You already to retire at 75?

https://www.bbc.com/worklife/articl...-now-has-more-grandparents-than-grandchildren

Decent article explaining why we are struggling social security wise . The UK has had birth rates of 1.5 to 1.7 per female for the last 50 years . The long run of that particular stat is that your shrinking your workforce , less new workers to replace retired workers . Retired workers then want whatever benefits their entitled to for working all their lives but the younger , smaller generations are unable to create enough economic activity to satisfy these demands . Pensions was always a Ponzi scheme and if you don't have enough people paying into the system then it starts to fall apart at the seams .

 

75 is ridiculous. It's fine lots of people carry on working, if they are well enough to do the job they do. I'm self employed and 54 now. I have little in the way of pension, other than a state pension and 10 years of a non contributory work pension at Yorkshire Bank (I did 13 years for them, but first 3 years didn't qualify, till i was 21). I intend to start slowing down from now on, as my job has late & long hours, with very long drives at weird hours & heavy lifting, plus I'm not sure my hearing will be good enough to DJ well after 60. I can run my agency from home & probably do that for some time after 65, health permitting, making less money, but enough to live on, so don't thing I'll retire as such, just slow down.

 

if you are born before 1970 you are OK.

 

I'm sacking it off at 50. We are programmed to work,eat,sleep repeat and it's **** and all for the benefit of the government. I'll go back to work at 60 if I have to but I want a few decent years before then .

 

It’s ok for the average Tory voter as most are beyond retirement age, Fecking tw@ts

 

Immigration is key to the survival of any country. Every western country needs lots of it - this idea that it needs to be curtailed is absolute nonsense.

 

Not really . Your merely creating a problem somewhere else in the world as they hemorrhage their young workers . It's why your seeing the rise of right wing parties in Eastern Europe .

 

Labour did diverte money from the South East when last in power - wasn't enough though

 

It’s an absolute joke. I pay up to 50 quid a month in pension. I might not even bother anymore.

 

We're seeing the rise of right wing parties here.

It's not a "problem", it's economics. People, in general, want to move from where there are no jobs to where there are some. I say let them. What's your alternative?

 

the facts



https://www.gov.uk/government/news/proposed-new-timetable-for-state-pension-age-increases

 

They are the current facts. The discussion is really about the proposals raised by Iain Duncan Smith.

 

but they still will not affect those born before 1970.

 

also there is a high court case ongoing to reverse the raising of the womens state pension to 66 and reverting it back to age 60 for the similar age group.

 

Quite a lot of us were born after that though Dragon.

 

It's a double whammy regarding impacting the reducing the numbers young people generating wealth to support ageing population .

Every year that they defer retirement for ageing workers is a year where potential jobs vacancies for university graduates school leavers disappear overnight creating a logjam. It also restricts progression for many people already in employment.
It is not just Pensions that vanish in a puff of smoke but the fact that NI still has to be paid until retirement. The next thing is likely they they will raise the number of contributions required to 40 years instead of the current 35 (already changed back from 30) . To say they cannot afford it given that women went from 60 to 65 then 67 in a relatively short space of time. Most lost on average £45k plus the Govt gains from continuing income tax receipts and NI contributions of the extra years That is £50k+ for every full time working woman. If you add on the reducing life expectancy for many occupations for every extra year that a person has to work over the age of 65 with the corresponding reduction amount the govt will pay in pensions then they will have saved an absolute fortune. Also many other concessions only apply from the date that the State Pension starts. So if you retire early then, for example within 2 years of ceasing emplyment and if you do not continmue to pay NI you lose the right to overseas reciprocal health cover( S1)

Imagine a 75 year old teacher in front of a class of 30 year 6 kids or, as pointed out already by other posters, people who have very physically demanding jobs or responsibility like bus drivers, train drivers. It is absolute nonsense to assume that they Govt can create appropriate employement for millions of people unable to continue in their chosen line of work.

'Govt Think tank' = oxymoron (with emphasis on 'moron).

 

absolutely JD... and I do not agree with the constant upwards hiking of the state pension.....it sucks. In this age of job scarcety , surely it would be pertinent to lower rather than extend the state pension age... this would free up jobs for the younger generations therfor lowering the unemployed figures. Also maybe a scheme to take earlier State pension on a reduced rate, people like me who have a Military pension also a Civil service pension as does my wife.... would probably welcome such a choice. My state kicks in in 10 months so I guess I am a bit 'alright Jack' but I fear for my kids and grandkids and my nephews and nieces... its a dreadful struggle ahead for many folk like this.

 

I dont think there is a case to answer re 60-65 as there was plenty of notice.

What was unfair (and my wife was one of those impacted) was that people born in the mid 1950s had allowed for this but very late on the Govt increased it again. with little notice We had planned for retirement and had made various financial commitments baed on my wife getting her state pension at 63 years and a few months only for its to be changed and she suddenly found she now does not get her state pension until she is almost 66. She is only 5 months younger than me but has to wait 10 months AFTER I qualified for my state pension. As it happened we were fortunate that she could take her Occupational Pension before 60 abeit actuarily reduced, and we were able to downsize our plans for retirement.
For many womern reliant on getting the State Pension when they expected to , that was not an option and it it has caused hardship

 

In a workplace pension? I pay a load into a work place pension each month but I understand a work place pension is just to top up my state pension? Is that right? If so and they did put the retirement age upto 75 I would opt out of the workplace pension.