Revised retirement age

bigfreddiel

Caroline_a wrote: »

No, but there was no early notification to individuals of the rise in age, so I can understand why it would be a shock to some people.

how early do you need? is 15 years too little.

the recent changes hardly count as they're only a matter of months in most cases, something most people should be able to cope with

mumps

bigfreddiel wrote: »

the biggest reform happened in 1995

Well that is the confusing bit, the first change added up to five years, the second was one year and yet for me the first change added 2 years 3 months and the second 2 years 6 months. Well that is what the pension service tell me. If I had been born one day earlier, well 8 hrs if you want to be exact, I could retire 13 weeks earlier. Someone who is born 12 weeks and 6 days after me can retire on the same day as me, I say retire when I actually mean receive my SRP I will actually retire earlier than this.

bigfreddiel wrote: »

i stand orreected you were more like 41-42 (roughly) in 1995, perhaps all the more reason to have been aware of the reform in state pension age - as dunstonh says you can retire anytime you like

cheers

fj

I was aware of the change announced in 1995 in 1995, obviously I couldn't know about the second change at that time. Actually I preferred the idea of being 31 in 1995, shame you were wrong really.

mumps

bigfreddiel wrote: »

how early do you need? is 15 years too little.

the recent changes hardly count as they're only a matter of months in most cases, something most people should be able to cope with

Yes only 30 months for me, and with my pension forecast that represents a loss to me of £17,500. Take me a few months to put the extra away to make my plans work.

dunstonh

Caroline_a wrote: »

I disagree. There must be a huge amount of people who do not even know about this site, let alone this board!! Plus, 20 years ago pensions to people of that age were not even discussed, let alone read up about. I remember paying into my first pension which was longer than 20 years ago, and we had no meetings with advisers, options for this or that, we were just told 'this amount of money in your salary goes towards your pension', and that was that.

20 years ago there were over 100,000 advisers. There is around 20,000 now. I was an adviser in the early 90s when the state pension increase to age 65 passed into legislation and there was a lot of coverage. We had hand out guides and easy calculator cards. It was in the news and media.

I would put it down to it being that the younger you are, the less you care about things that affect you further away and are more prone to not knowing the correct information.

Actually this is wrong. The women's pension age began to rise in April 2010. So any women who had not seen the original decision about it would have been fairly shocked to see 2 rises in what appeared to be very quick succession.

It is not wrong. Back in 95 the pension age for women was announced as being increased to 65 in stages depending on date of birth. State pension forecasts from that time used the increased ages.

mumps

dunstonh wrote: »

It is not wrong. Back in 95 the pension age for women was announced as being increased to 65 in stages depending on date of birth. State pension forecasts from that time used the increased ages.

I must have slipped through the net as I have a much more recent forecast than 95 which shows my pension age as 60. It didn't confuse me as I knew it was wrong.

bigfreddiel

mumps wrote: »

Yes only 30 months for me, and with my pension forecast that represents a loss to me of £17,500. Take me a few months to put the extra away to make my plans work.

ahh well, its not that bad then

cheers

fj

atush

Torry_Quine wrote: »

It's been known about for many years though and discussed at length on here, in the media such as newpapers etc. To have no idea someone really must be living in isolation.

Perhaps 'these' women should have gotten their noses out of Closer and other women's mags and read the odd decent newspaper or even watched BBC or Sky news. They then would have known the situation 18 years ago. And would have had plenty of time to save for the change.

gingerkat

Contrary to comments, I was not unaware that this was going to happen - I never said that. I had children at that point (age 41 and not 31 as realised when the maths were corrected) and was working part time, so it was impossible to put more cash into a pension. By the time I was working full time, to make a difference, I would have had to put virtually every penny into a private pension. Private pensions for everyone generally have taken a hit. I was born at the end of December and a friend who is just 18 months older got her pension at 60. I know that you can stop working at any age - but you have to have money to live. 'Retiring' without a pension or income is just giving up work, not retiring.

I was actually making the double point about the lack of employment opportunities for young people. It seems to me that some younger people will never get the opportunity to work. I'm not the chancellor of the exchequer, but surely there has to be more to the balancing act than straight money. Unemployment is an ongoing issue and all of the people who are on benefits (through no fault of their own) are taking from the system and putting nothing in. What will happen further down the line? Even the major trades unions have highlighted the oldies versus youngies issues.

If anyone is youngish and in work, that's great - and I know a lot of young people who are working. The question is, what will the retirement age be for them? They may have to work till they drop!

gingerkat

I've just read the comment about women getting their heads out of trash like Closer. Do you honestly think that all women are airheads? The only time I see publications like that is at the hairdressers. I read a quality daily newspaper and watch topical news programmes (such as Newsnight).

GhIFA

gingerkat wrote: »

Contrary to comments, I was not unaware that this was going to happen - I never said that. I had children at that point (age 41 and not 31 as realised when the maths were corrected) and was working part time, so it was impossible to put more cash into a pension. By the time I was working full time, to make a difference, I would have had to put virtually every penny into a private pension. Private pensions for everyone generally have taken a hit. I was born at the end of December and a friend who is just 18 months older got her pension at 60. I know that you can stop working at any age - but you have to have money to live. 'Retiring' without a pension or income is just giving up work, not retiring.

I was actually making the double point about the lack of employment opportunities for young people. It seems to me that some younger people will never get the opportunity to work. I'm not the chancellor of the exchequer, but surely there has to be more to the balancing act than straight money. Unemployment is an ongoing issue and all of the people who are on benefits (through no fault of their own) are taking from the system and putting nothing in. What will happen further down the line? Even the major trades unions have highlighted the oldies versus youngies issues.

If anyone is youngish and in work, that's great - and I know a lot of young people who are working. The question is, what will the retirement age be for them? They may have to work till they drop!

You may have been aware, But the point you made was that insufficient notice was given about the changes, which has been proven wrong. You may have made yourself aware, but I'm not sure how it can be the government's fault others haven't when this information has been in the public domain for almost 18 years!!

You have made some interesting points, not that I necessarily agree with them all, but what you are saying does highlight the need for education. People shouldn't rely on the state providing their income in retirement, they need to take responsibility for the bulk of this themselves and start doing so as early as possible.

As for the retirement age for young people working now, well as it stands the state pension age will be 68, but their retirement age can be practically whenever they want it to be, with the right planning.

One last point - not all of the young on benefits now are there through "no fault of their own".