To think most of us will work to death?

[Fifi0000]

I was thinking retirement age is rising again. I'm now 30 my grandparents are late 80s and retired before I was born. They aren't wealthy , They have only started really slowing down health wise. I was thinking about this and very few of us will get a 30 year retirement. If the retirement age rises to 68 I'm dreading what it will be when I reach that age and my daughter. I do have an ok pension pot but I think the expectation will be very short retirements in poor health basically work until you drop.

There is luck
But don't begrudge it to others

Work out what needs to be changed

Have you looked into Pension Credit?

Anecdotally some people find themselves better off on pension credits than on a full government pension and small private pension. I think because of the rent element, but I could be wrong.

My private sector one is. Full pension is only *ordinarily accessible at state retirement age - this was an amendment made about 10 years ago for us.

*Ordinarily because the usual exceptions apply

Many of early retirees are actually still contributing to society by paying tax on their income. If you retire early it's actually because you've been able to pay off your mortgage and have private pensions and savings.

My Mum died at age of 70, and I'm nearly that now - but I've had nine years happy retirement after a lifetime of work - likewise my husband who retired early too. We still contribute to our family's well-being by looking after our grandchlld a couple of days a week.

If you want to retire early, then you need to start preparing for it as early as possible and think about a basket of savings, investments, property and pensions.

Don't rely on this government - look what has happened to the WASPI women, who are still fighting their case.

Those people on the cruises didn't have any paid childcare, possibly no mat leave, very little sick pay, were much less likely to access health care when young and only went to the GP when really ill etc etc.

My parents got something akin to child benefit which wasn't means tested. My mum didn't need to work, the family home cost 40k in the 80s, would cost 2m now.

I don't understand how you have measured that todays older people didn't go the GP unless necessary when young? Certainly now on the rare occasion I go to the GP the waiting room as you would expect is heavily weighted towards the elderly.

Most men have been retiring at 65 for many years. A lot of them have done many years physical work, though there are far less heavy physical jobs than there used to be. Most of these men in the past died very soon after retiring.
Even now, there are very few people living to 95, or even 90 for the women who retired at 60, so a 30 year retirement is not common.
My father did not do a physical job. He got his company pension at 61 and lived to 80. so around 20 years retirement. Until around 1970 life expectancy at 65 only gave 10 years of retirement.
Current life expectancy for a 65 year old man is 85, so just under 20 years retirement. If life expectancy does not rise, they are less likely to increase pension age past 68.

There is also the issue that the upcoming retirees don't have anything like the housing security of those above them & there isn't enough suitable accommodation

@KingandIfan but healthy life expectancy hasn't increased.

Some of my work colleagues have sadly already passed away too early in their 50s & 60s without reaching any sort of retirement

A thread yesterday was all about whether people in their mid 50s were actually middle aged or whether they were still young! I'm in my late 50s and have another 9 years to work before I get my state pension even though I've already paid more than my 35 years contribution. I don't really have an issue with that although I hope to be able to scale back my hours in my 60s. For most people it's unrealistic to think we can retire in our 50s and I wouldn't want to retire completely. Most people I know in their late 60s and 70s have full and active lives. I hope I'll be one of them.

I can assure you I'm not lounging about on your dollar and I don't know anyone who is.

Higher taxation on unearned wealth, corporate wealth and inheritances.

People are also kidding themselves if they think their early retirement doesn't cost the taxpayer. Those saving burnt through traveling and relaxing could have funded their care once elderly. It's essentially deprivation of assets imo.As it will likely have to do for those of us more than a decade away from retirement.

But it's not just down to personal responsibility is it. Pension schemes have all been downgraded,

This is always overlooked, I can't help that the companies I worked for made their pension schemes far less generous whilst I was still at uni

I can assure you I'm not lounging about on your dollar and I don't know anyone who is.

So you have private healthcare?

What I notice amongst people I know is:

A) a lot of people taking time off work, a year or more, when younger - I really think that the rising retirement age is behind this as it makes people feel like they have so many years to work, they want to take some time out to pursue travel or other interests. Half the 20 somethings I know are taking sabbaticals

B) people in their 50s/60s lining up something they can do part time in quasi retirement. Ranging from after school nannying to consultancy work depending on their interests

Personally I plan to do a bit of B, I have time to think about it as I am late 30s but am already thinking about how I could find some part time retirement gigs

Yes they are now. Not when I started in the early 80s though. And when they changed it, for people like me who had over 30 years service, those first 30 years were protected and occupational pension age remained at 60. I had originally intended to quit at 60 if but as I said earlier my employer did a voluntary early exit scheme.

That is not how the system works.

@IClaudine everyone pays it forward unfortunately that doesn't really work when the triangle turns upside down.

I think people poor to average people will work until they arent physically or mentally able. There simply arent jobs for people who physically or mentally cant do them.

They will then be on disability benefits or means tested pensions and they might die early becsuse these will be subsistence level.

Wealthy people will do what they want as always.

poor to average Healthy people will find lighter duties and part time work to supplement pensions.

It's less about the absolute life expectancy age, and more the sheer numbers who actually reach that age or above. Each year thousands more people become OAP's. There's a lot of graphs around and the line just goes up and up.

Yes, but that is a different issue ant not the fault of today's pensioners, who paid for the pensions of the generations before them etc.

who has said it's their fault? it's just not sustainable

Glad to read that, panicked at that first post !

Here you are:
The State of Ageing in England is getting worse. Today there are almost 11 million people aged 65 and over - 19% of the total population. In 10 years' time, this will have increased to almost 13 million people or 22% of the population
And on it goes as each generation is larger than the one before.

So Kabalagala is suggesting that people who spend their savings rather than save for care are depriving themselves of assets?

So on the 10% chance I should need care I should give up all idea of retirement ? What if I have enough to cover 2 years of full nursing home care? Or do you expect me to fund 20 years ?

I guess you only mean people who arnt working ? Otherwise
What about the person who buys a large TV in their 20a - why isn't that asset deprecation ? A large car ? What about those who go on a holiday, every year?

Talking of which I have got 25 years of "no holiday " from my youth - do I get an allowance back of 2 weeks per year or 4 for foreign holidays?

will you produce a list of acceptable things to buy ?

Will it be equally acceptable for a over 50 to buy an extended gap year or only those in their 20s? I mean if their leave work in their 50: tehy will struggle to get another job - is that late gap year deprecation if employment ?

If money was there in the 1950s after the Second World War then there is no reason it's not available now - it needs to be redistributed