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

Better to lose a bit of money than carry on working til 71 or whatever the age is though.

Do people realise how crap some pension schemes are?

and that's before you think about crap wages.

@Funykeudfh 2014 I think. I was on maternity leave so remember I missed the meetings with the provider.

It is now.
It wasn’t when the 55yo started working. Work pension didn’t even exist in all companies.

I am nearly 67 so retired last year. I originally wanted to carry on working so that I could save my wages for at least 2 years so we would have a decent pot of money. No chance to save before then due to dh not working for 15 years due to his health. But unfortunately I could only manage to do 6 months as I physically couldn't do it. So God knows what we would have done if I had to still work. We downsized to a park home after selling our house to one of those under value buyers not ideal but we didn't have the funds needed to sell privately.
At least we are now mortgage free but still have to be careful.

Something has got to give. 1970 onwards is pretty much all of Gen X.

Those final salary boomer pensions, which had all but been withdrawn when Gen X got into the jobs market, ought to be enough to live on. We should be means testing pension NOW. if you're on almost 100k a year from a final salary pension, you don't need a state pension as well. Anything over £75k and the state pension should be tapered off. That demographic are having their cake right now whilst the rest of us have to continue working for longer and longer. to subsidise their antartica cruises expeditions on effing Hurtigruten. Enough!

No it's not- I'm in the private sector. Started 20 years ago on £11k on a 40 hour week. Paid in - added in bonuses etc where I could - some years I was able to add some voluntary contributions where possible. I've switched my funds within my pension several times, I tend to go 'adventurous' risk profile funds to focus on good accumulation and now I'm a much higher earner (not huge - I earn around £60k) I top in as much extra as I can afford. I'm up to around a £250k fund which isn't loads but I've got another 20+ years of work. People just need to focus on it - pop in bits and Bobs they can afford and get some advice on the funds and options available. Not just do the work NEST pension and hope for the best.

I do think it's crazy people got it at 60 though.

That's scandalous - so just to check it means you CANNOT retire until your state pension age and receive your teachers pension?? I'm shocked by that.

@Funykeudfh you do realise many never earn 60k and housing costs it's into their income?

If you earn minimum wage you’re not able to save.

Nice using the boomer insult.
I am that generation and had one private pension which gives me £46 a month. Not every pensioner is leaving the fucking dream.

Yep but then they don't need so much money in their retirement either. They can still put a proportionate amount into their pension though and focus on it being in the right funds, make sure the charges are low etc etc.

due to falling birth rates there will be few children and an over supply of elderly people

@Funykeudfh I can retire from 57 currently with hefty penalities. Can’t remember the figure off hand what the deduction is for each year claimed prior to state pension age.

I think that might be the point. When pensions were first started by Lloyd George life expectancy was shorter so few would live long on a pension. Now the problem is great longevity. Family friendly policies that encouraged people to have children, e.g. flexible working for mothers (and fathers), the possibility of doing qualifications after children start school, less loss of seniority in jobs and professions for women who take time out for children (I'd say no loss, but some would find that too radical) would help. I retired at 60 from teaching (though I worked another 2 years supply) and cannot imagine teaching a class in my 70s. Nor can I imagine being a roofer in my 70s or working in retail (on your feet all day). Demographics are the problem. The measures I would like would perhaps increase the birthrate faster - demographics have a habit of fixing themselves, however. I am a baby boomer (one of the youngest), living proof demographics right themselves.

Yep but then they don't need so much money in their retirement either.

Why not? who will pay the rent when they are pension age & need to stop working?

Some job you must have had to pay that. Most don’t earn anywhere near that!

It is a simplistic assumption that because people live longer they are fit to work longer.

When the state pension was introduced it was set at 70. Life expectancy was 52, though this figure will be skewed by infant mortality.

Yes it's too old and hey will just end up having to pay even more sickness and disability benefits for people who develop health conditions whilst still being classed as working age.

Ah ok so it is a choice. You're not forced to teach until state retirement age in order to receive any pensions. I get it now thanks.

Plus there will be no grandparents to help with childcare etc.

There are already more over 65s than under 15s, birth rates won't increase.

goodness, 50 and I only work part time as I care for 2 complex SN teens. At lease one of the them will need lifelong 24/7 care. I couldn't imagine working and caring every waking hours until my 70s. tbh, I don't think I will last that long as I have to completely neglect any self care.

You will find some people who are happy to work that long but I cannot see how this is possible for the majority esp those with physical jobs and caring responsibilities on top. I would also imagine a lot of people have developed all sorts of heath issues which make it generally difficult.