Bring Retirement Age Back Down?

[BlueBrian]

Should people in their 60s be offered early retirement by the state to allow more young people to get jobs?

Risk of 'dole queue' future for young people after Covid-19 crisis.
www.theguardian.com/business/2020/may/06/risk-dole-queue-future-young-people-after-covid-19-crisis

Bluebrian why do you feel sorry for people of 60+ who are paying into a mortgage?

That's me. I enjoy my job, have no intention of retiring for several years, and our mortgage is a lot less than it would cost to rent an equivalent house - very affordable.

If/when we do come to sell our house - it's a 5 bed so too big now the DCs have left home really, we will release loads of equity. It's no different to paying into some kind of pension or savings pot.

As a pp said, if you think Pension age is coming down you are totally deluded. It will go up.

"It will go up"

You cant expect over 60s to stay home/shield when it suits and then work when it suits. I cant see many of them putting up with goalpost moving to suit whatever agenda is "in" at the time.

Quite a few will say "If its safe enough to work well past 60 then its safe enough for me to see my grandchildren/ go out for coffee etc.

They will likely see this as an attempt at dystopian control and think Cant have it both ways.

Seems to be a lot of over 60s are assuming that companies are still going to want to employ them, things might not work out like that in the post Coronavitus world.

Working hours need to be reduced. If everyone worked 4 days instead of 5 there’d be more jobs to go around. That’s what they did during the Depression in the 1930s - reduced the work week from 6 days to 5 in order to share the work around. Not long ago a friend was boasting that his Dad still works at 80 - how selfish when he doesn’t need to and is depriving a young person of the ability to have a job, buy a house and raise a family.

No. I have no intention of retiring at sixty. I worked long and hard to get to a point where I love my job and can do it with juggling other commitments. Why should I give it up now? I don’t want thirty years of retirement.

@CherryPavlova
Where does it say anything about you having to retire? Bit selfish of you thinking that because you want to keep working everybody else should.

Not selfish at all. I don’t think I commented on others but the assumption people are queuing to retire isn’t necessarily helpful.

I think it’s unlikely that any government will increase pension spending anyway. There is also the risk of losing experience, organisational memory and wisdom. Sometimes an older worker is better.

Sometimes an older worker is better.
Not if they come out with irrelevant waffle like you do.

State pension age is definitely going up after this. State pension is hugely expensive.

I think they definitely should reduce the age to 60. I can’t imagine working till I’m 67 doing shift work . If the Gov focused more on getting the younger generation in jobs they wouldn’t need most workers past 65.

@Helenadove - we don’t expect the elderly or the rest of the population to stay inside forever. We will get a vaccine and we will be expected to Go out and work again.

This crisis has cost a huge amount to the taxpayer and needs to be repaid. I can see the state pension age going up to 70 because of this.

It should have stayed at 65. We need to start manufacturing more to provide jobs for young people. I will be retiring as soon as possible and would happily accept being pensioned off a bit early/at a reduced rate to let a young person have my job. I have pensions and savings a rental property etc.

BlueBrian The rather immature and rude comment is necessary to boost your ego?

I can see the state pension age going up to 70 because of this.
Bit pointless if there aren't any jobs for older people to do, all that will happen is the government will be paying a big benefits bill instead.

BlueBrian The rather immature and rude comment is necessary to boost your ego?
Yes

I can see the state pension age going up to 70 because of this.

Bit pointless if there aren't any jobs for older people to do

Why can't older people do the same jobs as younger people?

Why can't older people do the same jobs as younger people?
Don't get tedious, it's boring.

Older people can do the same jobs but depending on the role. I think at 70 it’s time to slow down and the way you function at 30 will not be the same as a 70 year old although you will have great knowledge.

The state pension is the governments biggest single expense and by some margin. Retirement more likely to go up IMO, either that or the amount reduced and/or means tested.

There's no way they'd do - it's illegal

They can bring the retirement age down if they want but I shall be working beyond it....unless of course you would like to pay a lot more in taxes so I can afford to live on the state pension.

All these people saying they will work.. that’s depending on your health if you get to 67 with no health conditions that is.

I have no intention of retiring next year when I get to pension age I had already decided to defer my state pension was promoted last year age 64 to operations director, when I was promoted no-one even assumed that when I am 66 I would want to retire why should they I, even if I did no young person, graduate would get my existing job, it would most likely go to my deputy a 54 year old man, maybe his job would then go to a younger person but I doubt that it would be a graduate with little or no work experience. My own DH retired at 65 decided to volunteer in a charity shop and now runs 2 shops and he is very good at it as well, obviously he pays more tax then his working age colleagues who earn the same because his state and private pensions are added to his salary which means that even though he does not pay NI out of his salary he still pays more into the system then they do (we have already worked it out) and of course his employer is still paying employers NI for him.

Seems to be a lot of over 60s are assuming that companies are still going to want to employ them, things might not work out like that in the post Coronavitus world.

A) is illegal to dismiss someone on ground of age

B) bringing down the state pension age doesn't necessarily mean people will stop working at that age

C) you talk as if people of 60+ are decrepit.