Govt confirms pension freedom age hike to 57

noitsnotme

Albermarle said:

kangoora said:

If i read that correctly, as long as you are 55 before the 6th April 2028, you can still access your DC pension before the age of 67? My wife will be 55 in 2024 so presumably will be fine?

According to the new rules , your wife will get her state pension when she is 67 and will be able to access DC pension at 57 .
Unless the rules change again in the meantime of course 

Their wife will still be able to access their DC pension at 55 because they turn that age before 2028.

hildosaver

At this rate people will be working well into their 70's as the norm and dropping dead at their desks.

JoeCrystal

hildosaver said:

At this rate people will be working well into their 70's as the norm and dropping dead at their desks.

Well, speaking as someone in his early thirties, I am expecting the State Pension Age will increase to 70 with the access to a private pension at 60!

Clive_Woody

Let's hope they don't also reduce ISA limits and muck around elsewhere with other changes to pensions. I am currently 45 and was aiming to call it a day when I reach 55, but will now need to adapt plans. Not the end of the world but disappointing to see this change. I am sure this will not be the last change to affect me before I stop working.

Silvertabby

JoeCrystal said:

hildosaver said:

At this rate people will be working well into their 70's as the norm and dropping dead at their desks.

Well, speaking as someone in his early thirties, I am expecting the State Pension Age will increase to 70 with the access to a private pension at 60!

When the State pension was introduced in 1919 not only was it set at age 70 (for both men and women) it was also means tested.

Anonymous101

JoeCrystal said:

hildosaver said:

At this rate people will be working well into their 70's as the norm and dropping dead at their desks.

Well, speaking as someone in his early thirties, I am expecting the State Pension Age will increase to 70 with the access to a private pension at 60!

Yes me too. I'm certainly not planning on being able to access my pension in my 50's. The pension age, and subsequent access to pension age, is only going one way. If you want to retire early then bridging the gap is the biggest challenge and absolutely has to be funded from investments outside of pensions.

barnstar2077

Albermarle said:

I have thought about this too, but the problem is I want to retire many years before I can access my pension
I'll hopefully be in a position to step away from full time employment in my mid to late 40's.

I think you have to take into account that wanting to retire very early is a specific ( and still quite unusual) lifestyle choice/hope and pension changes are never going to take into account how they affect a small minority who have a wish to retire at an unusually young age. 

It is unusual, but I think it is probably a combination of people not realising that they could retire earlier with a bit of planning, and the fact that it isn't the norm means that most people probably never even think about it in the first place.

barnstar2077

Anonymous101 said:

JoeCrystal said:

hildosaver said:

At this rate people will be working well into their 70's as the norm and dropping dead at their desks.

Well, speaking as someone in his early thirties, I am expecting the State Pension Age will increase to 70 with the access to a private pension at 60!

Yes me too. I'm certainly not planning on being able to access my pension in my 50's. The pension age, and subsequent access to pension age, is only going one way. If you want to retire early then bridging the gap is the biggest challenge and absolutely has to be funded from investments outside of pensions.

For me the best way of hedging my bets will probably be to drop down to two days a week before retiring fully, which would make my ISA money last a great deal longer.

dunstonh

hildosaver said:

At this rate people will be working well into their 70's as the norm and dropping dead at their desks.

Only if they choose to.  

Anonymous101

barnstar2077 said:

Anonymous101 said:

JoeCrystal said:

hildosaver said:

At this rate people will be working well into their 70's as the norm and dropping dead at their desks.

Well, speaking as someone in his early thirties, I am expecting the State Pension Age will increase to 70 with the access to a private pension at 60!

Yes me too. I'm certainly not planning on being able to access my pension in my 50's. The pension age, and subsequent access to pension age, is only going one way. If you want to retire early then bridging the gap is the biggest challenge and absolutely has to be funded from investments outside of pensions.

For me the best way of hedging my bets will probably be to drop down to two days a week before retiring fully, which would make my ISA money last a great deal longer.

I've certainly thought of that. I think its a very good option if your career allows.
I'm not sure I'd be able to do that in my current role but I agree its a good tactic. Taking a lower paid, lower stress role, but still full time, could also be an option.