Retirement Age

re14796

I was reading online that the retirement age is going to be increase. According to the article I will be 75 years old when I came claim my state pension.

Prison officers can now retire at 65 years old, fireman and police officers can retire early.

motorguy

re14796 wrote: »

I was reading online that the retirement age is going to be increase. According to the article I will be 75 years old when I came claim my state pension.

Prison officers can now retire at 65 years old, fireman and police officers can retire early.

And was this "article" fact or scaremongering to make a story?

And whats your point about prison officers, etc, given the current retirement age IS 65?

ohreally

Whats your point caller?

TELLIT01

If you're looking for a job which will enable you to retire before state retirement pension age then I wish you luck. Whatever rules apply to retirement currently may well no longer apply in 10, 20 or 30 years.
There is a general expectation that retirement age will continue to increase, but nothing definite yet as far as I know. I certainly wouldn't be surprised if those starting work now have to work to age 70 or beyond.
When the retirement age was set at 65 the average live expectancy was around 70, so about 5 years pension paid. Life expectancy now is nearer 80 so something has to change or the system is totally unfundable.

DomRavioli

re14796 wrote: »

I was reading online that the retirement age is going to be increase. According to the article I will be 75 years old when I came claim my state pension.

Prison officers can now retire at 65 years old, fireman and police officers can retire early. That's on a private pension, not a state pension.

OP, those who retire early, especially in the public sector, do so on their on personal private pension, not on the state pension.

Not sure what the issue is.

Sambella

http://www.thetimes.co.uk/article/prison-officers-win-offer-of-better-pay-and-pensions-qn6g7wgp7?shareToken=434b8767e80ed07b5a34b82c30dc3771

This story may explain the new prison officers deal

McKneff

Anyone can retire at any age, but not one, bar none can access their state pension
till the state pension age...

if they retire at 55, they have to fund the retirement from their own funds......

I do agree, 75 is just ridiculous, my OH is 72 and because he has had in the past 15 years had
15 operations on his eyes, he is incapable of working.
Men in the building trade have given their all, they are knackered by the time they are around 65...... Im on your side guys....

Hedgehog99

They've moved the goal post by seven or eight years for me since I started work (women's age up from 60 to 65 to equal men plus increases after that).

While I believe in equality, this is too fast.

The longer people have to work, the greater the percentage who'll be unfit to do so.

They shouldn't be able to move the goal posts on people who've already started paying in - like the women who should have retired by now but who are the wrong side of the cut-off date for having to work longer.

theoretica

People age at very different rates, and one person at 75 will be fitter to work than another at 60. I would not be surprised to see that the state pension age made much older before I get there, with younger people who are unable to work covered by some form of disability benefits. This is one reason I save!

As a matter of historical interest, the Old-Age Pension act of 1908 had a pension age of 70. And was means tested, and character tested.

moneyistooshorttomention

Actually - I am surprised at just how "old" some people in their 60's are even. That with them being people that have done office jobs/not had loads of children/etc and yet there's quite a few in that agegroup that are "old". That being - I see them moving more slowly, thinking more slowly, got chronic illness etc, etc.

Thankfully - not the case for all - I can find a few comparators of how I think I should be in my 60s (ie very much the same as I was in my 40s then....). But they do seem to be the exception, rather than the rule.

Personally - I cynically think the Government shifted the goalposts deliberately precisely because they know that having to work on past a reasonable retirement age against one's will is a very aging thing of itself and the Government is hoping to kill off some of us earlier than we would have otherwise died (ie and save itself pension payments that way).

I'm only too glad that I was cynical enough early enough to make plans that ensured I could manage to stick to my retirement date of 60 years old.

Silvertabby

As a matter of historical interest, the Old-Age Pension act of 1908 had a pension age of 70. And was means tested, and character tested.

And this applied equally to men and women.

The means test was lifted and the date payable was reduced to 65 in the 1920s, again for both men and women.

The reduction to 60 for women only came about in the early 1940s - but its intention wasn't to pay women their State pension early - far from it. Back then, war work apart, married women had to give up work (outside the home!) either when they got married or, at the latest, when the kiddies came along, so very few women accrued an entitlement to the State pension in their own right.

The problem was that then, as now, women tended to be 3 to 5 years younger than their husbands. As the higher rate 'married mans' pension was only paid if/when the wife was also of State pension age, the remedy was to lower the State pension for women to 60. Remember that this wasn't meant to pay a State pension to the wife herself as she almost certainly hadn't qualified for one, it was just so that the husband could claim the married mans pension from 65 instead of having to wait until his wife had 'caught up'.

It seems that some government ministers were against this move, as single women who had had no choice but to work would benefit 'unduly' - but they were overuled on the basis that the benefit to men was 'to the greater good'.

In hindsight, the re-equalisation of State pension age should have been part of the 1975 Sex Equality Act. That way, the increase could have phased in much more gradually - perhaps 1 year per decade from 1985?