Call to raise retirement age to at least 70

moneyistooshorttomention

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.

I hope you've also pointed out to the government that they may be on the receiving end of extra health care costs - for depression.

Not sure which bit would be more likely to cause said depression either - the thought of being made to work on past proper retirement age or the thought of a lifetime lasting until 100 or thereabouts:eek::eek::eek::eek:

prosaver

so what about bricklayers, plasters, labourers, manual production workers,taxi drivers, window cleaners, do they all have to retire at 70?
surgeons?

mrs overal

sevenhills

wotsthat wrote: »

Won't it resolve itself? As the workforce ages recruiters will have less opportunity for discrimination.
A tiny bit of anecdotal for you. My employer were trying to reduce sick leave; as part of the data gathering it was very clear that it was the younger members of staff taking the most days off sick.

Would an employer be able to base their choice on that? It would not be discrimination, it would be basing your selection on facts.

zagubov

I gather that Singapore forces employers and employees to invest a portion of their salaries in a compulsory savings fund to pay for retirement and healthcare.

sevenhills wrote: »

Would an employer be able to base their choice on that? It would not be discrimination, it would be basing your selection on facts.

I had read that employers in some countries used to discriminate against people who had hobbies like skiing as they had a higher risk of taking time off with injuries.

ruperts

I think it's pretty clear that the state pension will be phased out completely within probably 25 years, to be replaced by something more akin to a means tested benefit. The baby boomers will likely be the last generation for at least a hundred years where the average person can enjoy a reasonable level of comfort in retirement.

Jon_B_2

I'm 29.

Forget state pension at 70. I'm planning for none at all.

I'm sure it's just another rug to be pulled from under me at some point. So I'm just maximising my contribution to my workplace pension accordingly. Anything I do get from the state will literally be a bonus.

economic

Jon_B wrote: »

I'm 29.

Forget state pension at 70. I'm planning for none at all.

I'm sure it's just another rug to be pulled from under me at some point. So I'm just maximising my contribution to my workplace pension accordingly. Anything I do get from the state will literally be a bonus.

im 34. I have about 500k in investsments/cash. plus I estimate about 500k gifts/inheritances.


my worry is what will the government do to take this away in the next 50yrs or so of my life expectancy. given history it seems likely to happen.

fun4everyone

What happened to the other 240k?

economic

fun4everyone wrote: »

What happened to the other 240k?

is that a question for me? if so what other 240k?

ruperts

economic wrote: »

im 34. I have about 500k in investsments/cash. plus I estimate about 500k gifts/inheritances.


my worry is what will the government do to take this away in the next 50yrs or so of my life expectancy. given history it seems likely to happen.

Bragging about being a millionaire while sat posting on moneysavingexpert on a Saturday night