Pension age worries

[shabba]

My mother is 76, still works & loves it. My father spent his career in the Police then RAF. Retired then 1 year before State Pension age, popped his clogs.
I'm lucky, I get a Local Government, Railway & Army pension at 60 followed by my Civil Service pension linked into the state retirement age. Though I can take this at an earlier age but vastly reduced. I am fully expecting the retirement age to rise to at least 70 for this age group in the next year or two, irrespective of this recommendation/suggestion.

[Omega1]

Originally Posted by Pumpkin Pie

Most baby boomers never went to university therefore student loans were irrelevant to most. Most left school at 15/16 and have worked since.

House prices were lower, yes but with 15% interest rates I don’t know about anybody else but we struggled and I resent being told I never had it so good when the best holiday we could afford was in a caravan for years. Maybe you had it good but a lot of us struggled just like our children do now at that age.

This baby boomer attitude really annoys me - we worked for everything we have and by the way just in case anyone here thinks we all have gold plated pensions then they have been reading the trashy red tops too much.

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In 1972, I received a means tested student grant to go to university. I was the first of my family to go university, no one else had stayed in education beyond 15 years old. Around 60,000 went on to higher education that year - nowadays around 340,000 go on to HE. It has been a policy of government to expand HE with the consequence of affordability and the introduction of tuition fees, etc.
We had caravan holidays in the U.K. and France with our priorities being paying our mortgage, paying the bills, buying our one car and trying to save a little bit along the way. A holiday in Florida was a pipe dream and only achieved when I was 48! Baby boomers had it easy - tosh.

[Bootrip2]

Will a delay in getting to state pension age also affect when we can get some pensions, ie NHS is linked to State pension age?

[Leggibone]

Ahhh bum! That’s no fun! Of course in line with those changes to the state pension, they will raise the age you can access private pensions (they are already raising it to 57/58 in line) I think that it’s just going to cause more strain on the nhs and other benefit systems as people in physical jobs start working themselves to the bone and getting injured! That combined with the removal of final salary pensions, means private personal pensions are going to be more important then ever!

[Guest]

Originally Posted by Bootrip2

Will a delay in getting to state pension age also affect when we can get some pensions, ie NHS is linked to State pension age?

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A number of public service pensions which were subject to the reforms in 2015 have the new pension age tied to the age of the state pension. I don't know if the NHS one is part of that. I would have thought so possibly.

[Pumpkin Pie]

I read some of these posts and think if only life was so simple. Yes it’s easy to say carry on working for as long as you can to enable yourself to have a comfortable old age but life has a habit of turning your well laid plans upside down for a number of reasons.

I planned to retire at 60 or maybe 65 depending on how I felt at the time but loo and behold I was diagnosed with cancer at 51. It was a wake up call for me (my mother died aged 47) and decided to retire when I was 55. Nobody knows what’s round the corner and we certainly don’t skimp on holidays on the off chance we might live until we are 90.

Don’t know about anyone else on here but pensions were the last thing we thought about when we were struggling to pay our mortgage and raise our young children. Fancy holidays abroad were not up for discussion. It is only when you get older that you can afford to put money aside and of course that can be too late for some.


It is shocking that most of the large companies appear to have abandoned their pension schemes - you are just a number to them and loyalty and hard work counts for nothing.

[Leggibone]

Originally Posted by Bootrip2

Will a delay in getting to state pension age also affect when we can get some pensions, ie NHS is linked to State pension age?

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Most likely, some people have preserved pension ages (from old plans back when spa was younger/linked to certain proffessions) at the moment you can access pensions at age 55, this is due to raise to 57/58 inline with 10 years before spa, so if they raise the state pension age this will raise the age you can access benefits, and scheme will have to alter their access age inline.

[munmun]

Originally Posted by Pumpkin Pie

Most baby boomers never went to university therefore student loans were irrelevant to most. Most left school at 15/16 and have worked since.

House prices were lower, yes but with 15% interest rates I don’t know about anybody else but we struggled and I resent being told I never had it so good when the best holiday we could afford was in a caravan for years. Maybe you had it good but a lot of us struggled just like our children do now at that age.

This baby boomer attitude really annoys me - we worked for everything we have and by the way just in case anyone here thinks we all have gold plated pensions then they have been reading the trashy red tops too much.

See more...

I agree we had tough times when we were young but like you we now take foreign holidays and like you have been to Australia and other exotic destinations and many places in the US. We didn't make it to the USA with out children until 1987, I think you went before us in 1979?

Today, we are very comfortable and very lucky.

[TillySmith]

Originally Posted by FamilyGWales

A number of public service pensions which were subject to the reforms in 2015 have the new pension age tied to the age of the state pension. I don't know if the NHS one is part of that. I would have thought so possibly.

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I retired from the NHS in March 2015 after 42 years service ( I was 60 and 7 months), I do not get my state pension until June 2020 ! I think I left the NHS just in time.

[Omega1]

Originally Posted by munmun

Today, we are very comfortable and very lucky.

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That’s true - but the more I planned, saved, lived within my means and paid into my pension, the luckier I got!🤔😂