MSE News: Pension age to rise earlier than planned

Percy1983

artha wrote: »

Don't worry, you won't be that bothered as by the time you reach state retirement age you'll probably be suffering from dementia anyway and your pension will be taken back off you to pay for care home costs.

That made me feel a lot better about the situation! :rotfl::rotfl:

artha

Percy1983 wrote: »

That made me feel a lot better about the situation! :rotfl::rotfl:

Actually behind my light hearted point is a more serious point.

The Government are saying that people are living longer and should be given the opportunity to work longer. The problem is that for many people these extra living years are not necessarily healthy years. The dramatic increase in the numbers of dementia sufferers is testament to that.

Lincoln_Imp

Percy1983 wrote: »

Being 26 now it scares me to think what the retirement age wil be by the time I get there (if I make it).

Im guessing at 86

Captain_Moonshine

artha wrote: »

Actually behind my light hearted point is a more serious point.

The Government are saying that people are living longer and should be given the opportunity to work longer. The problem is that for many people these extra living years are not necessarily healthy years. The dramatic increase in the numbers of dementia sufferers is testament to that.

That is absolutely right.

Even if people are healthy beyond 65, being given the opportunity to work longer is one thing, and I agree with it, but forcing people to work longer is quite another.

Dementia can hit at any age, although it is more common in people over 50, and other ailments such as arthritis can cause major problems too. Many people of my age (60) have already had hips and knees replaced, and my left hip is starting to go.

I believe that forcing people to work longer is both utterly pointless and self-defeating.

lvader

Captain_Moonshine wrote: »

That is absolutely right.

Even if people are healthy beyond 65, being given the opportunity to work longer is one thing, and I agree with it, but forcing people to work longer is quite another.

Dementia can hit at any age, although it is more common in people over 50, and other ailments such as arthritis can cause major problems too. Many people of my age (60) have already had hips and knees replaced, and my left hip is starting to go.

I believe that forcing people to work longer is both utterly pointless and self-defeating.

If you are disabled and can't work surely you would get disability benefits, so this really only affects healthy people. If anyone wants to retire early they can, they just have to save for it. I want to retire at 55 but I know I will have to make many sacrifices to make it happen.

MacMickster

Captain_Moonshine wrote: »

If we were living in times of full employment and labour shortages, increasing the pension age may make some kind of sense but in this age of high unemployment it is just plain ridiculous. There aren't enough jobs to go round as it is, and forcing people to work longer will simply mean more youngsters unemployed. Surely paying unemployment benefit to a young family would cost the country far more than paying a pension to a single person or pensioner couple?

The monetary saving is not the most important thing to consider. Around a million people retire each year. In the year that the pension age increases this means that a million jobs which would have been available to the unemployed will no longer be there. We are teaching our young the benefits culture instead of the work culture which does nothing for our future economic prospects.

bexster1975

Well its made my decision easier. Once I hear how much more I will be expected to pay per year into my public sector pension in October, and how much less I will get when I actually retire, I fully intend to withdraw from the scheme and deal with my own wealth accumulation. As I have some shares and savings already and am only 30, I have plenty of time to make my own investments and will be able to cash them in whenever I like!
bexster:)

lvader

bexster1975 wrote: »

Well its made my decision easier. Once I hear how much more I will be expected to pay per year into my public sector pension in October, and how much less I will get when I actually retire, I fully intend to withdraw from the scheme and deal with my own wealth accumulation. As I have some shares and savings already and am only 30, I have plenty of time to make my own investments and will be able to cash them in whenever I like!
bexster:)

Do both, take the penson that includes some free money and save.

Proxy

bexster1975 wrote: »

Well its made my decision easier. Once I hear how much more I will be expected to pay per year into my public sector pension in October, and how much less I will get when I actually retire, I fully intend to withdraw from the scheme and deal with my own wealth accumulation. As I have some shares and savings already and am only 30, I have plenty of time to make my own investments and will be able to cash them in whenever I like!
bexster:)

Absolute madness. If you don't want it, Ill have it.

In other thoughts, why not introduce a phased state pension? Half the current amount from 65-70 and then full whack? Rather than push the whole lot to 68?

molerat

Percy1983 wrote: »

Being 26 now it scares me to think what the retirement age wil be by the time I get there (if I make it).

Your retirement will come whenever your own investments will allow you to, not at an arbitary age decided by the government. This is now bringing home the point of making your own plans for retirement.