Changes to retirement age for woman

Zena_Barton

I am one of the unlucky ones who have had their retirement age changed not once but twice it seems. Thinking I was going to retire at 60 I set up insurance to protect my income, life cover, etc. Now it looks as though I will not be able to retire until I am 67. This is terrible as now I have a big gap in my level of protection.

Unfortunately since I took out the policies I have had some ill health so cannot get a new policy now. Is there anything we could all do together about this? Perhaps we could lobbby the government to ensure that Insurance companies must make the upgrades to people who have tried to be sensible but through their changes have made this impossible.

Your thoughts and comments please.

ACG

Why should insurance companies foot any changes being enforced by the government?

Do you have to reitre at 67? You have probably arranged your mortgage etc to fall in line with you retiring at 60. OK you wont get your full state pension at 60 but do you have a personal pension or something? The government cant force you to retire at 67.

lisyloo

I am one of the unlucky ones who have had their retirement age changed not once but twice it seems.

Or you could look on the bright side and appreciate that through better nutition and health care your longevity has increased greatly.
It won't change anthing in the real world, but it might change your outlook which can have a very big effect on your happpiness.

Now it looks as though I will not be able to retire until I am 67.

You can actually retire at any age you like. I think you mean you can't get your state pension until 67.

This is terrible as now I have a big gap in my level of protection.

I am a little confused. Surely your mortgage and liabilities haven't automatically increased from 60->67 have they?
Are you sure you really need this protection? as it's no immediately obvious to me why you need it if you expected to be on a pension at 60.
Surely if you get sick you can claim means tested benefits? which whilst they won't be at your new income level, they should be at the pension level you expected to be earning?
Or am I missing something?

Is there anything we could all do together about this?

No, basically we cannot afford the previous promises.
All of us have to accept we have to pay more in, get less out and work longer.
If you expect private companies to put the bill then that's just a fatansy I'm afraid.

dunstonh

The increase from age 60 to 65 took place in 1995 and was under consultation for a good few years. So, at what point did you arrange your insurance policies and why did you not review them when the law changed?

You have an income protection policy so you should still be able to continue making retirement provision.

mjm3346

As lisyloo says the outgoings you need to cover should still finish at 60.
If you then continue working you will not need to be paying the insurance premiums so should be keeping even more of your pay and almost certainly within two or three years at most will have earned as much as you would have got in state pension payments all the way to age 67.