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

downshifter98

But what does all this mean in real terms - I'm 49 years and 6 months old (feel like Adrian bl**dy mole typing that..) and just want to be told whether I'm getting a state pension at 67 (which is the basis I've planned on for the past 5 or 6 years) or 68 or whatever. I fully appreciate that longevity, balancing the books etc is correct (of course) but in the real world I'm going to have to make up more money during a time when I'm likely to become less productive, more prone to illness and have slightly less 'shine' than newer models. Really can't imagine applying for jobs at 60+ but mainly just want the goal posts to stop moving.

Tancred

Butterfly_Brain wrote: »

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:

Quite right - it is a disgrace. There is evidence the life expectancy is increasing; this is just a political decision. It is going to lumber employers with geriatrics who will take loads of time for illness and claim on sickness insurance. Madness!

Tancred

dunstonh wrote: »

What is the disgrace? There has been no actual increase to the state pension age. Just bringing the existing change forward a decade.

Yes - but this is still an increase! The current state retirement age is 65.

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.

No evidence of this. Many of the wealthier people in society are indeed living longer, but many who are not in the top social classes are living less. And how do you define 'fair'? If you have a serious illness at 65 you will have a lower life expectancy so you should then receive your pension earlier. This isn't going to happen though, is it? Why not set the state retirement age according to each individual and his/her estimated life expectancy? That would be fairer.

dunstonh wrote: »

Yet the UK average retirement age is 63. Your views don't match reality.

Largely due to final salary retirees, but that age will increase rapidly as fewer and fewer people are covered by these types of pension.

dunstonh wrote: »

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.

There are other ways to save the government money for state - pension, such as taxing wealthier pensioners but of course that means taxing solid Tory voters, so the rest of us must suffer. Yeah right!

Tigsteroonie

When I started work, my anticipated retirement age (female) was 60. Then 65. Then 67. Now 68. I reckon it'll be up to at least 70 by the time I actually retire. Good job I plan on living to 100

BlueSky1

When the state pension age was introduced people didn't live long - three score years and ten and all that (ie 70), so at that rate you could expect five years of retirement.
When life expectancy has gone up so much, surely people don't expect to have so much paid-for retirement?

zagfles

Butterfly_Brain wrote: »

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:

Try reading the autumn statement document instead of ranting. There's loads in it about tax evasion.

zagfles

Tancred wrote: »

Yes - but this is still an increase! The current state retirement age is 65.

But it was always going to increase. Whoever was in govt.

No evidence of this. Many of the wealthier people in society are indeed living longer, but many who are not in the top social classes are living less.

Rubbish. Life expectancy is increasing for everyone across social classes, see http://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=9&ved=0CFMQFjAI&url=http%3A%2F%2Fwww.ons.gov.uk%2Fons%2Frel%2Fhealth-ineq%2Fhealth-inequalities%2Ftrends-in-life-expectancy--1982---2006%2Ftrends-in-life-expectancy-by-the-national-statistics-socio-economic-classification-1982-2006.pdf&ei=9-ygUsisEOnG7AbPwYDAAg&usg=AFQjCNGqPbdnNX3G7hcFeBg8OBk10psVYg&bvm=bv.57155469,d.bGQ

And how do you define 'fair'? If you have a serious illness at 65 you will have a lower life expectancy so you should then receive your pension earlier. This isn't going to happen though, is it? Why not set the state retirement age according to each individual and his/her estimated life expectancy? That would be fairer.

So men would get higher pensions than women?

patanne

Men already do get larger state pensions than women if they have any graduated pension included.

zagfles

patanne wrote: »

Men already do get larger state pensions than women if they have any graduated pension included.

Not nearly enough to make up for the life expectancy difference once the state pension ages are equalised, by which time very few will have more than a trivial amount of graduated pension.

patanne

I agree Zagfles, but when at the time it was originally explained to me (many many years ago) I was told a man's grad pen could be inherited & a woman's could not. Which seemed a bit of a double whammy. I've always agreed with the same retirement age, but if you bring in equality for some it should be brought in for all. I know it is a very small amount but they shouldn't bring up the "it's only right & fair that ..." when it benefits men/lowers womens rights & completely ignore it if it benefits women. I'll get off my hobby horse now (well for now at least)