retirement age increase

mjm3346

Loughton_Monkey wrote: »

You can start taking any of your additional private pension arrangements at any time from age 55. You do have some don't you?

That is where people were hardest hit when the age was raised from 50 to 55, a far bigger percentage increase of working life than tacking a year or two on the state pension age.

seven-day-weekend

iris wrote: »

Doesn't your husband also get Incapacity Benefit to 'supplement' your income? (see your previous posts)

Not everyone can get this 'benefit' and the future doesn't look rosy for claimants.

My Father was in the construction industry all his working life and found the last few years before retirement very hard.

Working in an office type environment is so much easier physically and generally speaking you do get a lot more perks i.e. pensions, paid holidays etc. I know because I used to work in the pensions industry.

Yes, he gets a reduced amount of IB (reduced because of his Occupational Pension). However, we would have retired anyway, we did not count the IB into the equation as we thought it would stop when he took early retirement.

He still does not get his State Pension as he is not old enough, I have only received mine since last year.

I appreciate not everyone is able to save in a decent Pension and that physical work is much physically harder than sedentary. However, what is the answer? The State Pension can easily be paid out for thirty-plus years with people living longer, it would not be affordable without the increase in State Pension age.

bendix

diable wrote: »

I entered in to a contract when I started work back in 1980 that I would work X amount of years and pay X amount into the system so to be able to retire at 65, it has now changed to 66 so I need to work 50 years instead of 49 years ok its not that much but when some of us started there was no talk or advice about private pension funds (which seem to have bombed and are worthless) I don't think that that there was any small print stating things could change..........

Complete and utter tosh. What is the point of contributing to a discussion if you don't have a clue of the basics.?

1) You entered no such contract. No such contract has ever existed.
2) When you started working you needed 44 years of NI contributions to qualify for a full state pension. Today yuo need only 30. You have actually benefited. The rules work in your favour.
3) No talk about private pensions? What are y ou talking about? Why do you need talk? Do you need advice on feeling hungry before you eat?

If you want to retire before the age when state pension benefits kick in, save your own money.

And stop whining.

RichandJ

bendix wrote: »

Complete and utter tosh. What is the point of contributing to a discussion if you don't have a clue of the basics.?

1) You entered no such contract. No such contract has ever existed.
2) When you started working you needed 44 years of NI contributions to qualify for a full state pension. Today yuo need only 30. You have actually benefited. The rules work in your favour.
3) No talk about private pensions? What are y ou talking about? Why do you need talk? Do you need advice on feeling hungry before you eat?

If you want to retire before the age when state pension benefits kick in, save your own money.

And stop whining.

Afraid it's just going to get worse bendix. It starts in childhood, where any form of learning is uncool, and continues into adulthood where 'sleb culchur, carp tv programmes, red top papers and what the bloke in the pub said are more important than either finding things out for yourself or, horror, taking any responsibility for yourself.

It's always someone else's fault, 'someone shoud do something', it's not fair, etc, etc, ad nauseum, ad infintum.

And they breed.

dunstonh

Afraid it's just going to get worse bendix. It starts in childhood, where any form of learning is uncool, and continues into adulthood where 'sleb culchur, carp tv programmes, red top papers and what the bloke in the pub said are more important than either finding things out for yourself or, horror, taking any responsibility for yourself.

This is the problem for a nanny state that encourages people to be stupid and then pats them on the back for being stupid. No doubt someone will try and class stupidity and laziness as an illness soon.

Svenena

I was sent a letter from the government a few years back, (presumably when the legislation was bought in), explaining about the increase in the state retirement age, and suggesting I might like to invest in a personal pension. It also provided some basic guidance about pensions. At the time I had literally no money, so I couldn't do anything about it at the time, but it did stick in my mind, and gave a really good sense of the importance of pensions (which I hadn't thought about before).

I assume this was sent to everyone around my age (and presumably is still being sent out), so younger people don't really have an excuse. My state pension age will be 68, but I intend to retire well before that.

Loughton_Monkey

dunstonh wrote: »

This is the problem for a nanny state that encourages people to be stupid and then pats them on the back for being stupid. No doubt someone will try and class stupidity and laziness as an illness soon.

Should be ripe for a few benefits:

PRAS [Personal Responsibility Avoidance Syndrome]
Santandaphobia [Fear of financial institutions and saving]
SAYMD [Spend all your money disorder]
PBDS [Personal Budget Deficit Syndrome]

dunstonh

NEWIPAD - a disease that causes people to buy useless rubbish they dont need at the expense of things they do.

seven-day-weekend

Also ARS ES : Assets Reduced, Spent Everything, Syndrome
BU MS: Being Unaware, Money Spent

Hungerdunger

seven-day-weekend wrote: »

Also ARS ES : Assets Reduced, Spent Everything, Syndrome
BU MS: Being Unaware, Money Spent

...and not forgetting:
Financially Uninterested; Couldn't Keep Earnings; Destitute