Pension age worries

[dubletrub]

Originally Posted by tspill

I dont disagree with any of this - everyone gets to make their own choices.
But what then happens is people then whinge and complain when they dont like the consequences of these choices.

See more...

Wow, I'm alright jack

[tspill]

Originally Posted by Moorlandman

Spot on. TSpill has either a) a final salary pension b) £1m+ in a SIPP to retire at 53 to live comfortably

To suggest that younger people should give up holidays and iPhones and they will be able to retire at a similar age is farcical now that the decent final salary pensions have disappeared.

See more...

So if it is "farcical" - please explain the options (that they have control over)? If they dont make provision - what sort of later life will they have?

Unfortunately there is no magic answer here. Whether you think it farcical or not, there is a reality looming that looks like it is getting worse (as per the first post where this started). People - young or old need to face up to this reality. If we dont - we are in for a very miserable life.

It is what it is and complaining and calling it farcical etc. will make no difference to the facts. The only thing that will make a difference in later life is the choices on how we use our money today.

[CarolynU]

Let me preface this by saying that I’m fortunate. I retired at 60 and received a company pension and at 65 received my state pension. I count myself lucky every single day.
What concerns me is the effect that this will have not only on the people who are on a minimum wage and simply can’t afford to top their pensions up, particularly those in physically demanding jobs but also on the companies that employ them.
Imagine having had a loyal hardworking workforce which becomes age heavy but can not afford to retire and yet can’t cope with the job demand either and therefore take significant sick days. Unscrupulous bosses will find a way of dismissing them but anyone with scruples will be truly torn.
How many of us on here complain about waiting in for someone to turn up to fix something only to find they don’t turn up? Won’t that get worse if at the start of the day the company finds out that 3 or 4 tradesmen haven’t been able to come in or are injured?
What about expecting a delivery of heavy white goods with instillation and a 75year old huffs and puffs his/her way indoors with it complete with bad back?
Yes there are many folk who have choices, but I’m sure that there are many who don’t. I’m only 65 but could I carry and unload big boxes full of heavy tins and stack shelves with them bending up and down? Not a chance. Could I be on my feet all day long cutting hair? No! Would I have the energy at 75 to be a hospital cleaner? Never!
So is the answer to just sack everyone in these kinds of jobs so that younger more physically able people can take their place?
I’d imagine that for this sector of people news like this must be extremely worrying and their choice to make additional substantial private contributions virtually nil.

[tspill]

Originally Posted by dubletrub

Wow, I'm alright jack

See more...

So what is your actual suggestion? How do you think people should prepare for their future?

[Lindaelaine]

Originally Posted by tspill

I dont disagree with any of this - everyone gets to make their own choices.
But what then happens is people then whinge and complain when they dont like the consequences of these choices.

See more...

I’m whingeing at the governments choice of raising the goalposts, I’m 65 and won’t get my pension till May next year , I didn’t get any choice in the matter 😟

[tspill]

Originally Posted by Lindaelaine

I’m whingeing at the governments choice of raising the goalposts, I’m 65 and won’t get my pension till May next year , I didn’t get any choice in the matter 😟

See more...

This is the reality on many things the government decides.

[Moorlandman]

Originally Posted by tspill

It is what it is and complaining and calling it farcical etc. will make no difference to the facts. The only thing that will make a difference in later life is the choices on how we use our money today.

See more...

Increase taxation to pay for better pensions
Abolish the 40% tax relief for those earning above XX

[tspill]

Originally Posted by Moorlandman

Increase taxation to pay for better pensions
Abolish the 40% tax relief for those earning above XX

See more...

Those are things over which you or I have no control so cant rely on ever happening. We dont get any choice over these things - other than at the macro level when we elect out (useless) politicians.

BTW - I am not saying these are bad things.

[dubletrub]

Originally Posted by tspill

So what is your actual suggestion? How do you think people should prepare for their future?

See more...

As I have said more than once, people on the minimum wage and national living wage do not have the disposable income to put anything near the amounts away to allow early retirement and these are the people in demanding physical jobs.
You just keep saying that people should prepare for their future, I am one of those people, I pay into a pension I have holidays because I work hard and you condisendingly say we are not doing enough.
I don't know what the answer is but we are all not well off enough to do what you do and put £1,000s away and a florida holiday every few years doesn't make us bad people.
I am out of this now because I think you are so stuck in your thinking nothing anybody says will get you to listen.
You are a very fortunate person to be able to be in a position to put so much away but I think you need to live a little and let your hair down, you are a long time dead 😢

[tspill]

Originally Posted by dubletrub

As I have said more than once, people on the minimum wage and national living wage do not have the disposable income to put anything near the amounts away to allow early retirement and these are the people in demanding physical jobs.
You just keep saying that people should prepare for their future, I am one of those people, I pay into a pension I have holidays because I work hard and you condisendingly say we are not doing enough.
I don't know what the answer is but we are all not well off enough to do what you do and put £1,000s away and a florida holiday every few years doesn't make us bad people.
I am out of this now because I think you are so stuck in your thinking nothing anybody says will get you to listen.
You are a very fortunate person to be able to be in a position to put so much away but I think you need to live a little and let your hair down, you are a long time dead 😢

See more...

As I said previously, early retirement came from very hard work and some sacrifices. Far from just being fortunate - it took a lot of effort and some difficult choices.
And I wasn't suggesting anyone was "bad" - not sure where that came from.
What is it you want me to "listen to"?