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Full state pension?

Discussion in 'Retirement' started by Compassman, Aug 4, 2019.

  1. steveroberts61

    steveroberts61 New commenter

    I think they want us to die on the job to save the NHS. That is of course if Trump doesn't own it post brexit.
  2. Prim

    Prim Occasional commenter

    I'm afraid that if you do want to retire early you will probably have to look at another career in the private sector :( and put as much money as you can into a SIPP. This will really affect professional careers and the choices people make. Let's insist that every MP can't access their pension until they are 75. I'm sure they will change their minds. Appalling people!
  3. Lara mfl 05

    Lara mfl 05 Star commenter

    AS you say there are many jobs one simply couldn't continue working at until one's 70. Teaching, the Forces, many NHS jobs, the Police all spring to mind, or we'll see them 'drop on the job' which would be even more stressful for students/ patients etc.
    strawbs likes this.
  4. PeterQuint

    PeterQuint Lead commenter

    Surely there’ll be a rebalance of expectations.

    No state pension until 75 can’t possibly mean ‘as you were’ for an extra 8-10 years.

    I suspect many will pay the mortgage by 60 or 65, then survive on smaller-scale work until 75 and the pension comes around. Or maybe save some cash.

    Many people’s mortgage payments take up half their disposable income. Once paid, every year you work (and save what you were paying on the mortgage) means one less year working.

    Don’t get me wrong, 75 looks pretty bleak, but I can’t see everyone simply carrying on for that long.
    lindenlea likes this.
  5. jonnymarr

    jonnymarr Occasional commenter

    From the CSJ / think-tank report:
    In addition, provided that this support is in place, we propose an increase in the
    State Pension Age to 75 by 2035. While this might seem contrary to a long-standing
    compassionate attitude to an older generation that have paid their way in the world
    and deserve to be looked after, we do not believe it should be. Working longer has the
    potential to improve health and wellbeing, increase retirement savings and ensure the full
    functioning of public services for all.

    Hmm... what's that Kaiser Chiefs' song..?

    - perhaps some means-testing in future would be the less-unpalatable option, politically?
    - perhaps this is another think-tank report which has been commissioned as an opening gambit to soften people up? - 'we're planning to hang, draw and quarter you' - only for them afterwards to reduce that to *merely* hanging and then expect us all to be grateful?
    paulstevenjones, Prim and PeterQuint like this.
  6. PeterQuint

    PeterQuint Lead commenter

    Are the sums on which this is based correct? Is someone pulling our p*sser?

    For years we've been told there's an upcoming pensions crisis caused by two things - firstly the fact that life expectancy is increasing, and secondly by the baby boom - a spike in the birth rate from 1945 to 1965.

    Well, life expetancy isn't increasing any more.

    As for the youngest boomers, they'll hit retirement age (for them that'll be 67) in 2032. After that, the first of the boomers will be 87, and...well starting to die (sorry), whilst the 'new pensioners' after that will be dropping in number.

    In other words, pension costs should peak in 2032, then start going down. That's 3 years BEFORE the proposed changes.

    Why would it be necessary to cut pension costs drastically in 2035, three years after they should have started to fall?

    The report says there are too many people between ages 54 and 65 who are economically inactive, and that support should be put in place to change this before the increase in pension age is put in place. But if there's an army of unemployed 54-65 years olds who suddenly start work, won't that increase government revenue and further reduce the need for change?
    Prim and Lara mfl 05 like this.
  7. Gainingcontrol

    Gainingcontrol New commenter

    They know that the current unfunded pension promises are unaffordable on top of a UK national debt approaching 2 Trillion pounds. The increasing pressure of an ageing population on the NHS, and the fallout from the imminent worldwide housing and stock market collapse will compound the situation. Don't 'bank' on a state pension. That hurdle will keep moving further away until we no longer see it!
  8. Lara mfl 05

    Lara mfl 05 Star commenter

    My sons. both in their 30s have already come to that conclusion and are aiming to make 'private pension' arrangements.
    catbefriender likes this.
  9. Prim

    Prim Occasional commenter

    Plus they are probably dipping into to pension pots to pay for Brexit instead of focusing on the economy which would pay for all of this if it was managed properly :( sigh
    paulstevenjones likes this.
  10. paulstevenjones

    paulstevenjones New commenter

    Too depressing to think about which is probably another thing they’re banking on. We’re all sleepwalking into the sheep shed. Of course Iain’s pension is pretty amazing. Some pestilence that man is. All under the guise of ‘Christian’ kindness.
  11. PeterQuint

    PeterQuint Lead commenter

    None of that holds any water if things are due to start improving a year after the last baby boomer has retired.
  12. PeterQuint

    PeterQuint Lead commenter

    There is no ‘pension pot’. Your NI contributions are not out in a box with your name on it.
    border_walker likes this.
  13. Gainingcontrol

    Gainingcontrol New commenter

    When the financial and housing market bubbles of QE digital money eventually deflate, following the last 10 years of central bank inflation, they won't even hold air never mind water. We have been in the midst of a global financial collapse since 2008. Central Banks have tried reinflation with QE programmes, but they can only try to delay or ease the eventual collapse due to worldwide debt saturation. Default is assured either by currency debasement or a debt/investment implosion.
  14. strawbs

    strawbs Established commenter

    If everyone is expected to work until 75, where will the jobs be for youngsters?
    Lara mfl 05 likes this.
  15. lynneseptember

    lynneseptember Senior commenter

    The fact remains, that for the majority of us when we reach our 70's (before this age for some), we slow down, physically and mentally. We have a wealth of knowledge to offer, certainly, but our ability to keep going in any high pressured job once we hit our 70's will be considerably reduced. Our eyesight will more than likely not be as good, our reaction times slower, our hearing might not be as sharp, our bones are likely to be giving us "Jip". Can you imagine trying to control a class of boisterous 5 year olds when you are in your mid 70's, or tearing up and down motorways to hit your sales targets if you're a travelling salesperson. How about crawling about in a burning building if you are a fire fighter trying to rescue someone - firemans lift, anyone?!, or what about intricate surgery if your hands are beginning to shake and your eyesight is weakening - the list goes on. I'm afraid these older politicians, with all their stocks and shares and generous pensions stacking up, and book writing opportunities, etc, living in their ivory towers, haven't got a clue what it will be like for most adults in their senventies without these cushions to support their old age. Working in a warm office, with minions around doing most of the work for you is quite different to the reality faced by the majority in this country who are faced with hard work, poor pay, and relatively low pensions. In addition, if all these older people are expected to keep working until they drop, where are the job opportunities going to be for the younger generations? Not only that, the reality of trying to get another job when you are in your fifties upwards is incredibly difficult for the vast majority, so even if the think tank mob said people could switch from high pressure jobs to lower pressure ones, can they magic these jobs up, please? '. Course they can't.
  16. catbefriender

    catbefriender Lead commenter

    What we really need to know is how much notice the government has to give us before they spring on more surprises. I am currently set to retire at 67, I reckon they'll rob another year's pension possibly two out of me either by

    a. increasing the age I am to retire or
    b. increasing the number of years I should have contributed.

    They're the government and they make the rules.:(
    PeterQuint likes this.
  17. Ivartheboneless

    Ivartheboneless Star commenter

    MPs are supposed to "represent" us. The fact that they don't, and probably never have, is the bane of the so-called democratic system. Keeping pushing back the age of retirement is ridiculous. They threw billions of our money at the banks in 2008, which mostly will never be recovered. They throw billions at HS2 (the lies are popping up now) to make it possible to get from London to Birmingham 20 minutes faster. They could have budgeted for pensions and kept the retirement age of 65. Other countries manage it, and with a lower retirement age.
    Prim, catbefriender and Lara mfl 05 like this.
  18. catbefriender

    catbefriender Lead commenter

    @Ivartheboneless have you considered entering politics? You'd get my vote!:)

    Another solution was that instead of bringing the pension age to 65 for women, they made it 62.5 for both men and women. :) But no, 65, 66, 67 and for some 68.:(

    What we know is that it doesn't end there.

    We have to live in hope that when we are at pension age or nearing pension age, the promises made are kept.
  19. eljefeb90

    eljefeb90 Senior commenter

    I agree about pensions and it seems nobody has a good word to say about HS2. Could I beg to differ? The whole point is for extra capacity. You need to get cars and freight off the congested roads between our three main population centres (South East-West Midlands - North west). Talk of a vanity project etc.is an exaggeration as high speed rail has been around for well over 30 years and most European countries have HS networks, let alone one line. From what I have read, most of the costs are because of the ridiculous cost of land and property in the UK and the nimbies in the home counties wanting tunnels and cuttings. I have seen how the HS link has brought increased investment into French provincial cities like Lille, Lyon and Bordeaux because of the easy access to Paris. I want the same for Birmingham, Sheffield, Leeds Liverpool and Manchester.
    Compassman likes this.
  20. Gainingcontrol

    Gainingcontrol New commenter

    There are no pension funds for either teaching or old age pensions. They are promises based on taxing future workers. Governments know that these unfunded promises cannot be kept in the long term. Their planned further upping of the retirement age is an attempt to draw out the ponzi scheme, as it will have a reducing number of tax paying workers per pensioner. I doubt if anyone with a work/private pension over e.g. £15K pa will get any state pension in the future.
    emerald52 likes this.

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