NOW OPEN: the MSE Forum 'Ask An Expert' event. This time we'd like your questions on TRAVEL & HOLIDAY DEALS. Post by Wed and deals expert MSE Oli will answer as many as he can.

MSE News: Autumn Statement 2013: Pension age to rise to 68 in 2030s

"Millions of people will have to wait longer to collect their state pension, Chancellor George Osborne has announced..."
Read the full story:

Autumn Statement 2013: Pension age to rise to 68 in 2030s

OfficialStamp.gif


Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
«13

Replies

  • Butterfly_BrainButterfly_Brain Forumite
    8.9K Posts
    Part of the Furniture 1,000 Posts I've been Money Tipped! Post of the Month
    Forumite
    What a disgrace, meanwhile millions of young people can't find work. I have had seven years put on to my retirement age already and I am very very angry about it.
    I will not give it long before the state pension is scrapped altogether and you will have to work until you drop dead:mad:
    How about making the tax evaders pay up, that will raise a lot more money, but they won't will they:mad: :mad:
    Blessed are the cracked for they are the ones that let in the light
    C.R.A.P R.O.L.L.Z. Member #35 Butterfly Brain + OH - Foraging Fixers
    Not Buying it 2015!
  • LokoloLokolo Forumite
    20.9K Posts
    Part of the Furniture 10,000 Posts
    What a disgrace, meanwhile millions of young people can't find work. I have had seven years put on to my retirement age already and I am very very angry about it.
    I will not give it long before the state pension is scrapped altogether and you will have to work until you drop dead:mad:
    How about making the tax evaders pay up, that will raise a lot more money, but they won't will they:mad: :mad:

    You don't have to keep working until the state pension age. You could always make your own provisions like millions of other people do.
  • And yet there will still be people that think saving a measly 10% of their salary into an ISA from 20 until 55 will enable them to retire at 55.

    Do the math, 35 years of contributions at a level of 10% and a real return after charges of 4% will result in a total investment of 7.61 times your salary. This isn't going to last too long if you intend to retire at 55 unless you plan a very meagre retirement.
  • dunstonhdunstonh Forumite
    113.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Forumite
    What a disgrace, meanwhile millions of young people can't find work.

    What is the disgrace? There has been no actual increase to the state pension age. Just bringing the existing change forward a decade.
    I have had seven years put on to my retirement age already and I am very very angry about it.

    However, you are living so many years longer. Perhaps there should be a reduced state pension age for people who do not value a longer life and are willing to submit to euthanasia.
    I will not give it long before the state pension is scrapped altogether and you will have to work until you drop dead

    Yet the UK average retirement age is 63. Your views don't match reality.
    How about making the tax evaders pay up, that will raise a lot more money, but they won't will they

    Drop in the ocean. However, one assumes you are also including all those self employed people who earn generally quite low amounts but do the occasional cash job which they do not declare.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • JezRJezR Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts
    Forumite
    The DWP has produced a background note on this. Any actual decision on state pension age would not be made until the next Parliament.
  • PincherPincher
    6.6K Posts
    Forumite
    dunstonh wrote: »
    However, you are living so many years longer. Perhaps there should be a reduced state pension age for people who do not value a longer life and are willing to submit to euthanasia.



    Hunger Games meet X Factor.


    There is no point in dragging out your old age in poverty, starving and shivering. However, each person has actually built up a claim on the state, by virtue of years of NI contributions, which has a value. We already accept that some people will live longer, and get more out of it than those who hop it six months after retirement, so it is already a bit of a lottery: why not do it for real?


    People approaching retirement can stake their pension pot, state or private, and put it in a winner takes all blood fest lottery. If 12 people had £100 a week each, then the sole survivor can get £1,200 a week., by killing the other 11.


    Obviously, the producers and sponsors will add to the pot to make it more interesting. Television rights, webcast rights. Ladbrokes will takes bets, viewers will call in and vote for their favourite. We can raise our thumbs in mercy, or turn them down for death, just for £1 on the phone bill.


    Mobility Allowance could be worth a lot more than regular pension, so you could be seriously rich if the pool is big, so one to one Russian Roulette is all they need.
  • Linking the state pension age to life expectancy may be palatable because it appears "fair", in some contexts.

    However, one could argue that state pension commencement age should also be linked to the size of the contributing workforce available to support each pensioner. Since that's falling, disaster has not yet been averted.

    Warmest regards,
    FA
    Thus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...
    THE WAY TO WEALTH, Benjamin Franklin, 1758 AD
  • OldBeanzOldBeanz Forumite
    1.4K Posts
    Tenth Anniversary 1,000 Posts Name Dropper
    Forumite
    Or move to Scotland #VoteAyeAndIWillPromiseYouTheWorld
  • Butterfly_BrainButterfly_Brain Forumite
    8.9K Posts
    Part of the Furniture 1,000 Posts I've been Money Tipped! Post of the Month
    Forumite
    Lokolo wrote: »
    You don't have to keep working until the state pension age. You could always make your own provisions like millions of other people do.
    I already have but have been screwed by the pensions company who have suspended the with profits clause :mad:
    Blessed are the cracked for they are the ones that let in the light
    C.R.A.P R.O.L.L.Z. Member #35 Butterfly Brain + OH - Foraging Fixers
    Not Buying it 2015!
  • Pretty much irrelevant anyway as the future generations will still have a mortgage to pay off so that will keep them working till their ticker gives out on the job.
This discussion has been closed.
Latest MSE News and Guides

Energy Price Cap change

Martin Lewis on what it means for you

MSE News

Best £1 you've ever spent?

Share your most impressive bargains

MSE Forum