Notices
General Chat This forum is for general topics and chat type threads.

Reply
 
Thread Tools Search this Thread Display Modes
Old 18 Aug 19, 02:48 PM  
Link to this Post
#51
WhereIBelong
Thread Starter
Imagineer
 
WhereIBelong's Avatar
 
Join Date: Aug 15
Originally Posted by fizzypop View Post
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?
we will be employing them to provide the care for our 90 year old parents that we would have been providing for free had we been retired.
WhereIBelong is offline Click to view Members Trip Plans Add Member to Ignore List
Old 18 Aug 19, 02:49 PM  
Link to this Post
#52
Tinkerbell 1
Imagineer
 
Tinkerbell 1's Avatar
 
Join Date: Feb 09
Originally Posted by DisneyWannabe View Post
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.
Exactly this, retirement is now more like 30 years instead of 10 and the numbers just donít stack up.

People really need to focus on their private provision, Iím 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 donít think anyone on this site can moan about having to work in to their 70s if theyíve prioritised Florida holidays over their pension provision.
Tinkerbell 1 is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 18 Aug 19, 02:53 PM  
Link to this Post
#53
taffs travels
VIP Dibber
 
taffs travels's Avatar
 
Join Date: Apr 08
Location: Wales
I was born in 67 so at present i can claim my pension , at 67.
I started work at 16 so according to my forecast i have already paid enough contributions for a full pension. However i will still have to pay contributions for the next 15 year but with no further benefit to myself.
If this raised to 70-72 , what happens to all those extra payments? i presume they are to pay for pensions for people who have never worked due to disability etc?. which is fine as everyone needs to be taken care of , but at what age will it stop rising.
taffs travels is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 18 Aug 19, 03:02 PM  
Link to this Post
#54
sam_b
Imagineer
 
sam_b's Avatar
 
Join Date: Nov 03
Location: Cheshire
Originally Posted by Tinkerbell 1 View Post
I should probably grab my tin hat right now but I donít think anyone on this site can moan about having to work in to their 70s if theyíve prioritised Florida holidays over their pension provision.
I will share that tin hat and agree
__________________
Disney - Too many times - now Exploring the world!
Reykjavik, Budapest, Berlin, California, Tennessee, New York, Philadelphia, Las Vegas, Boston, Oregon, Utah, Arizona, Alaska, Toronto, Vancouver, Whistler,Prague, Munich, Berlin, Cologne, Brussels, Amsterdam, Canaries, Rome, Thailand, Malaysia, Cambodia, Japan, Singapore, Australia, New Zealand, Korea, Macau,Hong Kong, Myanmar, Helsinki, Athens, Norway
sam_b is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 18 Aug 19, 03:13 PM  
Link to this Post
#55
dubletrub
Imagineer
 
dubletrub's Avatar
 
Join Date: Sep 09

theDIBB Guidebook
Guidebook Photos: 3
Mobile

Originally Posted by sam_b View Post
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...
The problem is not everybody is educated and lots of people work in minimum wage jobs and just manage to live. They can't afford to pay lots extra into pension pots that will allow them to retire early.
__________________
Jenny
July/August 2010 ~ Villa, Mission Park & RPR, July/August 2012 ~ DIBB Villa, Highgate Park & RPR, July/August 2014 ~ Sadly had to cancel, August 2019 ~ POR 1st time on site
New York 2017, trip report HERE
dubletrub is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 18 Aug 19, 03:21 PM  
Link to this Post
#56
SquishTheWhale
Imagineer
 
SquishTheWhale's Avatar
 
Join Date: Mar 18
Location: Milton Keynes
Mobile

I'm 33 and when I have to enter my retirement age on my work pension portal I usually put 70. Probably optimistic.
SquishTheWhale is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 18 Aug 19, 03:22 PM  
Link to this Post
#57
sam_b
Imagineer
 
sam_b's Avatar
 
Join Date: Nov 03
Location: Cheshire
Originally Posted by dubletrub View Post
The problem is not everybody is educated and lots of people work in minimum wage jobs and just manage to live. They can't afford to pay lots extra into pension pots that will allow them to retire early.
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.
__________________
Disney - Too many times - now Exploring the world!
Reykjavik, Budapest, Berlin, California, Tennessee, New York, Philadelphia, Las Vegas, Boston, Oregon, Utah, Arizona, Alaska, Toronto, Vancouver, Whistler,Prague, Munich, Berlin, Cologne, Brussels, Amsterdam, Canaries, Rome, Thailand, Malaysia, Cambodia, Japan, Singapore, Australia, New Zealand, Korea, Macau,Hong Kong, Myanmar, Helsinki, Athens, Norway
sam_b is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 18 Aug 19, 03:41 PM  
Link to this Post
#58
WhereIBelong
Thread Starter
Imagineer
 
WhereIBelong's Avatar
 
Join Date: Aug 15
Lots of people will be working in minimum wage jobs on the run down to retirement though - it will be too hard to do otherwise for those of us who are not in tip-top health.

I am - part time and minimum wage after semi-retiring at 55 with a civil service pension from my previous career.
WhereIBelong is offline Click to view Members Trip Plans Add Member to Ignore List
Old 18 Aug 19, 04:01 PM  
Link to this Post
#59
Bootrip2
VIP Dibber
 
Bootrip2's Avatar
 
Join Date: Mar 13
Where can we find out if we are affected, i expect i will be as born in 66.
__________________
:
Bootrip2 is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 18 Aug 19, 04:06 PM  
Link to this Post
#60
sam_b
Imagineer
 
sam_b's Avatar
 
Join Date: Nov 03
Location: Cheshire
Originally Posted by Bootrip2 View Post
Where can we find out if we are affected, i expect i will be as born in 66.
Itís only a proposal at the moment - no one is impacted yet...
__________________
Disney - Too many times - now Exploring the world!
Reykjavik, Budapest, Berlin, California, Tennessee, New York, Philadelphia, Las Vegas, Boston, Oregon, Utah, Arizona, Alaska, Toronto, Vancouver, Whistler,Prague, Munich, Berlin, Cologne, Brussels, Amsterdam, Canaries, Rome, Thailand, Malaysia, Cambodia, Japan, Singapore, Australia, New Zealand, Korea, Macau,Hong Kong, Myanmar, Helsinki, Athens, Norway
sam_b is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Forum Jump


All times are GMT +1. The time now is 02:11 AM.


Powered by vBulletin - Copyright © 2000 - 2020, Jelsoft Enterprises Ltd.
Latest News
Posted in Airlines
On 3rd August 9:48am
The Civil Aviation Authority (CAA) has conducted a review into airline refund practices during the... Read More »
Posted in Disneyland Paris
On 1st August 1:13pm
With the new Ratatouille ride coming to EPCOT at Walt Disney World, Disney has released... Read More »
Posted in Walt Disney World
On 30th July 9:26am
Disney has not only been welcoming guests back to their theme parks, they have also... Read More »


theDIBB Menu


Exchange Rates
US Dollar Rates
ASDA  $1.2927
CaxtonFX  $1.2812
Covent Garden FX  $1.2924
FAIRFX  $1.3000
John Lewis  $1.2930
M&S  $1.2710
Post Office  $1.2679
Sainsburys  $1.2858
TESCO  $1.2867
Travelex  $1.2819
Updated: 02:00 07/08/2020
Euro Rates
ASDA  €1.0864
CaxtonFX  €1.0789
Covent Garden FX  €1.0902
FAIRFX  €1.0852
John Lewis  €1.0869
M&S  €1.0682
Post Office  €1.0658
Sainsburys  €1.0823
TESCO  €1.0828
Travelex  €1.0775
Updated: 02:00 07/08/2020

DIBB Premium Membership
Did you know you can help support theDIBB with Premium Membership?

Check out this link for more information and benefits, such as...

"No adverts on theDIBB Forums"

Upgrade Now