Could state pension be pushed back even further? 10 July at 5:20PM edited 10 July at 5:21PM in Pensions, Annuities & Retirement Planning 23 replies 2.6K views

anotherquestion

Hi folks,
Just wondering as I fall into this category, do you think there is much of a possibility that the state pension could be pushed back a year or more, even for those about to receive it, in less than four years time from now?
I ask because there is so much talk that the billions pumped into the virus pandemic has to be paid for somehow?
Thanks.

steampowered

I suspect an increase in the state pension age is very likely. How soon that will be is anyone's guess.

Average life expectancy is continuing to increase (https://news.stanford.edu/2018/11/06/lifespan-increasing-people-live-65/#:~:text=The%20researchers%20looked%20at%20birth,than%20their%20grandparents%2C%20on%20average.), so it is logical that retirement ages should also increase.

83705628

Myeh no-one knows. The Tories got away with it so far. The big challenge is 1960s baby boomers, peak year of birth 1964 hits 67 in 2031 and that is a big, big generation and immediately below them are not enough Gen Xers and Millennials to generate the economic activity to support the current commitments without either having to reduce it or raise taxes. At the same time as boomers move into mass retirement, the post-war boomers, that spike in the birth rate in 1946, are moving into the age bracket when you really start using the NHS and care. If you think Corbyn had a point about the NHS Crisis in 2019, just wait til the 2030s! It's a double demographic whammy and neither of the two main parties has a plan: https://www.youtube.com/watch?v=ZuXzvjBYW8A

eastcorkram

I'll be 61 this year. SPA of 66. Do you think that will get pushed back?

molerat

Yes it will be pushed further and current planned ages accelerated but not in that short a timescale.  I suspect those currently expecting to retire after 2030, so probably those born from 1965, will be pushed back which would be in line with government promises re timelines.

Silvertabby

I'm sure I read somewhere that future changes will be subject to a notice period of at least 10 years - but I don't know if that has been confirmed in law.

RobM99

Either retirement age will increase or tax/NI will increase to cover the cost. It's the fault of the NHS - how dare they make people live longer! 

Thrugelmir

Population size will ultimately decline. Covid may well accelerate the process. 

Dox

eastcorkram said:

I'll be 61 this year. SPA of 66. Do you think that will get pushed back?

Probably, so start planning accordingly.

83705628

Thrugelmir said:

Population size will ultimately decline. Covid may well accelerate the process. 

Where's that information come from?

RobM99

tcallaghan93 said:

Thrugelmir said:

Population size will ultimately decline. Covid may well accelerate the process. 

Where's that information come from?

Not difficult eh? The population can't increase for ever.