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State pension age rise needed to balance books
Comments
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One thing that has been conveniently overlooked in this discussion is the question of jobs. Those over 50 – sometimes even over 40 – find it almost impossible to find any job. Who do you think is going to employ someone in their sixties and seventies?
I know lots of solicitors and barristers who work over 50 (and over 60, for that matter)
My Dad's 61, and earning more per hour than ever....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
And you forget that even £2k a year into a pension scheme is only £80k after 40 years. What does that give? £4k a year. Big deal. Can you live on that?
Compound interest........much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
neverdespairgirl wrote: »I know lots of solicitors and barristers who work over 50 (and over 60, for that matter)
My Dad's 61, and earning more per hour than ever.
Ummmm.....<cough> - those are professional jobs - and things tend to be a bit/okay a lot different to other jobs.....0 -
That's not actually true at the moment.Procrastinator333 wrote: »I'm off out, so only time to pick holes in the biggest holes.
1) I clearly explained just about every worker has access to a scheme where the company pays in to it as well. I used the example of the company I work for. Not the most generous, but certainly ok scheme.
I've worked for more than one company where they have a pension scheme in place where the company doesn't contribute.
They are legally allowed to do this until about 2012 when pension reforms come in.
GD numbers cover expensive regions in the country including those where you are more likely to get the average salary.Procrastinator333 wrote: »
2) Where can they save money? In your numbers. What person on £25k pays £670 on rent????!!!!! You share with someone or get a 1 bed. Seriously? £670?! The first place I rented with my other half cost £700 a few years ago. Now a few salary rises along we spend £1,100 a month. Even now renting a place bigger than we actually need, we are still well under your £670 a month!
You may live in a cheaper area but I doubt most of the workers in that area earn the average.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
Ummmm.....<cough> - those are professional jobs - and things tend to be a bit/okay a lot different to other jobs.....
Most of the working people I know are one or the other (-:...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
There is no reason to assume life expectancy will rise more and more - there will come a point at which it will plateau.
I agree, the way todays kids are kept off the streets and addicted to computers etc . the rise on obesity could mitigate other advances.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
IveSeenTheLight wrote: »Which is why people choose to invest in alternative investments.
When a DC scheme cannot provide you with a pension you know you are going to get, many will seek alternative options
There is no 'alternative investment' that can be relied on. The state has an obligation to support its elderly citizen with an adequate pension, and it's already disgrace that the British pension is so low. By delaying it continuously they are making this essential safety net virtually non-existent.0 -
neverdespairgirl wrote: »Compound interest.....
LOL!!! Yeah, with bank deposit interest rates below CPI let alone RPI, you'll probably receive a fraction of what you put in. Reverse compound interest!0 -
IveSeenTheLight wrote: »I'm sure it will, however the average age has been rising and those that provide pensions therefore have to cover for a longer period.
It boils down to either receiving less each year or reducing the time in which the pensions cover i.e. increasing the retirement age
When life expectancy plateau's, pensions won;t need to cover a longer period.
The government is not an insurance company, it takes money through tax, not premium payments. Obviously there will be a need to increase NI contributions to cover things like higher life expectancy for pension payments - we need to accept this. NI will need to rise to 15% - I can't see any way of avoiding this and the government needs to accept it as well. The state pension will require a bigger slice of the government spending pie, simple as that.0
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