To not have realised that my pension age has gone up?

[IIdentifyAsInnocent]

I'm 45, 46 this year. Checked online 2 years ago and my state pension age was 67, which I thought was bad enough, for some reason checked again today and it's gone up to 68!!

I knew that the govt were thinking of doing this but I have no recollection of being told it had actually happened. This affects my work pension which I now can't take until 68 too as it aligns to state pension age.

Annoyingly, my brother who is 2 years older can still retire at 67!
Have I missed some huge public announcement?

I don't know the rational for it's workings but if my full pension was 10k per year at 67 and I lived till 80 that would be 13 year x 10k = 130k total received. If that was minus 70% for taking it earlier so 3k per year for 23 years that's 69k total

However I am not accounting for obviously not working and paying in to it 10 years

People need to move on from the idea of relying upon a state pension with the idea of I paid in so I should get it all back plus etc.

state pensions are becoming unaffordable. The government needs to bite the bullet. If they are not going to increase the state pension age then they should make the state pension means tested.

I pity those in their 20s who are basically being screwed over by older people. It bloody annoys me when I have friends in their 50s who say but I didn’t know etc etc. State pension issues have been in the news for years, lots of advice in newspapers about private pensions etc

I'm absolutely against state pensions being means tested. If they are then people should have the option of opting out of contributing anything. Under your model my friend who has spent every penny she's earned, staying in 5 star hotels and buying designer handbags, would get a state pension and I wouldn't. She even had a 6 figure inheritance but has spent it. Meanwhile I've had a good life, but I've also saved hard for my old age. By the time I get my state pension in 8 years time I'll have paid more than 50 years of NI contributions. I don't see why I should be penalised for being prudent.

I am mid-40s and only started a pension 4 year ago. No one ever spoke to me about one. I didn’t grow up in an environment where this kind of thing was discussed or encouraged. I have never read newspapers or watched the news.

My cousin was born 1962 and she will retire at 67, I think you might have missed some.

Dh is retiring next year at 66 he will get full state pension.

l will have to wait until 67

But your cousin is older.

For anyone born after 6 April 1978 it went straight to 68 from 65.

They need to stop tinkering with the age we can access our private pensions - the ones we have actually put money into a ‘pot’. As it stands I would rather take the tax hit now and just save into isas than risk the state pension age moving beyond 70 and me not being able to access my sipp until 60. This is from a self employment so no employer contributions, literally just postponing the tax.

I agree.

It’s one of the reasons I’m saving in a LISA rather than making personal contributions to a pension, despite being a higher rate taxpayer (I am paying enough into my workplace scheme to get the maximum matching employer contributions, as that really is free money). They could change the age for that as well, of course, but at least you can get money out if you need it.

Oops! Wrong thread

I so wish I could edit that post!

I was talking specifically about the OPs retirement age, as I'm the same age.

If you choose not to keep yourself informed you can’t blame anyone else!

I'm 45, it's been 68 for ages, we got out mortgage in 2017 and it was 68 then as that's the age we could take our mortgage out until

The State Pension is a massive Ponzi scheme. The money current tax payers pay is not invested for their own pensions, but pays mine, just as what I paid out, paid for the previous generation.

Now that the birth rate is dropping, 'they' have realised that future tax payers are going to be under a huge tax burden to give pensions to their elderly. The solution is to have more tax payers - oh, but we can't do that, because immigration. We may have a larger population nowadays, but it is we, the older people, who are the growing numbers. Working people, who pay tax, are declining. I appreciate that some pensioners are also tax payers, but do they contribute as much as working people do? And what does government do, because it wants all the pensioner votes? It becomes 'hard' on bringing in people who are willing and able to work and pay taxes.

I'm 43 and mine says 68. I'm a secondary teacher and I ain't doing that until I'm 68! I'm currently PT and I'm not even sure I'd manage that in my 60s. I haven't looked at my pensions for a while but I have 2 cause of the changes they made to the teacher's pension and I think I can get one of them earlier but it's not loads cause I only worked 10 years under that scheme. I'm shattered after a full day in the classroom now. Maybe I'll top up as a TA or something.

I've never relied on I'll get a state pension so started my own at 17, best thing I ever did and it's not too late to start even in your 40s. I'm going to retire mid 50s and my state pension will be a nicety. You don't pay tax on any contribution so if you earn over the higher tax bracket it's a no brainer.

my df told me in my late teens/early 20s, how important a private pension was, but when i looked into it, the figures seemed to start at age 35!
we should be rioting, why arent we?

I've given up
I'm expecting and planning for it to be 70 for my age and I just plan to reduce my hours or even move to a less stressful job maybe once I'm 60
I can draw my private pension from 55 I think but I can't see me having enough in that by then to make it worth it

But you'll be able to claim your workplace pension from 55 so you could still retire then and get the state pension later

what concerns me is that work pension goes by your last 3 years of earnings.
so you are stuffed.
dont want to go part time because it will mean less pension surely?

and who is going to riot…?

No it doesn’t - pensions are determined by what you’ve paid in.

If you are partly under the old scheme (I’m 40, started teaching at 22 and I’m just under the old scheme for the first part) you can still claim at 60 but have to take both parts together which lowers your monthly payment on the second part slightly but you’ll probably live longer as a result and claim more in the long run 🙈

why have i heard that pensions go by your last 3 years?