Retirement Age

motorguy

TELLIT01 wrote: »

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.

If someone wants to retire before state pension age (whatever that may be at the time) its up to them to ensure they have the funds available to do so, not the state.

For example, my brother in law is 57 and retiring at the end of the month. My other brother in law retired when he was 50 (although he does a small amount of driving for a barrister). Fair play to them i say, both - through different routes - have the means to do so and if thats what they want to do and can afford to do then great.

I still dont see what the problem is really....

motorguy

Hedgehog99 wrote: »

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.

Then people need to make the financial provision to retire at an age that they want to.

Likewise, if people want to !!!! money up the wall on things they cant really afford then that too is their perrogative, however there will be consequences....

lincroft1710

Hedgehog99 wrote: »

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.

The people currently paying in aren't actually funding their own pension, the money they pay in actually pays for those currently receiving a pension. They are just "credited", so they will have to hope there is enough in the kitty when they retire

Anthorn

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.

Are you referring to the state pension age? Currently that is increasing incrementally for women up to age 65 to make both men and women equal. That affects pension credit age which is based on the women's state pension age.

Plans are to increase the state pension age to 66 between 2018 and 2020 and then again to 67 between 2026 and 2028 subject to review every 5 years starting March 2016.

State Pension Calculator: https://www.gov.uk/state-pension-age