Pension age worries

[Guest]

I agree with the above.
However I find it challenging to.do this when the goal poststs keep moving.

I had my plans to 60. My pension age was adjusted to 65, I adjusted, then 67 I adjusted. This adjustment might be one too far too close to the point at which the change comes in.

I really feel.for the way in which those women only slightly older than me have been hit on the head with the NI changes.

[Tinkerbell]

I’m sure the NHS will have lots of training days for nurses aged 75 to be educated in carrying a bed pan while pushing a zimmer

[WhereIBelong]

Originally Posted by FamilyGWales

I agree with the above.
However I find it challenging to.do this when the goal poststs keep moving.

I had my plans to 60. My pension age was adjusted to 65, I adjusted, then 67 I adjusted. This adjustment might be one too far too close to the point at which the change comes in.

I really feel.for the way in which those women only slightly older than me have been hit on the head with the NI changes.

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Yep, same here- made plans from when I started work at 17 - for state retirement age 60, then 65, then 67, now proposed to be at least 70 - and I am 55 now, I retired early with my Civil Service pension literally just before these latest proposals (health not great so want to actually be able to take some pension) they keep moving the goalposts when we have plans in place - I may have left it 2 or 3 years hearing these proposals.

It certainly is a challenge.

[megaflyer]

Originally Posted by Mumsy554

So if people are going to have to work until they are 75 are we going to have 75 year old airline pilots ,train drivers ,bus drivers etc,don't people's reaction times decrease as they get older.Also there will surely be less jobs for our younger generation to go into. People are going to have less time to enjoy their "retirement" years. Are we going to work until we die.!

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A lot of those professionals will have planned to retire at a certain age say 55 or 60 and have made private provision to do so . I will retire before 60 and the state pension does not factor into my financial affordability Calculations like many of my age I have saved in a pension since I started work many many years ago as I like to be the master of my finances . Other bodies can and do change their criteria like pension age, tax thresholds and the like - I can’t control that but I can control what I save .

[BevS97]

I have paid into my work based pension wherever I have worked. However unfortunately I’ve changed companies quite a few times and I don’t seem to have accrued a massive amount.

I assumed I’d be retiring at 60 and if I’d know at 22 that I wouldn’t be getting either my state pension or my local authority pension until 67 I would have made different arrangements. I naively assumed the work pensions I was being offered were enough.

[tspill]

Originally Posted by BevS97

I was contracted out, my forecast shows I will get a full state pension but I won't get the additional portion which for me is £27 a week.

I hope that my pension that I was contracted out for is worth at least that but there is definitely no guarantee...

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I am not sure I understand this. Surely there is only one "full" state pension - currently around £168 I think?
By the extra £27 - are you referring that option to pay an additional 5 years NI to get this?

I appreciate that some may get more than £168 if they paid a lot into S2P before 2016 and that this was their "higher" amount when we were all baselined in 2016. In effect grandfathering I think.

[tspill]

Originally Posted by BevS97

I have paid into my work based pension wherever I have worked. However unfortunately I’ve changed companies quite a few times and I don’t seem to have accrued a massive amount.

I assumed I’d be retiring at 60 and if I’d know at 22 that I wouldn’t be getting either my state pension or my local authority pension until 67 I would have made different arrangements. I naively assumed the work pensions I was being offered were enough.

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I think some of what you have experienced is a major part of the problem - none of us were educated on pensions when we started work. And this lack of education on something so critical continues today.
Given that planning for the long term is now much more important for young people, it staggers me the lack of education on this. It should be a core part of secondary education. Money paid into a pension in our early 20s will work the hardest of pay the highest benefits/returns as it has the longest time to grow.

[BevS97]

Originally Posted by tspill

I am not sure I understand this. Surely there is only one "full" state pension - currently around £168 I think?
By the extra £27 - are you referring that option to pay an additional 5 years NI to get this?

I appreciate that some may get more than £168 if they paid a lot into S2P before 2016 and that this was their "higher" amount when we were all baselined in 2016. In effect grandfathering I think.

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Everyone gets a full state pension. And then there was SERPS which was an extra state pension. When I log into my account it says I would have been due £27 for SERPS but I opted out. At least that is how I’m reading it.

[djewkes]

Sadly everyone is not guaranteed a full state pension... just 37% at the moment but they are expecting around 50% of people to receive the full amount next year...

[Guest]

The other pressure coming is the pension change when you were allowed to withdraw or access your pension pot without an annuity. I know annuities had their detractors, but I think there will be a bulge in pressure on the state where people have taken their pension lots and had a jolly good time. When they get older and have none left they will be calling on the state.
This could either be because of lack of knowledge about how the system works or just thinking it doesn't matter if I buy this Lamborghini for my trips to Lidl by the time I need help.when I am older the state will help me.

I know there are some fab pension advisor out there to help but sometimes good advice isn't listened to.