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

custardy

margaretclare wrote: »

I don't think this can be true. The Queen now sends out a huge number of 100-year old birthday congratulations, far more than she did at the start of her reign in 1952. Anyone reaching 100 now must have, by definition, have been born in the early years of the last century, before the First World War.

Those of us who were children at the time of the Second World War have been described as the 'golden cohort' because we were healthier than any generation before or since. Rationing ensured enough food but not enough. Sweets were severely limited - rationing again. No school buses or taxis, so walking or cycling everywhere - exercise was taken as a matter of course. Our standard of living - health-care, housing, working conditions - has been far better than any earlier generation.

I have also read that, in the case of men who've survived past their 65th birthday, escaping industrial injuries or illness, not having been killed in wars, and avoiding the diseases of middle age like heart disease (which killed my first husband before his 60th birthday), they have as good a life expectancy as a woman. That it presently, into one's middle 80s.

It really makes no sense expecting to live the last 20-30 years of one's life on an inadequate pension from age 60.

life expectancy at time of birth,not as it is now

sandsy

Wielding the wooden spoon...... it could be argued that women should only start receiving their pension 5 years after men as they live about 5 years longer on average .......

Barneysmom

I don't think I'll be physically able to work till I'm 65+ ?
I'm 47 and shattered now. I worked from 16 yeasr old till 18 years old when I started my family. Then I didn't work till I was 24 and have worked constantly since.
I don't know when I can retire but I'm so tired now.......I'm really struggling.

McKneff

at 47 youre nobbut a bairn, not far past the prime of your life.

You really shouldnt be knackered. You should be having the time of your life if your children are grown up. (no offence intended, Im sure you know that)

Its amazing what you can do, when push comes to shove.
I started work at 15, had a year off at 18 with my first, then 4 years later had another year off with my second, have worked full time ever since till i got to 60 last October. Then down to 3 days a week.. 20 years ago i started with multi joint arthritis, then Osteoporosis, then pernicious aneamia, but I wont let it control me, i think thats what keeps me going, Im a control freak. lol.
Yet looking at me I'm the picture of health, its a bit of a drawback at times.

I suppose it depends on what kind of work yu do really, i work in the construction industry (secretarial and accounts) and see some of these 60 year old builders who are absolutely knackered physically and look 10 years older.

Pollycat

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!!!!

As with other posters, I'm really surprised that you've only just found out about this change to womens state pension age.
I've known about it for years.
But then again, I've had a long-term plan for my retirement and made sure I read everything that I was sent about pensions.
I'm a couple of years older than you but it will still affect me.
Up in arms? We didn't get a choice about it.
Who has recently advised you about this?

BM_Surrey wrote: »

Amazing how everyone seems very accepting to these rises in retirement age. Equality does not necessarily mean that one party should suffer - they could have reduced the retirement age for men!! Look some more flying pigs!

I don't think we were actually given any choice about it. :cool:
Anybody who thought that lobbying for equality in state pension age for men & women would mean that men would get their state pension at 60 instead of 65 was living in cloud-cuckooland.

BM_Surrey

I originally thought that I was going to lose around two and a half years. But when I went for my Pension Forecast last year it transpired that this was no longer the case - it had increased to nearly five years. I do understand that people are living longer and that some changes would have to be made. I just think that my age group is taking the brunt and that there could have been a softer transition. I have been running my own business for the last 15 years and I have been stitched up big time by a couple of clients who, altogether have taken me for more than £100k!! My energy is sapped because of all the stress, the loss of money has hit hard, and the thought of finding new work for a further five years was just the icing on the cake!!

custardy

BM_Surrey wrote: »

I originally thought that I was going to lose around two and a half years. But when I went for my Pension Forecast last year it transpired that this was no longer the case - it had increased to nearly five years. I do understand that people are living longer and that some changes would have to be made. I just think that my age group is taking the brunt and that there could have been a softer transition. I have been running my own business for the last 15 years and I have been stitched up big time by a couple of clients who, altogether have taken me for more than £100k!! My energy is sapped because of all the stress, the loss of money has hit hard, and the thought of finding new work for a further five years was just the icing on the cake!!

why do you feel your generation is taking the brunt?
it was 65 when i started working,its what 68 now,and will no doubt be a good few years more when i finally retire
women retiring earlier than men is something that had to go
or do you want sexual equality only when its better for your gender?

dunstonh

I just think that my age group is taking the brunt and that there could have been a softer transition.

There was a soft transition. It was announced nearly 15 years ago and the retirement age was increased over a 5 year period (so you had women getting state pension at 62 and 3 months for example).

I have been running my own business for the last 15 years

Are you also aware that as you are self employed you only get the basic state pension anyway. You don't qualify for the state second pension like an employed person would.

Pollycat

BM_Surrey wrote: »

I originally thought that I was going to lose around two and a half years. But when I went for my Pension Forecast last year it transpired that this was no longer the case - it had increased to nearly five years. I do understand that people are living longer and that some changes would have to be made. I just think that my age group is taking the brunt and that there could have been a softer transition. I have been running my own business for the last 15 years and I have been stitched up big time by a couple of clients who, altogether have taken me for more than £100k!! My energy is sapped because of all the stress, the loss of money has hit hard, and the thought of finding new work for a further five years was just the icing on the cake!!

Why did you think you were only going to lose 2.5 years?
You make it sound like there has been 2 different changes.
You were NEVER going to get your state pension at the age of 62-and-a-half.
It was either 60 (if you were born on 5/4/1950 or earlier) or sometime between age 60 and 65 depending on your date of birth.

IIRC, there has been details available of when you will receive your state pension depending on your date of birth for a long, long time.
I remember this being introduced very clearly.
I worked in a large office with a lot of women (in an occupational pension department).
I'm pretty sure there was some offical notification about this.
It created a lot of discussion.

Softer transition?
The Government could have said anybody born on 5/4/1950 or earlier got their state pension at age 60 but anybody born 6/4/1950 or after would have to wait until age 65.
I'm glad they went for a softer transition.

dunstonh

For reference, it the change was in the PENSIONS ACT 1995. I recall it being under consultation for a few years before that as well. There was media coverage at the time.