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

If you retire & receive the state pension for 20 yrs that's about 230k. To have paid that in tax you need to be earning 50k plus for 21 years. Then what about your education costs, healthcare costs, etc. The maths don't work when the pyramid shape no longer exists.

Or a nanny/ childminder

Did I say all NI contributions should be stop?

Can't see where I wrote it...

No..just the SP contributions

Who is also going to fund all the public sector pensions with a shrinking working base? councils are already strapped for cash in many cases.

The life expectancy in Glasgow for a man is 73 years old. Not sure that that fact should change the state pension age but it should focus the mind on improving the health of some of our communities.

According to google, the poorest areas of the UK have a life expectancy of 73.5 for men and 78 for Women. In reality you actually need to look at the distributions too to understand how many people would / wouldn't get the pension if you raised the age since the averages don't tell you everything.

That will be too late. We can't keep putting the burden on the younger generations. They're already screwed when it comes to house prices and private pensions.

@suki1964 what makes you think I don't know that? For some it is 60...

They haven’t paid towards the state pension. They’ve paid NI that goes into the general pot.

A referendum on this is a terrible idea, people would vote based on emotion (including the idea that they have paid in).

Maths is emotionless and the numbers just don’t add up.

@Mainoo72 in these discussions it's helpful
to look outside of your own experience. The average public sector pension is not 45k a year...

"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."

What makes older people so special that they must retire early, but people who are 21 now will be fine to work into their 70s?

This is why i've said they need to target wealth more and maybe change IHT thresholds or the 7 yr rule.

I don't know how I feel about this (as someone who will very much rely on the state pension and some if my personal pensions are linked to retirement age so I'd be stuck)

One of the issues with pensions is not knowing how long you have to save for. If the state pension started older (say 75) but at a higher rate you could live off, you could more securely plan to only need savings to cover 10 or 15 years. It sort of takes the risk out more. It could pay more as less people make it to 75.

But obviously people who haven't saved at all are going to struggle with funding a gap between being fit to work and 75 as its an extra 8 years from the current 67 and a lot of people actually want to retire early. So that's 15 year or 20 years But I assume there could be a universal credit fitness to work situation there.

If they means test the state pension there will be no incentive at all for people in middle income jobs to pay into Pension schemes-you will end up with the same amount of pension either privately or via state pension.
NI is confusing. Originally it was an Insurance scheme on a national state level that was purely for sickness benefit, unemployment benefit and retirement. It was never supposed to finance the NHS etc-that was general taxation.
The benefit system now has changed so much that the distinction has been lost.

Yes. I have USS and TPS and if I would take them before pension age, the amount is much reduced.

I’m 48 and already feel like I’m seen as ‘too old to be relevant’ in my industry - what the actual fuck would I have any prospect of being hired to do in my 70s?!

Bloody hell, that's me! However, my mum worked v part time until she passed away at 71 - she worked because it gave her week routine as she didn't need the money particularly. She also volunteered and went to various groups for retirees.
Thankfully we have made provisions for later life and DH def wants to retire in his early 60s.
DCs managed to get jobs as students in their later teens/early 20s so there isn't the issue, but we do live in London.

Typical MN bubble. Do you honestly think everyone is in a position to save thousands in a private pension?

It is old but so did 68 sound years ago, The population is living longer and we still have to pay in for the same proportion of our lives. Many people who were born at the beginning of the last century retired at 65 and didn’t last much longer. As has always been the case people can retire earlier if they a
want to and can fund the first few years of their retirement by themselves.

Many workplace pensions will pay out after 65.

I'm a teacher. I don't know any 70 year olds who'd be able, or want, to teach full time.

And certainly not if behaviour in schools isn't tackled by then.

71!

The population is living longer

Life expectancy has increased, healthy life expectancy hasn't.

We're going to hell in a handcart!

Most people can't afford to contribute the sort of money that would be required, to provide a comfortable entirely self sufficient living, to a private pension. I have two older friends who were colleagues in health care, and paid for decades into their 'gold standard' NHS pension to retire early (at 55). Both have had to return to their clinical roles.

Those of us with decent private pensions will become a new gen of oldies with the 'broadest shoulders' and get fuck all. We'll probably be shelling most of it out on health care, whilst those with no private pension will still get free health care.

I don’t which is why I think state pension should be taken away/restricted (I’m avoiding the phrase means tested because people react negatively towards it) for higher earners in retirement. Target the money where it’s needed.

I'd imagined that (hopefully) future generations will be fitter for longer thanks to health advances.