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Could state pension be pushed back even further?

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anotherquestion
anotherquestion Posts: 452 Forumite
Fifth Anniversary 100 Posts Name Dropper
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.
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Comments

  • steampowered
    steampowered Posts: 6,176 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    83705628 Posts: 482 Forumite
    100 Posts Name Dropper First Anniversary
    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
    eastcorkram Posts: 909 Forumite
    Part of the Furniture 500 Posts Name Dropper
    I'll be 61 this year. SPA of 66. Do you think that will get pushed back?
  • molerat
    molerat Posts: 34,555 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 10 July 2020 at 7:03PM
    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
    Silvertabby Posts: 10,120 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    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
    RobM99 Posts: 2,706 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    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!  ;)
    Now a gainfully employed bassist again - WooHoo!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Population size will ultimately decline. Covid may well accelerate the process. 
  • Dox
    Dox Posts: 3,116 Forumite
    1,000 Posts Third Anniversary Name Dropper
    I'll be 61 this year. SPA of 66. Do you think that will get pushed back?
    Probably, so start planning accordingly.
  • 83705628
    83705628 Posts: 482 Forumite
    100 Posts Name Dropper First Anniversary
    Population size will ultimately decline. Covid may well accelerate the process. 
    Where's that information come from?
  • RobM99
    RobM99 Posts: 2,706 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    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. 
    Now a gainfully employed bassist again - WooHoo!
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