State pension

[Brexitstolemyfuture]

People are being lied to about their chances of ever getting it imo. So they are going to raise it another year. I'm still 25+ years off it. Aibu to think I'll never get it?

This is the problem, people will say save up for old age - but how when other things are so expensive, or just out of reach of normal working people?
Not everyone has a mortgage or owns a property either. people think that the baby boomers are all living the life of riley, but i bet a lot are not and face the same problems as the youngsters. Jobs are not secure these days either.

I am in my late 20s so won't get state pension until at least 70 and although I can withdraw my workplace pension earlier I will obviously lose money doing that. I really really want to retire at 60 though so I can enjoy hopefully 10-15 years of good health to travel etc. I hope euthanasia is legal by then as I don't want to end up in a home!

I have decided to focus on creating a way to retire at 60. It means sacrifices like only one child and not taking career breaks but I really want it. Which have a guide as to what you need to be doing in each decade of life and how much you need to save so am going to follow that and keep everything crossed!

Since the mid 80's at school & from my IFA as I started full time employment after university, my generation had it drilled into us, that we'd be crazy to rely on the state pension. It's hardly a surprise.

Bonkers makes some great points on this post

I can't imagine how 20-40 year olds can manage saving much for their pensions with enormous mortgages, childcare costs etc etc.

Maybe my son's generation wont want the hassle of owning a home ( not to mention the cost) and will just either rent or live at home ( if they can)
Its so bleak really.

MayorMumBum child benefit gives you NI credits which count towards your state pension. Either get the CB paid in your name, or if your DH/DP is working you can claim the CB credits from him (as he will effectively have 2 lots of NI credits - one lot from work, and another from CB). You can claim this until the youngest child is 12. You may be able to backdate it a couple of years but I'm not 100% on that so might be worth checking?

Thanks Loaf. Going to put it in my name ASAP. Just years of having kids and health problems we just didn't get round to it and realise now that was very foolish.

Have you claimed any other benefits? Certain benefits do count towards your state pension as well.

Every little helps!

My Mum retired at 60 after around 35 years of bloody hard work, and dedicated service in a demanding career. She would've continued until she had reached the regular pensionable age, however she and any other colleague aged 50+ were all being systematically bullied and becoming very ill as a result.

The majority of the affected staff were signed off sick for several months, would return to work and the shit would continue, and they'd be signed off again. Others gained employment elsewhere, but it took a long time, and they really believed it was due to ageism, whilst the remainder took early retirement after having been signed off sick for a long time.

The main reason for the 'hounding out' of the 50+ in my Mum's profession, was to save money, the other I believe is that they're more likely to speak their mind and communicate with unions. Newly qualified staff, or those with a couple of years experience would then be hired as replacements, as they were cheaper. A very high percentage of recently qualified in that field leave the profession within 5 years, so it's an easy gamble to make that as they start becoming more expensive, they'll leave and they'll hire cheaper staff again. In that particular place of work, when the younger staff began to rise to a particular level on the pay scale, they too would become bullied and forced out.

This was in Teaching by the way, and it is definitely not an isolated case. It has been happening in many schools for many years. It has definitely assisted with the Teacher shortage crisis, and is directly affecting our children.

So now, with the continuing rise in pensionable age, yet the need in all careers/industries to save money, what the hell will happen to the older colleagues? Will they be bullied and forced out, and younger staff hired? Yes, that could happen, but many now who will be of that age in the near future would be financially unable to retire early like my Mum (lack of savings, they're still paying mortgages etc), and they'll be forced to work.

My Mum, like many her age, looks after her Grandchild twice a week whilst I complete further studies in order to give me greater options for my future, she also helps to look after her Mum who is in her 90's and is becoming more and more frail. My Nan couldn't get the help she needed from elsewhere, and I would not be able to afford to study if I had to pay for someone to look after my DD. Has no one thought about these massive impacts, or do they not give a fuck as usual?

I think this will lead to a huge rise in people committing suicide. The eldest will think they're a burden, those my Mum's age will feel incredibly guilty and exhausted and will be working full time whilst trying to care for their parents after work. The youngest will not be able to save a penny, if they able to find employment anyway what with positions being filled with 68 year olds. It's a good population control experiment by this government.

It's a fucking disaster waiting to happen, and an utter disgrace. Shame on them!

Argeles, well put.
population control is a very good way of putting it. Didnt think of it like that before, but it seems to be whats is happening here.

Argeles, by the end of your first a paragraph, I knew it would be about teachers.

Well I suppose in practice people on low incomes will have to claim universal credit until they get their pension.

I thought you were going to say your mum was a nurse or care worker, i am sure that is happening in those fields too.
such a shame its teachers - why do the government hate them so much?

Im in my 20's I have when I last checked £45k in student loans which has probably increased due to the ridiculous interest charged. I am not bothered by this because the loan is wiped after 30 years. I will never pay it all off, I pay around £100 a month and as I earn more it'll increase. Really annoys me when people say oh my son has crippling student debt, it really isn't crippling. You only pay back £7 a month at £21,000 and it then increases.

I cannot see myself being entitled to a pension until well into my 70's, so I am going to set money aside. Luckily my partner works in finance so can help me in where to invest my savings to grow them. It's a crap system when people have to work all of their lives to not be able to retire until they are in their late 60's/70's but the population is aging. And with that comes the extra costs to the health system etc.

of course there will be a state pension for those who live long enough to claim it

I've been paying into pension savings since I started working at 15. I currently pay in 17.5% (7% is matched by my employer). I increase it by 0.5% each year so I don't notice too much the loss of take home pay. It's not rocket science, if you want a period of your life without work you need to accumulate the resources to have achieve it.

I have been thinking for some years now that if I was in the income bracket to afford private education for my DC I would probably be having a rethink on this. I think I would be better putting money into starting pension funds and private healthcare policies for them. Both the state options available now will not exist as we know them for future generations. Future generations can have all the degrees they want but, if they do not have access to quality healthcare when they need it, degrees become less important.

In an ideal world you would do all three.

Unfortunately, that is an option for the few not the many so the majority will have to make do and mend (or not)

It's a very sorry state of affairs. I have a small private pension but might look into increasing it. I saw somewhere that for people born after April 1978, we might not get anything until we are 70?

What about those of us who are not in offices? Nurses, manual workers, etc. It's becoming increasingly unrealistic to expect people to be obliged to work that long.

I was speaking to a colleague who is a TA. she said that the Burser told them that 90 percent of the income the school get is taken up in wages.
Its slowly creeping up to 94 percent apparently( last few years.) it is a very big primary school for the area.
Of course, i guess they might look at this and then think about replacing the older teachers with younger ones.
everything boils down to money in the end sad to say.

I was born in 1970. So covered by yesterday's change. When I started full time work the retirement age for women was 60 and now it's 68 for me.
I joined pension schemes in every job and moved them into the Local Government Pension scheme when I could.
Since then the government have changed the T&C of the pension scheme a number of times and now they are forcing the trustees of the scheme to invest in government selected projects rather than the things the trustees deem best.
So not only is my state pension becoming an ever more distant prospect, my occupational one is becoming less and less useful.
Add to that a life changing diagnosis that will almost certainly affect my ability to work until 68 and possibly my life expectancy and I'm feeling pretty cheesed off.

Exploded have you looked at PIP, also ESA you maybe could qualify for one or both?

Men retired at 65. Equality works two ways. People are being asked to work an extra three years. I have no problem with that.

DH's grandparents started work at 14. My DS will not start formal work until he is nearly 24. Two gap years and a masters. I have no issue with him working until he is 70. He will work less overall than all of his grandparents and great grandparents.

Lovely I haven't yet as I'm OK now but I probably will end up there. The LGPS pension ages change with the state retirement age frustratingly.

I am in my mid 50s and will have a small private pension. But it is not enough to live on. Most people who have private pensions use it to top up state pensions.
If I have to live on my private pension, I will be eating beans on toast and going to food banks

Fair enough expecting people that work in non manual jobs to work longer ( if your office based maybe) but a lot of people wont be able to and will end up on sickness benefits ( or whatever is around in years to come) i think.