MSE News: State pension age 'heading for late 60s'
in Pensions, annuities & retirement planning
19 replies 2.8K views
Former_MSE_Guy Former MSE
This is the discussion thread for the following MSE News Story:
Read the full story:
State pension age 'heading for late 60s'
State pension age 'heading for late 60s'
This discussion has been closed.
Latest MSE News and Guides
Energy Price Cap change
Martin Lewis on what it means for youMSE News
Best £1 you've ever spent?
Share your most impressive bargainsMSE Forum
New MSE Forum avatars available
Try 'em out nowMSE Forum
Should be the first port of call for this government to tackle.
Police retirement at age 55 ?????????? its not that physical sitting in a patrol car waiting for the next motorist. You dont see them walking the streets where scumbags run riot ruining decent peoples lives, maybe if they did then the public would show more support towards them.
The main retirement age will head to 70, I'm sure, merely as an obvious reaction to improvements in healthcare leading to increased life expectancy leading to the need to earn for more years to pay for more retirement years.
When I started work in 1972, the official pension age was 65, but it was "well known" that youngsters (then) like me would be retiring at age 55. A society of more and increasing wealth, coupled with a boom in leisure industries was 'certain' to make this happen.
In fact, so strong was this 'conditioning' that I went through 34 years of work knowing I would retire at 55. OK, I missed it by 4 months, but retired at 56 all the same. Glad I did.
All that is happening now, and for obvious reasons, is that Governments are looking to save money and what better way to do this than to delay paying state benefits (in the form of pensions)?
The need to link actual retirement age to the age at which state pensions are paid is clearly directly proportional to the degree any one individual is going to need to rely on them.
For younger people, therefore, I would strongly council them to do everything they can (a) to diminish their reliance on state pensions, and (b) to set up their own goals and plans to retire at the age that suits them.
There are some extremes. Some people love work so much they would not retire however much money they have in the bank. Others who have had no opportunity, or inclination, to save will be forced to retire when the state pays their pension (earliest).
All those in the middle will have the same choice I had - to retire when they want.
I once saw a fat cop perspiring
I said 'what's the time? I'm enquiring
Then out of the blue
He said "Haven't a clue"
I'm both stupid and shy and retiring
From a personal perspective, I knew I was over the hill at about 58, at least in the position I held throughout my main working life. That didn't mean I was completely past it, but as no structured mechanism existed to ease me into a less demanding role, I retired, took my pension early and moved into something altogether different. This has kept me fit and away from needing help from the NHS, but all the expertise I had, and the training I received, has been wasted.
Suddenly, around 60, many people find themselves unable to properly cope with the roles they were happy with a decade previously. Times and thinking change more rapidly than ever before. Sometimes it's a physical thing , sometimes mental, and frequently a bit of both. Facing folk with the prospect of soldiering-on, especially when that impacts negatively on many others, is undesirable, but that's what may happen if the only alternative is to work in the local B&Q.
Structured winding-down is something which needs planning just as much as career paths for the young. Yes, it's great that many my age run charities and keep the social scene alive in many areas, but we can do much more
I shall now have to look for another job as I will have to retire at 62 due to my pension scheme conditions, my wife has lost her state pension for 6 years even though she has contributed fully towards it all her working life and now mine is to be delayed further. :(I have no working life left to fund top ups etc, unlike you young smart mouths who are denigrating public sector pensions. The pay and conditions are crap and now so is the pension and retirement, thanks a lot british public it has been nice serving you, NOT!!!!!!!!!:mad::mad::mad::mad: