55 year old women lose approx £30k in State Pension

BM_Surrey

I am 55 years old. I have been advised that I cannot now draw my state Pension until I am close to 65 years old. All my working life I have been lead to believe that I will get my state Pension at the age of 60. It seems that, over night, I have lost 5 years of state pension which amounts to around £30,000. I cannot understand why more women my age are not up in arms about this??!! Particularly, as the wait to collect my Pension has doubled from 5 to 10 years overnight!!!!

ThelmaLouise

Unfortunately this gradual change to 65 for women (to make it the same as men's state pension age) has been in the pipeline for about 5 years now - I know as I am also 55 and in the same boat as you! But it could be worse - will probably be 70 for those a bit younger!

Lokolo

ThelmaLouise wrote: »

Unfortunately this gradual change to 65 for women (to make it the same as men's state pension age) has been in the pipeline for about 5 years now - I know as I am also 55 and in the same boat as you! But it could be worse - will probably be 70 for those a bit younger!

Sadtimes for Lokolo

dunstonh

I have been advised that I cannot now draw my state Pension until I am close to 65 years old.

These changes have not occured now. They were first announced over 15 years ago.

All my working life I have been lead to believe that I will get my state Pension at the age of 60.

Thats a shame but it was an incorrect assumption.

It seems that, over night, I have lost 5 years of state pension which amounts to around £30,000.

15 year is not exactly overnight. Think yourself lucky your state pension age is 65. Mine is 67.

I cannot understand why more women my age are not up in arms about this??!

Mainly because it was announced 15 years ago and is a consequence of wanting equality.

Particularly, as the wait to collect my Pension has doubled from 5 to 10 years overnight!!!!

Again, not overnight but over 15 years. Just as the increase from 65 to 68 is occurring over the next 34 years.

mjm3346

Think yourself luck as you will probably avoid the rise to 66.

If the Conservatives get in men will have to wait an extra year for their state pension from 2016, with the pensionable age rising from 65 to 66.
For women the state pension age rise in stages to 65 by 2020. This will still happen; additionally, under the Conservatives, the age will rise again to 66 in 2020.

A 58 year old man earning £25,000/year will retire at 65 under Labour, the Conservatives will save him a total of £259 in National Insurance for which he will have to work a year longer.

custardy

Im expecting to work to 70,or maybe beyond
it was a stupid rule that women (who generally live longer) got their pension 5 years before men

mjm3346

mjm3346 wrote: »

Think yourself luck as you will probably avoid the rise to 66.

If the Conservatives get in men will have to wait an extra year for their state pension from 2016, with the pensionable age rising from 65 to 66.
For women the state pension age rise in stages to 65 by 2020. This will still happen; additionally, under the Conservatives, the age will rise again to 66 in 2020.

A 58 year old man earning £25,000/year will retire at 65 under Labour, the Conservatives will save him a total of £259 in National Insurance for which he will have to work a year longer.

Silly me forgot to add that although he will save £259 up to the age 65 he would then have to pay an extra years worth of NI contributions so there is actually no saving under the Conservatives but still an extra year to work.

bristol_pilot

Women have been campaigning for decades for equality with men...be careful what you wish for.

McKneff

Am i right in thinking that you stop paying NI when you get to 60?

mjm3346

McKneff wrote: »

Am i right in thinking that you stop paying NI when you get to 60?

It was 60 but it goes with the state retirement age so is rising (along with free travel etc).

mitchaa

BM_Surrey wrote: »

I am 55 years old. I have been advised that I cannot now draw my state Pension until I am close to 65 years old. All my working life I have been lead to believe that I will get my state Pension at the age of 60. It seems that, over night, I have lost 5 years of state pension which amounts to around £30,000. I cannot understand why more women my age are not up in arms about this??!! Particularly, as the wait to collect my Pension has doubled from 5 to 10 years overnight!!!!

The system is/was sexist. Women wanted equal rights so you've got to take the rough with the smooth.