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MSE News: State pension age should go up again, report recommends
Legacy_user
Posts: 0 Newbie
Millions of workers in their early 40s face having to wait an extra year to collect their state pension...
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'State pension age should go up again, report recommends'
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'State pension age should go up again, report recommends'
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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Ive said for years my generation won't retire and anyone paying into pensions would be better putting their money elsewhere as yes it saves you from some tax now but in years to come you get taxed on your pension again regardless:T:T :beer: :beer::beer::beer: to the lil one
:beer::beer::beer:0 -
dawyldthing wrote: »Ive said for years my generation won't retire and anyone paying into pensions would be better putting their money elsewhere as yes it saves you from some tax now but in years to come you get taxed on your pension again regardless
I've said for years that I can't rely on the STATE PENSION for my retirement, and therefore am assuming that to retire at a decent age, I will need to make adequate provision myself.
Whilst you may pay some tax on your pension in retirement, you will suffer a far lower rate and pay no NI. And you will benefit from employer contribution.
So, in summary, I disagree with you completely: whatever your generation, pensions remain the true first choice as investment vehicles for your retirement. They might be under threat, but are still the overwhelming lead.0 -
I'm alright, Jack...
..... at the moment.
:D 0 -
This is the actual report:
https://www.gov.uk/government/publications/state-pension-age-independent-review-final-report0 -
I don't think anyone should plan to rely on the State Pension alone, I started work in 1979 and have always thought the rules would change, they did. I wasn't able to contribute to a private pension until the late 80s and joined a company scheme in the 1990s. The State Pension age and the terms of the company scheme have changed over the years. If I get to retire early I plan to take a reduced company pension and use drawdown on my private pot. The problem today is convincing anyone that pension saving is worth it at all, it is not seen as a priority but the closer you get to retirement the bigger an issue it becomes. I am treating the State Pension as a top up if I ever get to collect it at 67, if I continue working until then I would have completed 50 years. Gone are the days when women could take a State pension from 60 and a man at 65 with company pensions available from 50. Those that could take advantage of this should consider themselves very lucky.0
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dawyldthing wrote: »Ive said for years my generation won't retire and anyone paying into pensions would be better putting their money elsewhere as yes it saves you from some tax now but in years to come you get taxed on your pension again regardless
That's not strictly true.0 -
Just say there's not enough money in the kitty, and we can't pay for this bottomless pit of geriatric malingering.
Make care home jobs income tax free, if you are over 50.
Let's face it, these young mobile phone addicts won't give older folks the time of day, even if we did get a job in the same office.
So, pay over 50s peanuts to look after the over 70s.
Offer euthanasia to anyone getting state pension.
Don't use lethal injection, can't use the organs, and you don't want to put toxins into the soil. Induce coma, then asphyxiate.0 -
I've paid into a personal pension for almost 40 years and will be drawing out £15000 the next tax year, next month and won't be paying any tax on it. As i'm sure will many others.dawyldthing wrote: »Ive said for years my generation won't retire and anyone paying into pensions would be better putting their money elsewhere as yes it saves you from some tax now but in years to come you get taxed on your pension again regardless 0 -
Anyone who proposes a rise in future state pension age should be barred from drawing a pension of any description until that age.0
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State pension funding is not "pay as you go" but "from hand to mouth".
My only terror in recent years was that my company pension might be held back until my state pension age of 66. Thankfully not.0
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