and dual incomes aren't as closely related as many think. The rise of buy to let mortgages, the multiples given by banks and the low interest rates compared to historic norms, along with foreign investors in London property, are all huge factors,

"It is in your own hands to a large extent to determine how your future will be."

That just isn't true. And it plays into a myth that those who get diseases like cancer must have done something to 'deserve' it. Yes, there are lifestyle risk factors. But there can also be genetic predisposition and sheer luck in play. Plenty of fit people who have lived very well get sick all the same.

I am tired of people who are fortunate enough to be well spouting this idea.

Radio 4 had an interesting programme on the other day discussing health matters. Apparently there is an element of luck or chance as to whether we are healthy or not as we get older and it isn't just down to good genes or good habits alone.

Oh, and you know what - social determinants are one of the biggest factors in life expectancy and quality of life. That means if you don't solve inequalities that lead to a social gradient in quality of life/life expectancy stats, you build a big problem.

The Marmot Review suggested that the poor would die on average 7 years earlier than the rich, but also that they would be disabled something like 17 years earlier. 3/4 of people have some kind of disability at age 68, so if you raise the retirement age without addressing inequality you can actually end up massively increasing the in-work benefit bill. Governments - even selfservative ones - aren't keen on that.

Sorry, that should say 'The Marmot review suggested that the poor DO die on average 7 years earlier than the rich'

I'm sure my friend who was vegan, ate organic food, swam and cycled daily, and never smoked thought she was doing all the right things to prepare for a healthy old age.
She died of bowel cancer in her early 50s.

"It is in your own hands to a large extent to determine how your future will be."

Ignore Deo, the right wing clap trap she comes out with isn't worth responding too. All of the "personal responsibility" crowd stand with their hands out for state handouts of some form at some point, its just different when they do it (or so they think).

I speak words of truth. Read today's newspapers - even for dementia how you live your life in your 40s and 50s will help decide if you get it.

You can either take personal responsiblity for yourself and your life and have a good life or think I am a piece of floating wreckage on a sea who has no ability to govern where ai end up and life just happens to me. I know which category I am glad I fall into. 60% of UK people my age are fat. They won't be able to work long (if they are still alive), masses of them will have diabetes and lose sight and limbs as they age and plenty will have other health problems too - all those bad backs, swollen legs and all the rest that goes with being fat.

Deo there is a smidgen of truth in what you say, scientists say cancers are 60-80% lifestyle related but you are very naive to believe exersise and diet stops these. Apart from anything the cities we live in are very polluted and this causes all sorts of health conditions.

Yes but you speak in black and white terms for everything, personal circumstances and not always the effect of personal choices, the only reason you keep stating it is because it suits you to flatter your own ego to do so, your successes can only be your own doing. As said on the other thread, I don't think this is the case.

In fact check todays media and look to see how the Gen Y groups are paid less (in real terms) than their forebears, how they are paying the price for current pensioners because of economic policies which transfer wealth from young to old, how does this fit in with your personal responsibility mantra? Oh it doesn't, does it?

I like your posts very much lurked.

I don't. I have never said if you stay slim and healthy in your 40s you will avoid all disease later. I say you can much reduce your risks.

The pil lived the most healthy lifestyle - masses of Benecol, 5 a day, yada yada. They are both still in excellent physical health in their 90s - but are in a care home with dementia. That's the thing, physical ailments which would have carried people off in the past at a decent age can now be medically treated but the one thing that still eludes medicine is the deterioration of the brain. So people can carry on for years with absolutely no quality of life. All the pil's savings have gone and their house has been sold. They could carry on living for years as neither has a serious health condition.

If baby boomers are all going to live to beyond 100, all receiving pensions, the only winners will be care home providers. Certainly it's no answer to raise the retirement age as I think any sensible person acknowledges you can't have 80-year-old firemen etc and there would be queues miles long outside the dole office of 75-year-old job hopefuls. The answer would seem to be to break the pension promise in some way already made to those retired - eg tax them more than younger people. It does give me stomach ache to see the sort of pensions people like senior civil servants and local government workers are expecting to draw - potentially for 40 years.

My father is 71 and physically very healthy. Unfortunately he is showing early signs of dementia.
Living healthily increases your odds of living to a healthy old age, but life is still a gamble.