Pension age worries

[Jennywren]

I worry for our DD not much chance of her making extra provision for her pension while having to pay off a student loan, she already has too much month left at then of her money and she is far from extravagant.

[dubletrub]

Originally Posted by sam_b

Agreed, and those who work in minimum wage jobs, for whatever reason, should have state pension provision - the state should provide for those who cannot. But that will apply to very few people on this forum, given its focus. For the rest of us, we should be fiscally responsible enough to plan our futures.

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Not wanting to get into an argument as I partly agree with you, but I am a widow on a not so good wage but I am not putting extra into my small pension when I have experienced how short life is. Half of my last holiday is on a 0% card I am paying off. I am taking a risk but having my husband work all his life and pass away before retirement what little money I have will go to helping me enjoy life now. Plus I don't have expensive holidays every year, I go indirect economy and try to do things cheaply where possible and mostly my holidays are Europe. Although a large % of dibbers will be good earners and have more disposable income I know a few are very working class like myself who do not and will never be able to look at early retirement

[Tinkerbell]

Originally Posted by Lisbon

Where do you live

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Extremadura, Spain

[Adora]

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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Who says you'll get to keep your job until then? A lot of companies won't want someone in their 70's working for them, so will find a way to get rid of plenty of the older generation one way or another, the government have made it super easy for companies to sack employees now with no repercussions. So they sack you at 70, stating some reason that you can't argue against with evidence, and you can't claim your private or state pension (if there is still one then) for another five years. What do you do in the interim five years with no money?
The pension age will raise, I don't think anyone can reasonably say it won't, but that doesn't mean companies will be willing to keep an ageing workforce in employment when younger workers are stronger, faster, with less rights and lower starting wages for their ages.

[JLH]

Originally Posted by dubletrub

Not wanting to get into an argument as I partly agree with you, but I am a widow on a not so good wage but I am not putting extra into my small pension when I have experienced how short life is. Half of my last holiday is on a 0% card I am paying off. I am taking a risk but having my husband work all his life and pass away before retirement what little money I have will go to helping me enjoy life now. Plus I don't have expensive holidays every year, I go indirect economy and try to do things cheaply where possible and mostly my holidays are Europe. Although a large % of dibbers will be good earners and have more disposable income I know a few are very working class like myself who do not and will never be able to look at early retirement

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Totally agree with everything you wrote , I worked with someone who carried on working until 65 and then planned to go round the world. She died two months after leaving and hadn't even left for the first part of her trip. Some people on here work very hard and save for a very long time to be able to go to Florida and I for one dont feel anyone should be made to feel bad about prioritising a holiday, be it Florida or Skegness , over putting extra into a pension pot. I would rather live in a caravan(as someone said earlier) than give up my memories of my holidays with my family.

[Tinkerbell 1]

Originally Posted by JLH

Totally agree with everything you wrote , I worked with someone who carried on working until 65 and then planned to go round the world. She died two months after leaving and hadn't even left for the first part of her trip. Some people on here work very hard and save for a very long time to be able to go to Florida and I for one dont feel anyone should be made to feel bad about prioritising a holiday, be it Florida or Skegness , over putting extra into a pension pot. I would rather live in a caravan(as someone said earlier) than give up my memories of my holidays with my family.

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I don’t think anyone is saying you should feel bad but it’s a gamble. Lots of people will live a very long retirement and if you chose to prioritise memories in the here and now then you can’t moan when you’re still working at 70.

[dubletrub]

Originally Posted by Tinkerbell 1

Exactly this, retirement is now more like 30 years instead of 10 and the numbers just don’t stack up.

People really need to focus on their private provision, I’m in my early forties and I have no expectation of a state pension, anything I get will be a bonus.

I should probably grab my tin hat right now but I don’t think anyone on this site can moan about having to work in to their 70s if they’ve prioritised Florida holidays over their pension provision.

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30 years! Must be because of the area I live in them but in my 51 years I know 1 person, my nana who lived until 90 but she never worked after having children. All my other relatives died in their 60s and 70s so not even 20 years. My dad just died at 82 so got 17 years retirement.
I know more and more people passing of cancer before retirement so I find the 30 years retirement laughable !

[Disneydreamer91]

Originally Posted by dubletrub

30 years! Must be because of the area I live in them but in my 51 years I know 1 person, my nana who lived until 90 but she never worked after having children. All my other relatives died in their 60s and 70s so not even 20 years. My dad just died at 82 so got 17 years retirement.
I know more and more people passing of cancer before retirement so I find the 30 years retirement laughable !

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My mum and aunt never hit retirement.

Like you only my Nan has managed it and that’s because she gave up work years ago.

I can’t think of the future. I put my allocated lot into my private pension and will have to see what the future holds...

Like you I’ve seen too much of life being short and wouldn’t trade some of the wonderful memories I’ve shared in Florida for anything

[JLH]

Originally Posted by Tinkerbell 1

I don’t think anyone is saying you should feel bad but it’s a gamble. Lots of people will live a very long retirement and if you chose to prioritise memories in the here and now then you can’t moan when you’re still working at 70.

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Well I wasn't meant to be working until I was 70 when I started at the age of 16 ! Yes I know holidays can be had elsewhere for cheaper amounts and throughout my children's childhood we have been on every type of cheap holiday available .I feel like you are implying that holidays should only be a priority for people that can afford to put more into their pension pot and I cant agree with that at all, my apologies if I am interpreting it wrong.

[Tinkerbell 1]

Originally Posted by dubletrub

30 years! Must be because of the area I live in them but in my 51 years I know 1 person, my nana who lived until 90 but she never worked after having children. All my other relatives died in their 60s and 70s so not even 20 years. My dad just died at 82 so got 17 years retirement.
I know more and more people passing of cancer before retirement so I find the 30 years retirement laughable !

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I’m in the south east and yes life expectancy is better here than Scotland for example. DH Nan live to 96, my Nan is 86, grandfathers died in their 80s. That said we lost DMIL last year at 70 only two years after grandmother in law.

I work for a pension company and longevity tables are telling us people are living longer but of course it won’t apply to everyone and there are regional variations. The problem is whilst people are living longer they are spending more of it in poor health.