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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.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.
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.
I heard they have to make a decision soon and the date may be brought forward. Does anybody have better information?
People are too busy getting pissed and hating Gary Lineker
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
No I don't think there are plans to change at present.
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?
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.
Roughly 5% of your pot at age 60 plus, so Ł250K = Ł12,500 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.
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.
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
Think about tidying the loft.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
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.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
Best of luck anyway!
We can afford it but we choose to make the insanely rich even richer instead.
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.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
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.
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