To think 71 is too old for state pension age?

[winterwonder1]

This isn't just for people who are 21 now - that's for people born after 1970 - so 55 now. I can't imagine being fit enough to do my job at 71.
DWP State Pension age will have to rise to 71 says report | News Shopper

I have lost my BF, 53, to breast cancer, and three other acquaintances, also to cancer in aged between 40-50. All of them left children, the youngest being 15.
These is no way any society can expect most human beings, to be fit or well enough to work until 71. If 1:2 is now the ratio of people who will get cancer in their lifetime, not to mention any other disease such as Alzheimer's, heart disease or a stroke, that makes for a pretty dire scenario for hoping to remain healthy after 60.

I don't care about myself as I'm happily semi retired but
considering there is almost zero joy in being a young person being able to afford the most basic and dignified of security and aspirations, ie a house, I shall ensure my children are saving to retire around 50-55 - and that's only if they choose to stay in the UK (both in professions where they could work worldwide).

Oh it's simple? It's only simple if you're rich.

I don’t understand this? Why wouldn’t they? Not being sarcastic I genuinely am hoping someone can explain?

Not as new hires, you're probably right.

But two of my colleagues are 69 and 72 and they're fabulous. As much energy as most of us and infinitely more patient with the children. Proper old school, child first, stuff the results teachers. I have so much respect and time for them. They definitely shouldn't be written off because they're older. One will retire at the end of this year. The other one has no plans to as yet.

Retire 'early'? What are you calling 'early'??

There'll be a queue of septuagenarians at the job centre getting sanctioned by a smug 21 year old for not accepting that manual handling warehouse role.

Interesting that you have a plan. Doubtless this is part of the appeal of the Assisted Dying Bill, hoping people will opt for that instead of living for years and requiring state funds to do so.

And if you do not like your house, just buy another one?
Oh what it is to not worry about money at all

They want to make UK like the US. I have been served by people so elderly there I feel I should be helping them to an armchair. One man looked so frail.

it is too old as i stands without increasing it...

I'm not rich. Far from it.

What I have done is retrained, worked full time (including when I was a single parent), limited the amount of children I had and prioritised paying into a pension from the age of 18.

Over the years there have been times my pension contributions have been next to nothing. When I can I contribute more and you don't have to be rich to do that.

I realise it's not for everyone due to circumstances such as illness/disability, but it really is an option for far more people than actually choose to do it.

In that case whats the point of working at all if you can't rely on your state pension,its better to just stay on universal credit full stop

I'm in the same boat. I'm sure I won't be the only one thinking there is no point in putting money in it if the retirement age goes up any further as I will likely be dead or my health will be too poor to enjoy it.

😂😂😂😂😂

Lots of people on here saying it’s very hard for people to save into a pension. I’m not saying that’s wrong, and high rents, inflation and stagnating wages all work against that.

However having run some quick numbers (because I’m all about the fun when I finish work!):

Minimum wage from April is £12.21 if you’re over 21. If you pay £12.21 a week into a pension from 21 years old, increase this by 3% a year, with your 25% government top up and you achieve the S&P 500 inflation adjusted 30 year average return of 8.262% by the time you’re 65 you have more than £500,000 in your pension pot.

I’m not saying everyone can do this. There are lots of assumptions in there but it’s an example of how it’s easier than it might seem if you have enough time. Being decades rather than years.

Based on that they should no longer be made to make contributions under the pretense that it will receive one.

Absolutely this. Time and again people post things on social media etc showing that they still believe that their are "paying their stamp" or however they phrase it, as though NI was some kind of personal savings plan. They still don't realise there is no insurance whatsoever about national insurance, it all goes into the same pot, and it is simply a tax on work.

If people are not going to get state pensions, then more of their actual pay should be made available for them to pay into whatever pension plan they and their employers choose.

Though then of course you will get unscrupulous employers reducing rates of pay, and people who are unwilling to plan and budget spending all their money rather than saving for a pension, and finding themselves with no income in old age.

To be honest this is already happening to my friends in their 50s

Unless there is improved policy about recruiting older workers then all we will be doing is swapping pension for unemployment benefit.

That would be all very well and good if:

a) there were enough jobs to go round;
b) those jobs all paid enough for people to be able to afford to pay into a private pension;
c) everyone in the workforce was fit and healthy enough to be able to do those jobs, or even to work at all;
d) workplaces were less ageist and ableist so that people of all ages and abilities had the opportunity to work and earn.

None of these factors apply, in case you hadn't noticed.

But wouldn't you also then lose a part of your state pension, if you retired earlier than 71 and stopped paying NICs?
People are finding this now, they took early retirement during Covid and now when they become eligible for state pension they find it's not full amount

Healthy life expectancy is 60 years old

Are you certain it is tied and not just reduced if you access it earlier?

For example, to get the “full” amount in an NHS pension you have to wait til you’re 67/8 depending on your age but there is a reduced annual pension from age 55 (or 57 if you’re a bit younger) which you are entitled to.

You have to work and pay contributions for 35 years to get a full pension. But you still pay NICS for any years you work over that.

Loads of people at retirement age do not get a full state pension. If you have an employer pension, you will not get a full state pension. This will not affect young people as the rules were changed.

How depressing. The system is corrupt. We should not be working past 50 - so ten years to enjoy our health (if we are lucky in the first place).

How will AI change this landscape? I do worry for the future generations, when AI is taking so many jobs - unless there is a generous UBI, how on earth will young people manage?

A lot of people barely earn enough to get by. How are they supposed to save up?