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?

Classic Civil Service Pension and best of the last 3 years calculation and inflation adjustment — MoneySavingExpert Forum

best of the last 3 years pension is what i am referring to
so that puts you off going part time surely? or is it based on full time earnings? hopefully use full time equivalent

I’ve not read all the response but I can’t understand why your age was reading 67 until recently?
I’m end of April 1978 and mine has been set at 68 for a very long time. The cut off for it anyone born after 06/04/1978.
There is a review due but haven’t seen any reports published.
I’m also NHS and have had my pension absolutely ransacked. Tens of thousands have been stolen from me.

The plan is that it will increase in 2040 and so at that point you will be in the bracket where it moves up to 68. This affects those born after 1979, I am also in this bracket.

The sustainability of the SP is something to question and so for my retirement planning I am disregarding any state pension and making my own plans. If I happen to get any SP it would be a bonus.

My husband and I are in our 30s, and while we save into private pensions, we fully expect to use our "pension" as a means to supplement our income allowing us to reduce our working hours in later life, rather than the traditional concept of retirement, which we doubt will exist for ordinary people! I don't anticipate ever being able to retire properly.

but if i want to use my pension to supplement my income, yes, i am lucky that i can take my nhs pension at 60 but not everyone has a pension they can take at 60, or do they? do most people's private pensions start at 60?

I’m 44 and so hit by this and I’m a teacher so my work pension is also linked to state pension age. The French were rioting at the prospect of 64, but we’re resigned to never retiring!? Utterly depressing.

Yikes, I'm not super keen on working till 68, but my civil service pension is linked to state retirement age so I guess I'm stuck! Ideally I'd retire at 65 (I like working) so I've got a bit of time to travel etc.

I do wonder whether many people will be physically able to work so long, though. We know that people are living longer, but we are also less healthy than in previous generations, so rather than being felled quickly by a stroke or heart attack we're going to be in and out of hospital for years, slowly getting less mobile and adding ailments that cost money to treat.

We'll end up with a split society, with those who keep their heath much better off than those who don't - maybe it'll spur people on to live healthier lives?

You can take your teachers pension a few years early without it making a massive difference overall.

Exactly.
I've known for a while it would be 68 for me. I live in another country and it's currently 67 for me in that country, but I'm expecting it all to change.

The French rioted about 64, but still lost. It seems inevitable that pension ages will rise....

Yes, it’s all about money as usual.

Is it equal for both men and women then?

i think they want people to get their own private pensions and not rely on state pension

It has been for 14 years

I was under the impression that the long-term plan is for it to go up to 70.

I can see them abolishing it, especially as it's not means-tested.

Which is fine but if you've already paid in, you should be guaranteed one. Remove it by all means, but only for those starting from scratch

I think anyone in your age bracket (as I am) should really not expect to get a state pension until at least 70. And even that is probably optimistic!

But that’s the problem, no one has ‘paid in’ workers are paying for the retired and that’s how it’s always been. Demographic changes are making it increasingly difficult to afford. The issue isn’t just the state pension, but that this is the design for all public sector pensions (except for MPs who do pay into a specific pot).

I am confused, what is my NI going towards then? If I haven't paid enough, I don't get as much back in SRP when the time comes

I think mine is a similar age.

This is one reason why me, DB and DM invested in BTL properties which seem to be a reasonable source of income (bought when they were cheap and not a huge portfolio by any means!).

hasn’t it been obvious for a number of years that we have to ‘save’ for retirement? Public sector schemes have changed enormously since 2005, having undergone a number of changes.

AVCs etc have been encouraged for the past 30 years. ISAs have been around since 1999.

Anyone who thinks the state pension will suffice is a fool. Likewise a lot of private pensions will not generate a lot unless you have been paying over the minimum.

So if you want to retire at 60 or before planning is essential.

The best time to plant a tree is 20 years ago, the next best time is now!

It’s paying for current pensioners. If you don’t pay enough, you don’t qualify for the next generation to fund your full pension.

not helpful to call people fools @Milkandnosugarplease

67 here but I do wonder, as some others have said, whether it will start to be a case of you get paid a sliding scale based on how much you've paid in. Other countries do this, seems fairer up to a point (exaggerating but why should those who have worked 1 days/week be receiving the same as those who have paid FT) during the qualifying period.

It's likely to go up to 70 before you retire.

The country can't afford to keep paying people pensions for almost 18-20 years after retirement. Average life expectancy is around 85.

The retirement age of 65 was established when a lot of people died by 70/75.

My advice is you start to invest in a private pension even if you can only afford a small amount like £50 a month.

In 20 years it will have grown.