conservatives planning to raise retirement age to 75

The_Green_Hornet

And in the Guardian there is a report about the UK elderly suffering the worst poverty rate in Europe.

https://www.theguardian.com/society/2019/aug/18/elderly-poverty-risen-fivefold-since-80s-pensions

waveydavey48

stronginthesun wrote: »

please tell me they cant do this . they retire early on massive pensions . us peasants work until we drop .

I'm a peasant myself but have just retired at age 57. I will be providing for myself until SP at age 67. I started full time work at 16, did A levels then professional exams both whilst working full time (and overtime) and was studying into my 30's.

I do sympathise with people who are strapped for cash but if it's possible you can achieve a lot by working hard and living within your means.

JoeCrystal

fred246 wrote: »

I have said this before on this forum. I don't think young people feel they will ever reach retirement age. As state pension age gets closer to average age of death you can see why. There's no point saving for a retirement you'll never get.

Sure, there is. Auto-enrollment goes a very long way to improving the retirement provision, especially for someone whose employer never contribute to a pension scheme before like me working in the factory. Once the contribution rate for auto-enrollment reaches double digits, then there should be more flexibility on retiring on whatever age you want.

stronginthesun wrote: »

many quotes on providing for yourself , saving more from your income ect ect . since being made redundant 5 years ago ive worked in a big warehouse . many of the workers are in their 20s to 30s on not a lot more than minimum wage , many have opted out of the government pension scheme because they cant afford it with high rents and high child care . they will be working until they drop .

Sorry, but they are not budgeting well enough if they are unable to afford the contribution rate. If they are on an annual salary of £16,000, it would cost them £66.66 per month gross or £53.33 per month net. That is the cost to get £106.66 per month into a pension fund. It is even less if they are using qualifying earnings aspect of the auto-enrollment.

When I get a request to print out an opt-out from my team, I usually try to sit down with them and point out just how much they are giving up overall and how it interacts with their benefits and so on. In most cases, they normally stayed opt-in.

eskbanker

fred246 wrote: »

state pension age gets closer to average age of death

The gap has been widening for many years and previously-announced (or anticipated) increases to SPA have only made modest inroads into it....

njm123

Because they are a Conservative think tank.

Tories believe anyone not like them should be grateful to work for 60 years in a minimum wage job and get a pension for a year or two before they drop dead. I'm sure this mob would like to remove the minimum wage part as well.

njm123

fred246 wrote: »

I have said this before on this forum. I don't think young people feel they will ever reach retirement age. As state pension age gets closer to average age of death you can see why. There's no point saving for a retirement you'll never get.

This is why the proposal might have some traction, younger voters think they'll never retire and so doubt will be happy to believe the lies they'll have to pay lower taxes in future as the pension deficit is reduced and so vote for a party that proposes it. Especially as it'll most adversely hit the generations that they like to blame for ruining their lives.

[Deleted User]

1. Regardless of the state pension age, people are retiring earlier and earlier while living longer and longer.

2. That is a problem as a larger and larger proportion of population consumes but does not produce.

3. If you are not disabled and on minimum wage then you have a problem: You. There is no reason why one wouldn’t get qualifications and a well paying job.

4. Blaming someone else for your actions is easier but not as constructive as figuring out how to change things around.

LHW99

I think if the SPA had gone up with life expectancy from the beginning, it would not be being paid now until around age 80.

[Deleted User]

And by the way, there is zero chance in the age of populism state pension age will be increased.

Dymphna60

Yes everybody get a well paid job with a good pension. Retire at 50 a millionaire.
This is entirely possible for everybody. It’s your own pathetic lazy fault if you don’t .
Yeah yeah yeah .

Everybody polishing their own halos .
Maybe some forgetting that some good luck came their way ?
Nobody helped along by stable supportive parents?
Nobody bought a house that has increased in value 10 times ?
Inherited some money from parents house that increased in value 50 times ?
No ?
Every single one of you beat the odds by nothing but their own hard work from poor back grounds with no help or support from anyone. ?