Is it going to be shifted?
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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.Quote:
Originally Posted by Wales-Bales
Quote:
Originally Posted by Wales-Bales
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.Quote:
Originally Posted by North Cardiff Blue
Rioting in France over raising it to 63.
Very sad that in the UK we just roll over.
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.
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.Quote:
Originally Posted by Former Labour leader
I heard they have to make a decision soon and the date may be brought forward. Does anybody have better information?Quote:
Originally Posted by North Cardiff Blue
People are too busy getting pissed and hating Gary LinekerQuote:
Originally Posted by Former Labour leader
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.Quote:
Originally Posted by Rjk
yes they will look to change it soon, but I can't see it getting to 67 or 68 anytime soonQuote:
Originally Posted by IanD
No I don't think there are plans to change at present.Quote:
Originally Posted by Wales-Bales
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.Quote:
Originally Posted by IanD
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?
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
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.Quote:
Originally Posted by IanD
Roughly 5% of your pot at age 60 plus, so £250K = £12,500 per year if you don't take the 25% tax-free cash, of course, it depends on the level of risk and market performance on drawdown.Quote:
Originally Posted by MOZZER2
It was only last week that I made further class 3 voluntary contributions, to bring my payment record up to 35 years.
My problem will be, that because I'm living in China, my pension won't be index linked.
Nail head.Quote:
Originally Posted by UNDERHILL1927
I’m counting down the days, 9 days til I step down & 78 days til I retire, going to be very strange after 48 years of continuous employment.
Suggestions please :sherlock:
Think about tidying the loft.Quote:
Originally Posted by Des Parrot
Think about tidying the garage.
Think about re-designing the garden.
Don't actually do it - just think about it.
I know a couple of people that have proper union jobs that have been working for 30-odd years. If your age and your years of service add up to 81 you can retire on a full pension with full health benefits for life. That deal won't be on the table to whoever inherits their jobs. Everyone should be able to retire at 60. At least you've still got a few decent years left.
That would require a whole new thread devoted to the topic.Quote:
Originally Posted by Des Parrot
Best of luck anyway!
We can afford it but we choose to make the insanely rich even richer instead.Quote:
Originally Posted by IanD
I retired about 18 months ago although it was phased in that I went part-time several years before that and then worked from home during Lockdown. The transition was therefore not as sudden as yours perhaps. However, shortly after retiring and after working for 48 years I found myself looking for jobs online without any intention of applying for them.Quote:
Originally Posted by Des Parrot
I now feel a tad guilty in that I can live better than most people in the world merely by getting up in the morning but life is great if you have your health. In fact,you have the opportunity to get fitter than you were in a sedentary job.
I walk, attend classes, socialise a lot more,attend footy games and travel a lot more. Can't remember being happier away from the pressures and frustrations of work and time is a wonderful gift.
:hehe:Quote:
Originally Posted by Cyclops
I speak to Elderly customers who are retiring ( early or not ) and they come in 2 typesQuote:
Originally Posted by Des Parrot
a. Im going to relax and do nothing for a few months, after all ive worked for 40 years I deserve that ( these normally, just sit in the chair and take it easy for 6 months, which turns into 9 months as its now maybe winter and its too cold / summer and its packed everywhere, they never really get going again, so that chair is what they know till they Die, health often deteriorates and they just wait to die )
b. Im going to do this or that hobby, live my life to the full and enjoy my retirement, but im not stopping, just changing work for enjoyment ( these normally look younger and have a decent life )
Choose Life, Choose B
Life and good health is finite. Make sure you do what you have always wanted to do before circumstances prevent you from doing it.Quote:
Originally Posted by blue matt
60 is a good age to retire, people need to be able to provide for themselves though, as the state retirement will keep getting pushed back, if people start work and commit 10% of their wages to a pension with an employer's top up it should still be possible.Quote:
Originally Posted by Doucas
Most people need a lot less in retirement anyway.
I think I'll do a combo of the two, 66% b 34% a, it is true about the Winter, it rains all the time in Wales and it's hard to get out as much, that's probably the time retired people should holiday.Quote:
Originally Posted by blue matt
https://www.theguardian.com/money/20...te-pension-age
Apparently the plan to bring forward the SPA has been paused until after the next GE
I retired five years ago after 44 years of continuous employment. I had a plan to do some things I'd always wanted to do like learn to play guitar and sail a dinghy. All well and good but didn't satisfy the need to feel valued. I looked at my skill set from work and now volunteer at the sailing club as their training adminstrator. I was always a keen DIYer so also volunteer one day a week at my local 7th tier football club doing grounds maintenance, paving, fencing, plumbing etc. Met loads of new friends into the bargain. So I'd say figure out what you're good at and volunteer those skills back into the community. Gives you a reason to get off your arse with no real pressure.Quote:
Originally Posted by Des Parrot
You can retire at any age you wish.Quote:
Originally Posted by NYCBlue
Only if you are able to.Quote:
Originally Posted by A Quiet Monkfish
That's right as long as you aren't bothered by things like money or living in the street.Quote:
Originally Posted by A Quiet Monkfish
True. But in absolute numbers the elderly are increasing. Also, growing infirmity places an increasing burden on government spending on the NHS, increasing national debt burden and necessitating extending retirement age.Quote:
Originally Posted by Pearcey3
Animated population pyramids for UK, UK, nations and individual towns and cities:
https://www.ons.gov.uk/peoplepopulat...ive/2020-01-08
On my retirement i will start a power trio. a la Rush,ZZ top,Nirvana and Depeche mode.