I've long since given up any hope of retiring. I reckon I will still be working into my 80s, if I'm still of this parish.
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The government has decided that you will now get your pension at the same time as your telegram from the Queen!
http://www.bbc.co.uk/news/business-40658774
I've long since given up any hope of retiring. I reckon I will still be working into my 80s, if I'm still of this parish.
Will this change the age I can draw my private pension?
How the feck do they expect roofers, brickies etc to still be grafting at that age? Alright if you're sat on your arse in an office all day, but seriously this is taking the piss. Years ago most firms would have an unwritten policy that nobody over the age of 55 works up ladders, common sense dictated this.
At least we've been given some warning so that I can pay a little more into my private pension scheme...
The state pension has bounced up recently to a weekly payment of £155.65 (£8,094 PA) , Think it was £115.95 (£6,029 pa).It now has the triple lock as well .
So I guess a 40 year old will have to save £8,094 over the next 28 years to make up for that lost year , its around a fiver a week I think ,they could try and save that shortfall and still retire at the same time, not great news , at least its a fair bit of notice .
Think the world of good early pensions has gone sadly , and its driving a bigger debate ,not only the state pension one there is the liability of the public sector pension to the public purse , the sad fact the private sector working people don't earn enough to match the public sector pensions , so they will lean more on the need of a fundable state pension .
Folk are living longer although we have seen a recent slow down, so that liability obliviously grows with it .
You even see the pension liability impacting on saving jobs like Tata Steel and many other old heavy industries ,that have enjoyed very good pensions .
Ain't an easy one this , along with many other funded debates , like health , hey maybe it the broken NHS fault for keeping us alive longer ?
Trying to make ends meet, you're a slave to the money then you die.
Solution-
Raise income tax, also raise the tax-free allowance.
LOWER the pension age to 60
More coffin dodgers retire, freeing up decent jobs for youngsters, who earn wages, pay tax and NI instead of this zero-hours crap,
Their tax and NI pay for the pensioners.
Simples.
There was a BBC article a few months back which I believe was titled "how to live off £20,000 a year once you retire". The answer was to start saving young and put X towards your pension per week/month.
I can't remember what X was but I felt it was quite high given how poor wages are for many young people and how expensive rent is. I certainly could not afford it.
And all before Brexit kicks in....
Work all your life, pay into the system all your life, for some c*nt who's never worked a day in their life to be looked after. Welcome to GREAT Britain.
I think i'm at 67 before i get mine, no final salary here!! but to be fair, just like the NHS, when these schemes were set-out, life expectancy wasn't what it is now and with further advances in medicine, will get longer, i'd love to be able to retire like many do at my age but just accept that, god willing, i'll have to work until 67 (at present but expect it to increase) I don't think that it's an easy problem to solve other than a population cull by means of a war or disease outbreak (something like Ebola!!)