What Benefits at 60?

McKneff

jem16 wrote: »

Where did you get this idea from?

Rather than get mad over a misinformed idea, perhaps it would be best to get the facts first?

Well tell me the facts them Jem, because obviously I have been misinformed.
Otherwise I will still be in the dark and wrong.

As to the Scottish money, Ive never had a problem with any shop taking it down here in England if Ive had some left over after a holiday.

John1993_2

Mrs_Mum99 wrote: »

I am in the same position, my pension age was 60, it is now 65 years 4 months too. The point is, two years ago it was 63 years 7 months!!! So I now have to fund almost another 2 years retirement with 6 years left to go.

You've got that the wrong way round, you'll be retired for two years less, and will have two more years at work to save towards it, so this shoudl mean a more prosperous retirement than was previously the case.

hugheskevi

You've got that the wrong way round, you'll be retired for two years less, and will have two more years at work to save towards it, so this shoudl mean a more prosperous retirement than was previously the case.

Given a typical State Pension of, say, £120 p/w, a two year delay is a reduction in income of £12,480.

All the delay has done is make the person £12,480 worse off than they may have planned.

If someone is earning £25,000 p/a, they only need to work an extra 6 months to make good the loss.

I've never understood why people equate State Pension age or Normal Penson age in private schemes with retirement age given they are all independent of each other, especially with the removal of compulsory retirement ages.

tgon

hugheskevi wrote: »

I've never understood why people equate State Pension age or Normal Penson age in private schemes with retirement age given they are all independent of each other, especially with the removal of compulsory retirement ages.

Good point but not easily separated in the mind. I saw my parents retire as an event so thought that was how its done. However, what used to be an event is no more and hasnt been for a while. Phased finance retirement planning isnt always talked about, eg. a 5 year transition plan covering 60 to 65's.

Old_Slaphead

shezza2 wrote: »

Will she receive other benefits at 60 IE bus pass, eye test and prescriptions. Or will she have to wait for these as well until she is 65.

Concessioniary prices at Cineworld still from age of 60

gadgetmind

swingaloo wrote: »

its a big difference in retirement age for being born exactly 2 years apart. The OPs wife is 2 years younger than me and yet has to work 4 years longer.

You seem to be confusing retirement with state pension. You're free to retire whenever you like and many people (probably the majority?) retire well before state pension age.

Grandmama

Although one of the lucky ladies who could have retired at 60, I deferred my state pension and have carried on working as a nurse. Wish I had retired this Summer when I was 67 as I am finding it all a bit tough now. I have given my resignation in for next summer when I will be 68. My body is showing wear and tear. At least this was my choice and I feel sorry for all those who will have to work on to the new state retirement age, my children will have to work on to the age I am now. The going's tough.

dunstonh

My body is showing wear and tear. At least this was my choice and I feel sorry for all those who will have to work on to the new state retirement age, my children will have to work on to the age I am now. The going's tough.

They dont have to work until that age. It is a choice.

68 today is like 58 a decade or two back. By the time they get to 68, it wont be viewed as 68 as we see it today.

Grandmama

dunstonh:- Not everybody has good private pension to fall back on if they retire early in the age range we are discussing. In the 1960's I wanted to join the work's pension scheme and was refused being told that women did not need one, we were expected to get married and live off our hubby's. It was expected when I was young that the state pension would be the good provider. Therefore women were not allowed in some cases to pay into a works pension, and don't forget the married women's NI stamp which now means nothing today. Most women in their 50's and 60's are now having to work on because the state pension is all they will get. Hopefully the younger generation, who are now being forced to pay into a pension will be better off later in life (I have my doubts).

dunstonh

dunstonh:- Not everybody has good private pension to fall back on if they retire early in the age range we are discussing.

True. However, in most cases today, that is down to lifestyle decisions. Spend now and suffer later does often win.