MSE News: State pension age should go up again, report recommends

Marvel1

Work until I die at this rate, my forecast is £676.80 a month in 2050.

That's half my wage!

BLB53

I think a lot of younger people just starting out need to give some serious thought to saving for their future retirement. But I suspect most will continue to borrow the money they haven't got to spend on things they don't need and will realise when it's too late what they might have done differently.

Likewise the government is borrowing more and more (currently £1.7 trillion) and paying lots of money on debt interest which is partly why they will not have enough to continue paying state pensions at 66. The next thing will be means-testing.

LHW99

Surely the suggestion is a rise in the age at which the State Pension can be accessed.
That isn't the same as the age at which you can retire - which nowadays can be any age that you can afford to / want to - from 30 (if you have managed to put enough cash away) to 90+ (if you are fit and still want to carry on).

hyubh

BLB53 wrote: »

I think a lot of younger people just starting out need to give some serious thought to saving for their future retirement. But I suspect most will continue to borrow the money they haven't got

What, like a mortgage?

Likewise the government is borrowing more and more (currently £1.7 trillion) and paying lots of money on debt interest

Gilt yields 'despite Brexit' remain at historically very low levels.

tgroom57

BLB53 wrote: »

I think a lot of younger people just starting out need to give some serious thought to saving for their future retirement. But I suspect most will continue to borrow the money they haven't got to spend on things they don't need and will realise when it's too late what they might have done differently.

Young people learn by example ? No good blaming youngsters for foolishness when you're needlessly replacing car /tv/ kitchen every 3 years.

Just to mention that saving 13 years into a company pension provided me with an income exceeding JSA - although somewhat short of the current State Pension. 13 years is easily achieved & I offer this as encouragement.

Seabee42

I think an increase to SPA is inevitable it is not just when you receive state pension though is it but also when you stop paying NI. Anyways the triple lock should very much be ditched first.

GunJack

westv wrote: »

I'm alright, Jack...

Don't drag me into this

...but as you have...

thing is, the types of people raising the sp will probably affect the most are going to be the manual workers who quite possibly not be able to work up to that age. Maybe (and I know auto-enrollment rates are set to rise) that higher compulsory non-state-run personal pensions to run alongside could be a Third Way.. with access of such funds being available from, say, age 55, to allow knackered older manual workers to take an easier, less physical job but without taking a big hit on income until they get to sp age...

..just a thought....

michaels

Interesting:

http://www.bbc.co.uk/news/business-39429039

Pensioners' life expectancy falls back

Malthusian

The headline is disingenuous. Pensioners' life expectancy is going up. As it always has since the end of the Dark Ages. However, the Institute of Actuaries thinks it will go up less quickly in the future than they previously thought it would, which is why they have cut the expected life expectancy for some age groups in the mortality tables.

And they're not even sure about that (obviously).

"Recent population data has highlighted that, since 2011, the rate at which mortality is improving has been slower than in previous years," the Institute explained."However, mortality is expected to continue to improve and there is significant uncertainty as to whether this will be at a slower rate than experienced in the first decade of this century," it added.

bigadaj

Malthusian wrote: »

The headline is disingenuous. Pensioners' life expectancy is going up. As it always has since the end of the Dark Ages. However, the Institute of Actuaries thinks it will go up less quickly in the future than they previously thought it would, which is why they have cut the expected life expectancy for some age groups in the mortality tables.

And they're not even sure about that (obviously).

It's primarily journalists but so many things reported are misleading, look at the confusion between the deficit and the national debt, climate change numbers etc etc

Not so sure about the end of the dark ages quote, though pensioners have only really existed for the last 100 years. Those Black Death years were also a bit of a retrograde step, though worked well economically for many with the increase in wages due to manpower shortages.