Call to raise retirement age to at least 70

Thrugelmir

A sober thought for younger forum members.

The retirement age should rise to at least 70 in rich countries by 2050 as life expectancy rises above 100, according to a new report.
The World Economic Forum said that employees should continue working until 70 in nations such as the UK, US, Japan and Canada.
The increase will be needed, as the number of people over 65 will more than triple to 2.1 billion by 2050.
By then, the number of workers per retiree will have halved to just four.
Michael Drexler, head of financial and infrastructure systems at the World Economic Forum, said the expected rise in longevity was the financial equivalent of climate change.
"We must address it now or accept that its adverse consequences will haunt future generations, putting an impossible strain on our children and grandchildren," he said.
In the UK the state pension age is due to rise from 65 in 2018 to 68 by 2046.
A report for the Department for Work and Pensions earlier this year has suggested that workers under 30 may not get a state pension until they are 70.

http://www.bbc.co.uk/news/business-40057117

BobQ

Assuming that people aged 70 remain fit and able for at least about 20 years, sounds like a good idea. Dementia having been cured by then.

So much more time to save for a 50 year pension

Yah_Boo_Sux

Or you could do what so many sensible people have done for generations. Make sure you have made sufficient provision yourself to retire at the age you choose.

LHW99

As long as they don't raise it for the WASPE group - no-one would ever hear the end of it

Wenlock

Yah_Boo_Sux wrote: »

Or you could do what so many sensible people have done for generations. Make sure you have made sufficient provision yourself to retire at the age you choose.

Quite right.

I retired at 50. If I reach state pension age and it still exists that will be a bonus.

In future I suspect most younger people will leave the state pension out of their financial plans - just treat is as an added extra if they ever receive it. Realistically how many people are in good enough shape physically or mentally to give 100% to work until age 70?

elephantrosie

im sorry dear government. there is no way i will/ want to work at 70. with all the joint pain and failing memory, you expect me to work? i still have to wake up to alarm clock buzz? whats the point of life? why not let the youngsters take over? the need the jobs and the oldies need some rest.

my plan is to achieve financial independence at 45yo. financial freedom at 65yo.

chucknorris

elephantrosie wrote: »

im sorry dear government. there is no way i will/ want to work at 70. with all the joint pain and failing memory, you expect me to work? i still have to wake up to alarm clock buzz? whats the point of life? why not let the youngsters take over? the need the jobs and the oldies need some rest.

my plan is to achieve financial independence at 45yo. financial freedom at 65yo.

Although everyone (should) know exactly what the thread is about, the title is not correct, because it isn't about what age to retire, it is about what age that the state pension should be paid. These two different events will most likely occur at different times for those that plan their financial future. I don't want to retire (just yet), I did hand my notice in to retire last December (at 58), but my employer asked me to stay on and work one day a week, which I consider better than retirement. At the moment I am thinking that I will work way beyond my state pension age of 66.

sevenhills

Thrugelmir wrote: »

A sober thought for younger forum members.
The World Economic Forum said that employees should continue working until 70 in nations such as the UK, US, Japan and Canada.

Its worse than that; its the Governments own report which says they should increase the retirement age to 70. But the Conservatives dont want us to worry, so any decision has been pushed back until after the Conservatives are re-elected.
The parties manifesto are just meaningless. Our press is very poor.

http://www.bbc.co.uk/news/business-39352654

An analysis for the Department for Work and Pensions (DWP) has suggested that workers under the age of 30 may not get a pension until the age of 70.
A second report, by John Cridland, proposes that those under the age of 45 may have to work a year longer, to 68.
The government is due to make a decision on both reports by May.

always_sunny

Thrugelmir wrote: »

A sober thought for younger forum members.

Anyone young (up to 40) should be very little surprise of this and as usual it's about state pension. Few countries have already increased to 67 and some (like Australia) are looking at going to 70.

Don't like it? Work hard, get a private pension and do as you please.

wotsthat

Thrugelmir wrote: »

A sober thought for younger forum members.

If your glass if half full yes.

A younger forum member currently in reasonable health can expect to live well into their nineties. If someone is fit enough to work and enjoy a 50 year working life plus a state pension for 20 odd years that sounds like a good option to have available.

Fantastic compounding opportunity too.

Not so many years ago 70 year olds would be pushing up the daisies.

Thrugelmir

wotsthat wrote: »

A younger forum member currently in reasonable health can expect to live well into their nineties. If someone is fit enough to work and enjoy a 50 year working life plus a state pension for 20 odd years that sounds like a good option to have available.

Define reasonable health. Over sixty suffering some form of affliction is highly likely. Previous medical history having no bearing. Simply called age. Catches up with us all in different ways.