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Work longer: new pension bombshell for under-50s
http://www.x404.co.uk/forum/viewtopic.php?f=19&t=14707
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Author:  Amnesia10 [ Sun Sep 11, 2011 3:59 pm ]
Post subject:  Work longer: new pension bombshell for under-50s

http://www.guardian.co.uk/money/2011/se ... bshell-50s

Quote:
The government will bring forward an increase in the state pension age to 67 under radical plans designed to prolong the working life of millions of people aged 50 and under.

Ministers are already pushing controversial changes through parliament to raise the age at which men and women can claim a pension to 66 by 2020. Now, as the government moves to keep up with the "express train" of life expectancy, the retirement age could rise to 67 as early as 2026.

Steve Webb, the pensions minister, has told the Observer that further moves are necessary and the coalition government will rip up the former administration's timetable, under which the pension age was to be increased to 67 in 2036 and 68 by 2046. Webb, a Liberal Democrat, indicated that he was not seeking merely to tinker with the timescales. He said: "The timescales for 67 and 68 are too slow. If it is 67 in the mid-2030s we will be going backwards in terms of share of your life in retirement. I mean the problem would be worse than 20 years before."

Wow that will cheer some of you up.

Author:  Linux_User [ Sun Sep 11, 2011 4:21 pm ]
Post subject:  Re: Work longer: new pension bombshell for under-50s

I'm 24, and TBH by the time I retire I expect the pension age will be 70+.

Author:  belchingmatt [ Sun Sep 11, 2011 4:49 pm ]
Post subject:  Re: Work longer: new pension bombshell for under-50s

HeatherKay wrote:
As this is fundamentally the same as the other "you ain't never gonna retire, slave" thread, I'll lock this one.


What makes it even more amusing is that they were both started by the same person. :lol:

Author:  Amnesia10 [ Sun Sep 11, 2011 6:03 pm ]
Post subject:  Re: Work longer: new pension bombshell for under-50s

belchingmatt wrote:
HeatherKay wrote:
As this is fundamentally the same as the other "you ain't never gonna retire, slave" thread, I'll lock this one.


What makes it even more amusing is that they were both started by the same person. :lol:

:oops:

Author:  HeatherKay [ Sun Sep 11, 2011 6:59 pm ]
Post subject:  Re: Work longer: new pension bombshell for under-50s

I have the rather depressing thought that I may never actually retire. The age will creep further up as I get closer (currently it's less than 20 years away) but I'll never reach it.

In the end, my guess is there won't be such a thing as a state pension. Everyone will be encouraged to start saving for their retirement in some form or another as soon as they manage to find any paid work. If they don't save, they can't retire and will have to carry on earning a crust until they drop dead. :(

Author:  ShockWaffle [ Sun Sep 11, 2011 7:18 pm ]
Post subject:  Re: Work longer: new pension bombshell for under-50s

HeatherKay wrote:
I have the rather depressing thought that I may never actually retire. The age will creep further up as I get closer (currently it's less than 20 years away) but I'll never reach it.

Oh dear, it seem's Zeno's paradox of Achilles and the tortoise is coming back after 2,500 years to strike you in the pension pot :o
http://en.wikipedia.org/wiki/Zeno%27s_p ... e_tortoise

Author:  Amnesia10 [ Sun Sep 11, 2011 8:08 pm ]
Post subject:  Re: Work longer: new pension bombshell for under-50s

HeatherKay wrote:
I have the rather depressing thought that I may never actually retire. The age will creep further up as I get closer (currently it's less than 20 years away) but I'll never reach it.

In the end, my guess is there won't be such a thing as a state pension. Everyone will be encouraged to start saving for their retirement in some form or another as soon as they manage to find any paid work. If they don't save, they can't retire and will have to carry on earning a crust until they drop dead. :(

The problem is that the government have imposed the costs of NHS reforms on the public and many other screw ups which means that we have little to put aside for pensions. I was discussing with my dad today the lack of pension savings. It will cause a surge in taxes in years to come otherwise people will simply not be able to retire. In the meantime the rich will have funnelled their wealth offshore out of reach of the tax man.

Author:  ShockWaffle [ Sun Sep 11, 2011 8:58 pm ]
Post subject:  Re: Work longer: new pension bombshell for under-50s

Amnesia10 wrote:
The problem is that the government have imposed the costs of NHS reforms on the public and many other screw ups which means that we have little to put aside for pensions. I was discussing with my dad today the lack of pension savings. It will cause a surge in taxes in years to come otherwise people will simply not be able to retire. In the meantime the rich will have funnelled their wealth offshore out of reach of the tax man.

Well in that case this is obviously a peril specific to the UK and not one that other countries will be experiencing. After all, if our government's claim that demographics are the root cause is accurate, then other countries with similar demographics to ours would have exactly the same looming issue. But you have cunningly noted that local economic policy is what it's all about, not demographics at all.

Author:  tombolt [ Sun Sep 11, 2011 9:16 pm ]
Post subject:  Work longer: new pension bombshell for under-50s

I don't expect to retire to be honest and nor do I think I want to. Retirement seems a bit dull to me. I will be up for a bit of winding down, but doing f-all for twenty years doesn't appeal.

Author:  Linux_User [ Sun Sep 11, 2011 10:05 pm ]
Post subject:  Re: Work longer: new pension bombshell for under-50s

tombolt wrote:
I don't expect to retire to be honest and nor do I think I want to. Retirement seems a bit dull to me. I will be up for a bit of winding down, but doing f-all for twenty years doesn't appeal.

When you do plan to retire exactly? Bearing in mind the average age of death for a man in the UK is 75-78 (depending on area).

Author:  jonbwfc [ Sun Sep 11, 2011 10:24 pm ]
Post subject:  Re: Work longer: new pension bombshell for under-50s

I plan to die at work. And to make life really interesting I plan to qualify as an airline pilot :twisted: .

(actually, maybe today isn't a good day to make that joke....)

Jon

Author:  mikepgood [ Sun Sep 11, 2011 10:50 pm ]
Post subject:  Re: Work longer: new pension bombshell for under-50s

hey,i'm over 50. intend to go out at the most cost efficient point to benefit the family.

Author:  l3v1ck [ Mon Sep 12, 2011 5:32 am ]
Post subject:  Re: Work longer: new pension bombshell for under-50s

Working longer isn't a major issue. Getting people to employ over 55's is.
If you lose a job at that age it's very very hard to get another one.

Author:  HeatherKay [ Mon Sep 12, 2011 7:19 am ]
Post subject:  Re: Work longer: new pension bombshell for under-50s

l3v1ck wrote:
Working longer isn't a major issue. Getting people to employ over 55's is.
If you lose a job at that age it's very very hard to get another one.


Actually I'm finding it hard to get another one and I've not even reached 50.

But that's another tale for another thread.

I don't think I'll ever really retire as such. In my line of work, there's scope to continue working until you're simply not capable any more. Hopefully there'll be a pittance of a state pension to help me along, but I have a retirement plan already schemed out. I can tell you one thing: I don't intend to moulder in an armchair when I stop working.

I ought to clarify that if I remain self-employed as a freelance artworker/wannabe pro photographer, then I will mostly enjoy working until I pop my clogs. :lol:

Author:  tombolt [ Mon Sep 12, 2011 8:21 am ]
Post subject:  Work longer: new pension bombshell for under-50s

Linux_User wrote:
tombolt wrote:
I don't expect to retire to be honest and nor do I think I want to. Retirement seems a bit dull to me. I will be up for a bit of winding down, but doing f-all for twenty years doesn't appeal.

When you do plan to retire exactly? Bearing in mind the average age of death for a man in the UK is 75-78 (depending on area).


Well, I don't plan to retire. I was just using my grandparents as an example - one retired at 50 and died in his late 80s, the other retired at 60 and died in his late 80s. I've no ideas how long I'll live, predictions made now aren't necessarily reliable as things will have changed by then. I doubt my grandparents thought they'd live as long as they did, or they wouldn't have retired so early.

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