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Unread 18 Aug 19, 02:34 PM  
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#49
DisneyWannabe
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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.
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Unread 18 Aug 19, 02:35 PM  
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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?
Thats my point, I dont 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 ...
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Unread 18 Aug 19, 02:48 PM  
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#51
WhereIBelong
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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.
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Unread 18 Aug 19, 02:49 PM  
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#52
Tinkerbell 1
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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 dont stack up.

People really need to focus on their private provision, Im 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 dont think anyone on this site can moan about having to work in to their 70s if theyve prioritised Florida holidays over their pension provision.
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Unread 18 Aug 19, 02:53 PM  
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#53
taffs travels
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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.
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Unread 18 Aug 19, 03:02 PM  
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#54
sam_b
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Originally Posted by Tinkerbell 1 View Post
I should probably grab my tin hat right now but I dont think anyone on this site can moan about having to work in to their 70s if theyve prioritised Florida holidays over their pension provision.
I will share that tin hat and agree
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Unread 18 Aug 19, 03:13 PM  
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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.
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Unread 18 Aug 19, 03:21 PM  
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I'm 33 and when I have to enter my retirement age on my work pension portal I usually put 70. Probably optimistic.
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