Pension age worries

[Guest]

Originally Posted by bighal

Considering IDS is a backbencher and his say has as much weight as any other backbencher. He is NOT in the Government any more and hasn't since 2016... so why worry over something that isn't going to happen on this time scale if it ever did.

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It's not IDS saying this in his role as a backbencher it is in his role as chair of an influential social justice think tank. So consideration would need to be given to thier recommendations I suspect.

That does not of course mean the government needs to adopt the recommendations in part or in full. For all we know the govt may want to put it up to 80!

[dubletrub]

Originally Posted by stecee

I work in a physical job and having just turned 60, sometimes struggle at work. I’ve got another 6 years to go before reaching state pension retirement age, I won’t be able to retire before then. I’m hoping that work will give me a less strenuous role as I get older.
I feel for youngsters these days, god knows what the retirement age will be in the future.

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Unfortunately the job I do doesn't have less strenuous roles 😢 and with my hands being the worst affected I wonder what jobs I could do ☹

[sam_b]

Originally Posted by stecee

I feel for youngsters these days, god knows what the retirement age will be in the future.

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I think youngsters today need to work out their own retirement date - none of us should be at the mercy of govt decisions about retirement... I look at the state pension as a bonus, not as a financial plan and I think that this will be even more important for the younger generation as there may not even be a state pension.
Save and invest for your own future to your own preferred timetable...

[Guest]

Originally Posted by sam_b

I think youngsters today need to work out their own retirement date - none of us should be at the mercy of govt decisions about retirement... I look at the state pension as a bonus, not as a financial plan and I think that this will be even more important for the younger generation as there may not even be a state pension.
Save and invest for your own future to your own preferred timetable...

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Agree wholeheartedly. Unfortunately quite a few pensions are tied to the state pension age, so even if you plan on your current pension being say 67, if the state pension changes so does my other one.

[Guest]

I read a couple of months ago that four hundred billion pounds of NI contributions had been misappropriated by successive governments. If there is any truth in that then people should be called to account.

[Lilly3580]

I'm 40 and unfortunately I don't think there will be a state pension but the time my generation retires. Hence the legal requirement for all private companies to have pension pots for all employees.

[fizzypop]

Originally Posted by sam_b

I think youngsters today need to work out their own retirement date - none of us should be at the mercy of govt decisions about retirement... I look at the state pension as a bonus, not as a financial plan and I think that this will be even more important for the younger generation as there may not even be a state pension.
Save and invest for your own future to your own preferred timetable...

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But if we are all in work until we are 75, where are the jobs for the young ones to start building up their pension pots?

[MarionG]

Originally Posted by fizzypop

But if we are all in work until we are 75, where are the jobs for the young ones to start building up their pension pots?

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Exactly my thought too..

[DisneyWannabe]

I suppose the issue really is that when State Pension was introduced it really was just another form of taxation - this hasn't changed. The NI contributions paid by workers today fund the pensioners of today - it isn't a pension pot, there is no pot of money sitting in government pay pensions.

The age was decided BECAUSE a majority of the population wouldn't make it to those ages, but now that has changed and we are all living longer and are generally healthier longer.

Much as I am peeved about my state retirement age being raised to 67 and probably much older in the coming years, I know its not going to change so we all need to be looking at our private pension schemes and look to pay as much as possible to ensure we can retire when we wish. Of course we also now have the opportunity to draw the funds from our pensions after 55 so we *could* invest them elsewhere to enable us to retire earlier than the statutory age.

DH and I have already had a reduction in our previous employers pension when the recession hit and many companies changed our retirement age and how much would be paid out so this too will affect our planned retirement, so we have sought advice and have come up with an alternative plan.

Sadly the fact is (no matter who is in government) there just isn't enough money to do all things that society has come to (or wants to) expect. Things need to change.

I am however pleased that the retirement age for all is now the same, this seems fair to me.

[sam_b]

Originally Posted by fizzypop

But if we are all in work until we are 75, where are the jobs for the young ones to start building up their pension pots?

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That’s my point, I don’t think that we should be in work until 75 - I am doing everything possible to ensure that I stop work 20 years before that, and IMHO we should all be trying to do this by NOT being reliant in govt dictated pension age.
Automation and older people failing to take responsibility for their own financial future are the biggest threat to younger people finding employment ...