conservatives planning to raise retirement age to 75

waveydavey48

metrobus wrote: »

If this think tank gets its way you'll be in your 70s before getting any state pension.I hope you allowed for this when retiring early and did not factor SP income in when planning how you will be funding yourself between 67-75.

Yes I did factor in that (in my opinion incredibly unlikely) scenario, thank you. I think such changes are only implemented after a lot of notice and the fact that it would be electoral suicide suggests to me it won't happen.

bugslett

westv wrote: »

I've not factored in abolition of the state pension or a rise to 120. I don't think either will ever happen.

Just for clarity, neither do I, but whilst thinking about retiring I thought I may as well look at multiple scenarios.

Anonymous101

waveydavey48 wrote: »

Yes I did factor in that (in my opinion incredibly unlikely) scenario, thank you. I think such changes are only implemented after a lot of notice and the fact that it would be electoral suicide suggests to me it won't happen.

Yes that's a huge factor. The grey vote is only getting bigger and more powerful so any proposed changes would have to be so far down the line that the current generation with their eyes on retirement wouldn't kick off too much.

bonnyrigger

Easy way to deal with this is just say no - if any Party brings this forward they will be toast. No need to accept any of this garbage - stop reading the Daily Mail/Daily Express, stop voting self-servative, and stop kicking the younger generation - you'll feel so much better!

zagfles

Just stop believing fake news posted on the internet.

Maybe we should all report this thread as the title is a lie.

pensionpawn

Anonymous101 wrote: »

Yes that's a huge factor. The grey vote is only getting bigger and more powerful so any proposed changes would have to be so far down the line that the current generation with their eyes on retirement wouldn't kick off too much.

Me and my wife will start to receive, in quite a few years time, our SP within 6 months of each other. That's £17,500 tax free pa at today's rate which is way too much for me to disregard from our pension planning. If any government even try to erode / take that away after paying into the system for 35 years the ensuing sh1tstorm will make Brexit look like a minor disagreement between friends!

penners324

The state retirement age has to go up. State pensions are rapidly becoming unaffordable as average age goes up, thus the number of people of pension able age also goes up.

mgdavid

penners324 wrote: »

The state retirement age has to go up. State pensions are rapidly becoming unaffordable as average age goes up, thus the number of people of pension able age also goes up.

...and round we go in circles....
as was said in this or a similar thread a couple of days ago, average age is not going up, longevity has stabilised and in some parts of the union it has even turned back downwards a little.

Paul_Herring

mgdavid wrote: »

...and round we go in circles....
as was said in this or a similar thread a couple of days ago, average age is not going up, longevity has stabilised and in some parts of the union it has even turned back downwards a little.

T'was me earlier in this one.

Paul_Herring wrote: »

ongoing increases in life expectancy

Oh?

https://www.theguardian.com/society/2019/mar/07/life-expectancy-slumps-by-five-months

https://www.bbc.co.uk/news/health-45638646

https://www.theweek.co.uk/95659/why-is-uk-life-expectancy-falling

pensionpawn

penners324 wrote: »

The state retirement age has to go up. State pensions are rapidly becoming unaffordable as average age goes up, thus the number of people of pension able age also goes up.

It has gone up, and is expected to go up again. I have the same employment (contribution) history as by brother however as he was born 16 years before me he was able to start his SP at 65 and his wife at 60. Me and my wife both 67, so a total of 9 years later. I thinks we've sacrificed enough there compared to the baby boomers.

The flip side of pushing the SP up is that older people are working longer, keeping younger people out of more responsible jobs. The option should be there to take a lower SP earlier just as you can take a higher SP later. That will still help reduce the cost to the government of the day whilst allowing people to at least see some of their pension.