State Pension Age

[ThatSunnyCrow]

https://www.independent.co.uk/bulletin/news/state-pension-age-2037-obr-b3015234.html

Interested in an honest discussion about this. I’m a few years younger so not affected by the changes in the article but I think my state pension age is 68.

In 1946 when state pension age was 65 life expectancy was around 65. So half of people weren’t expected to live that long.

Average life expectancy now is 80 (averaging between men and women).

Current system just wasn’t designed for a world where people were regularly expected to claim it for 15 years.

My parents retired at 62 and had a few good years. They are 68 now and this summer dad had a triple bypass and mum a hysterectomy due to cancer. I couldn't imagine them wrapping up work just now. I know I'm going early no matter what!

This will be interesting .
I've seen many a thread that belittles women that grew up thinking they would be able to retire with a state pension at age 60 . Then it moved to 65 . And they they moved it again to 67 .
NOW , shock horror , they've moving it earlier to 68 and I bet those having an extra year added are now up in arms !

They need to stop dicking about with the SPA so folk / women can do some future financial planning. I'm in the proposed age group affected and I'm planning to retire at 62ish. If I need to self fund for another year - or longer - I need to know NOW.

Personally, I'd scrap the triple lock.

Usual pensioner bashing thread

Usual pensioner bashing thread

I don’t see how this is a surprise. I have never thought I’d get a state pension. I’ve been saving like crazy and lucky enough to be in a company scheme. Women are cautious. Invest rather than save.

Those women were lucky to only have it moved to 66. Can't you see 68 is worse than 66 and yet better than future generations will have it as they will have to work until they are in their 70s before being able to claim a pension. People who will have to work until well into their 70s will of course think that those who got it in their mid or late sixties were lucky.

I've never seen a thread "belittling" us.
I've seen many posts ridiculing the notion that we weren't made aware of the changes or didn't know about the changes.

I don't think 11 years is too short notice of something we all know needs to happen, and was already determined to happen at a slightly later time either.

It’s not.

And we heard you the first time.

It’s been well known for a very long time that it is rising to 68. It affects me and DH. Only the truly oblivious can claim they don’t know about it. All you have to do is check your NI record to discover your pension age. Mine’s always been 68 for about 20 years. Short of the government knocking door to door I genuinely don’t know what people expect when they whinge that no one told them.

I’ll be affected by this, gov needs to get a move on and change the law if they’re going to do it so people can plan financially. The general rule is 10 years notice so they’ll need to make the change next year.

It doesn’t just affect the state pension, public sector pensions are now linked to state pension age. Presumably access to private pensions will also move up to age 58?

Grr.

No, it’s a new change. Raising state pension age to 68 for the five million people who are aged between 49 and 55 at the moment. Ie, bringing that change in from 2037.

I don't like this concept about never thinking you'd get a state pension. I'm an older millennial who might get a bit from two different countries with a shared tax treaty. I think it's dangerous for us to say this and start accepting it so that politicians feel empowered to remove our pensions. We need to fight for them!

Agree. There's a complacency about that view and a shrug. If you still believe in a state pension, with modifications no doubt, then you vote for parties that believe in the principle as well.

Surely it makes sense for the state pension to be phased out for those who will have been auto-enrolled in occupational pensions from age ?18/?21 (I think full mandation was 2018), with a pension tax credit for those who will have been exempt etc?

I was chatting to a friend who has a public sector pension about this. She still plans to retire early and will just take the hit on the reduction made in doing so. She reckons for taking her pension 12 months earlier, the difference in numbers won't actually be that big.

Oh yes, it is.

How?

It depends on those schemes as today’s pensioners have far more generous private ones that don’t exist today.

Auto enrolment is great in theory but when earning a low wage & the company pays a tiny % it’s not going to do much in your retirement

I'm 42 and just assume I won't get a state pension at all. I'm not particularly angry about it, it is what it is. They'll just keep raising the retirement age. Retirement as people understand it now was an anomaly that lasted a few decades. Those who experienced it have been lucky, that's all.

Have you watch garyseconomics, he recently had documentary on channel 4 and has a youtube channel.

He talks about this anomaly with ordinary working people being able to afford to buy a house and have retirement. Never has society been like this before and he explains it as the country being bankrupt after the war and enforced high tax, i think like 70% on the rich and that was the anomaly. Apparantly it was dismantled and loopholes created since the 80's and here we are now, with millionaires, billionaires finding ways of paying no tax and ordinary people and the goverment going back to having no money.

Well thats my understanding of things.

There never used to be retirements and certainly not full salary pensions. That most likely will never be offered to employees ever again. And the rich will get richer. Gary spoke to a billionaire who made 13% on his wealth so about £150million a year and he just reinvested it, so no tax for the goverment. Yet people on minimum wage must pay tax.

Its all quite interestimg, bit sad too. Garys campaiging for taxing wealth not work but up against the elite who have influence over goverment policy, i like the idea but seems doubtful there will ever be any change for ordinary people to have things like retirements in the future. Like when state pension was initially introduced initially it will be adjusted to average age of death so as before, working until we die.

This has been known about for years, I’m one of the first ages to be affected to 68 and I saw the proposed acceleration a good 5 years ago. Annoying yes but understandable. When retirement was set at 65 for men, average life expectancy was 68!

@WaterlooBridge

this has been talked about for years, it’s just legislation is being brought in. I’ve calculated it into my plans already

I'm one of those who will be affected if this change goes ahead. I can't say I'm thrilled about it, but I'm not up in arms about it. I'm resigned to the fact that it needs to change because the current set up is clearly not affordable.

I have an office based job and, while I might not particularly want to work until 68, my job isn't physically demanding. I do think consideration needs to be given to workers in more physically demanding jobs which might be harder to keep going.