Retirement age

[Wales-Bales]

Is it going to be shifted?

[IanD]

Re: Retirement age

Is it going to be shifted?

Already has been. Chances are, those in their 30s/40s will have to work until 70 to get a state pension in the future. Demographics....people living longer. Not enough young people of working age to support an older population.

[North Cardiff Blue]

Re: Retirement age

Is it going to be shifted?

For those born after 5 April 1960, there will be a phased increase in SPA to 67, and eventually 68. The SPA is due to rise from 66 to 67 by 2028. The next increase, to 68, is not due to happen until between 2044 and 2046, affecting those born after April 1977.

The State Pension age is increasing and it's set to reach 67 by 2028. The age at which you can access your private pensions is 55, and is expected to rise to 57 in 2028.

[IanD]

Re: Retirement age

For those born after 5 April 1960, there will be a phased increase in SPA to 67, and eventually 68. The SPA is due to rise from 66 to 67 by 2028. The next increase, to 68, is not due to happen until between 2044 and 2046, affecting those born after April 1977.

The State Pension age is increasing and it's set to reach 67 by 2028. The age at which you can access your private pensions is 55, and is expected to rise to 57 in 2028.

It wouldn't suprise me if the age at which you can access private pensions is pushed up to 60, too. Thankfully, that doesn't apply in my case. Plus, I've been paying voluntary Class 3 NICs to bump up my state pension in four years time.

[Former Labour leader]

Re: Retirement age

Rioting in France over raising it to 63.
Very sad that in the UK we just roll over.

[Rjk]

Re: Retirement age

in China I think the retirement age is 55 in some cases, possibly even 50, different for men and women and if it's a manual job or office work.

[Rjk]

Re: Retirement age

Rioting in France over raising it to 63.
Very sad that in the UK we just roll over.

yep, modern automation means we can create more with less effort etc, but these advances are only making those at the very top richer and richer, while normal workers have to stay working into their 70s soon.

[Wales-Bales]

Re: Retirement age

For those born after 5 April 1960, there will be a phased increase in SPA to 67, and eventually 68. The SPA is due to rise from 66 to 67 by 2028. The next increase, to 68, is not due to happen until between 2044 and 2046, affecting those born after April 1977.

The State Pension age is increasing and it's set to reach 67 by 2028. The age at which you can access your private pensions is 55, and is expected to rise to 57 in 2028.

I heard they have to make a decision soon and the date may be brought forward. Does anybody have better information?

[UNDERHILL1927]

Re: Retirement age

Rioting in France over raising it to 63.
Very sad that in the UK we just roll over.

People are too busy getting pissed and hating Gary Lineker

[IanD]

Re: Retirement age

in China I think the retirement age is 55 in some cases, possibly even 50, different for men and women and if it's a manual job or office work.

That will change. The one child policy to reduce population growth means that China is facing its own demographic time bomb. An ageing population with fewer working age population.

[Rjk]

Re: Retirement age

That will change. The one child policy to reduce population growth means that China is facing its own demographic time bomb. An ageing population with fewer working age population.

yes they will look to change it soon, but I can't see it getting to 67 or 68 anytime soon

[North Cardiff Blue]

Re: Retirement age

I heard they have to make a decision soon and the date may be brought forward. Does anybody have better information?

No I don't think there are plans to change at present.

[North Cardiff Blue]

Re: Retirement age

It wouldn't suprise me if the age at which you can access private pensions is pushed up to 60, too. Thankfully, that doesn't apply in my case. Plus, I've been paying voluntary Class 3 NICs to bump up my state pension in four years time.

It's probably a good idea, the country needs people to work for longer, and a lot of people retiring at 55 are skint by 60 and looking to rely on the state.

The majority of people outside of government-funded pensions are not putting enough away.

I would imagine in the longer term, state pensions will become some sort of retired persons' state benefits, as there won't be enough money in the pot to fund everyone, it will be like the care system, if you have money or a decent pension you won't qualify for the full state pension, maybe it will be tiered, but something will have to change?

[MOZZER2]

Re: Retirement age

all this talk of retirement age but what would be a decent pension pot to retire on these days ?

obviously depends on your lifestyle but what would be enough to give a decent standard of living after you put your 2 fingers up to the rat race

as a gauge anything between 250 -500k private pension plus state pension ? sounds like we have a few experts in this field on here

[Pearcey3]

Re: Retirement age

Already has been. Chances are, those in their 30s/40s will have to work until 70 to get a state pension in the future. Demographics....people living longer. Not enough young people of working age to support an older population.

The thing is people are not living longer in the U.K. Average male life expectancy for males is down to 78.7 years and for females 82.7 years.