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Retiring age to go up to 70
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When I started my apprenticeship i looked forwards to retirement at 65, though obviously it was years away.
From memory i started connecting to the state pension and was part of the baby boom era. Yes more people at that point were contributing to the pension scheme.
The government ( no political type)
Has moved the goal posts. I didn’t sign up for that. Now they want to increase it to 70 by 2035.. how do you feel about this? Personally people should be given the option to increase their contributions to reduce their retirement age. Your thoughts please? |
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I was lucky I retired at 66 so only had to work an extra year , you can retire at 55 if you have any money in your private pension but can’t claim your state pension till you reach retirement age , |
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The issue is...
Pensions account for most of the Welfare Budget, and people are living longer than they ever were in the past. Ultimately there needs to be enough money being paid into pensions to cover their cost.
One way to reduce the cost of pensions is to reduce the amount of people claiming & the length of time they claim for... increasing the age does both.
Cal |
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It’s currently only being suggested by “ think tanks” and as such has a long way to go before becoming legislative and implemented.
If it is brought in it will be as previous changes, scaled and introduced for people born after a certain date.
You and I will remain in the group who qualify at 67.
The next change due will take it to 68 for people born after 5 April 1977.
But I do agree with the sentiment that any change is unfair, ( and yes I do understand why it’s been done) |
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By *athomMan 2 days ago
South Coast |
The pension wasn’t designed for people to collect.
The 65 threshold was based on the average life expectancy at the time. Now people are living longer they move the goalposts accordingly.
Bummer for us who planned for 65 |
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My state pension age is 67, I'm lucky to have a fairly good private pension so I'm already semi-retired at 62 (63 at end of the year).
The problem with the state pension us double edged.
1. People are living longer, and because there are so many younger people on low paid jobs, training schemes, long term education, benefits, there are only so many people paying into the pension pot - last analysis stated a narrow band of 35yr olds to 55yrs olds - that pot is dangerously limited.
2. The pension pot is regularly used by sucessive governments when funds are needed for emergency use...overseas aid, investment in public services, Covid furlough scheme.
So there is a limited pot and a small section of the populace paying into it. The only way to ensure the pot doesn't run out is increase the age people claim it, in the hope they die before they can claim it. |
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" Personally people should be given the option to increase their contributions to reduce their retirement age. Your thoughts please?"
.
They'd unlikely ever do that due to currency debasement.
Pay 14 bob 6 shillings in 1961 to get 13k/yr from 2026.
Probably why they only let you back fill gaps and not forward fill |
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The problem for me is,
You need 35 qualifying years of National Insurance (NI) contributions or credits to get the full new State Pension.
This should be increased to 45. Most have worked that anyway, people will work 50 years ish as the age limit is so dose it not make more sense to make it years worked. If you want to spend years extra in education witch costs the state fine but your still need to do 45 years work |
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By *iver78Man 2 days ago
barton upon humber |
Its just wrong , foesent really effect me and all being well ill pack in at 55 as ill have my private pension and navy pension. But I feel for the younger generation,id like to see a state retirement age go down to release more jobs for the younger people , but im chilling in the hotel lobby watching the news and getting more and more annoyed about bloody illegal imagrants, and the cost to us the taxpayer !!
So ill crawl back under my rock lol I prefer to remain ignorant of the state the country's actually in !! |
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Until the state pension is enough to survive on, people will keep working anyway. Pensioners make up 4% of the workforce. That's about 1.7m jobs not available to younger people.
If you don't work enough years to qualify for a full state pension, then you can get pension credit which makes you better off than those who do.
I've always seen my life as work until you die, which is why, 18 years ago, when I was 47, despite having no savings or assets, my kids were independent and I floored my overheads and started semi retirement. Since then I've worked as little as possible, 2 to 3 days a week suits me.
Just capitalism at work
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By *iver78Man 2 days ago
barton upon humber |
"Until the state pension is enough to survive on, people will keep working anyway. Pensioners make up 4% of the workforce. That's about 1.7m jobs not available to younger people.
If you don't work enough years to qualify for a full state pension, then you can get pension credit which makes you better off than those who do.
I've always seen my life as work until you die, which is why, 18 years ago, when I was 47, despite having no savings or assets, my kids were independent and I floored my overheads and started semi retirement. Since then I've worked as little as possible, 2 to 3 days a week suits me.
Just capitalism at work
"
I tried semi retirement , lasted about 2 weeks and I missed it , who would of guessed that thats even a thing , I do tend to cherry pick the jobs I actually want to do these days and the lads pick up the ones I find mundane
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"Until the state pension is enough to survive on, people will keep working anyway. Pensioners make up 4% of the workforce. That's about 1.7m jobs not available to younger people.
If you don't work enough years to qualify for a full state pension, then you can get pension credit which makes you better off than those who do.
I've always seen my life as work until you die, which is why, 18 years ago, when I was 47, despite having no savings or assets, my kids were independent and I floored my overheads and started semi retirement. Since then I've worked as little as possible, 2 to 3 days a week suits me.
Just capitalism at work
I tried semi retirement , lasted about 2 weeks and I missed it , who would of guessed that thats even a thing , I do tend to cherry pick the jobs I actually want to do these days and the lads pick up the ones I find mundane
"
I got used to it after about a year 
Do you see your Navy pension as benefit? I did some research
"The total long-term valuation of the UK Armed Forces Pension Scheme (AFPS) liabilities stands at £150.4 billion, with an additional £2.5 billion allocated for the Armed Forces Compensation Scheme (AFCS).Because the AFPS is an "unfunded," pay-as-you-go public service pension scheme, there is no pot of invested assets. Instead, benefits for current retirees are paid directly out of the annual defense budget, heavily supported by employer contributions." |
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"The pension isn’t a given right, it’s not a savings scheme. The retirement age will fluctuate given people living longer and a growing population.
It’s inevitable. "
Hang on..read what I said, if an individual wants to increase their contributions to able them to retire earlier. Isn’t that fairer? |
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"The pension isn’t a given right, it’s not a savings scheme. The retirement age will fluctuate given people living longer and a growing population.
It’s inevitable.
Hang on..read what I said, if an individual wants to increase their contributions to able them to retire earlier. Isn’t that fairer?"
I think the point being made is that the old age pension is unfunded. It is paid by government income from the current year. There are no investments to cover it, so it won't grow in value.
Unfunded public service pensions have the same problem, NHS, teachers, armed forces actually paid in extra contributions for their pensions, which is used to pay those already claiming it. But the amount coming in was never enough to cover it. The taxpayer currently funds £59 billion a year in the shortfall of public sector pensions being paid. |
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By *iver78Man 2 days ago
barton upon humber |
"Until the state pension is enough to survive on, people will keep working anyway. Pensioners make up 4% of the workforce. That's about 1.7m jobs not available to younger people.
If you don't work enough years to qualify for a full state pension, then you can get pension credit which makes you better off than those who do.
I've always seen my life as work until you die, which is why, 18 years ago, when I was 47, despite having no savings or assets, my kids were independent and I floored my overheads and started semi retirement. Since then I've worked as little as possible, 2 to 3 days a week suits me.
Just capitalism at work
I tried semi retirement , lasted about 2 weeks and I missed it , who would of guessed that thats even a thing , I do tend to cherry pick the jobs I actually want to do these days and the lads pick up the ones I find mundane
I got used to it after about a year
Do you see your Navy pension as benefit? I did some research
"The total long-term valuation of the UK Armed Forces Pension Scheme (AFPS) liabilities stands at £150.4 billion, with an additional £2.5 billion allocated for the Armed Forces Compensation Scheme (AFCS).Because the AFPS is an "unfunded," pay-as-you-go public service pension scheme, there is no pot of invested assets. Instead, benefits for current retirees are paid directly out of the annual defense budget, heavily supported by employer contributions.""
I see it as what they owe me , i joined because it was a job ( sod all that king and country bollocks ).I saw 2 active war zones , missed a lot of my kids early yrs and the actual pay isent that good ,so in my eyes I believe its a good thing , unfortunately I had to a medical discharge ( work related ).or id have completed my service , so yeah the owe me lol |
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By *iver78Man 2 days ago
barton upon humber |
"The pension isn’t a given right, it’s not a savings scheme. The retirement age will fluctuate given people living longer and a growing population.
It’s inevitable.
Hang on..read what I said, if an individual wants to increase their contributions to able them to retire earlier. Isn’t that fairer?"
That is very fair , I have to contribute to the lads pension as an employer and they are all adding to it as it makes complete sence to build up there pots , this industry ( if they stay in it ).isent easy , nobody wants to be doing in there old age |
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My pension age increased from 60 to 66 over the course of my working life.
More by luck than good judgement I took out a private pension and I advise anyone who will listen to do the same and contribute as much as they can afford without compromising themselves in the present. Retirement seems way off until it isn't and then it's too late. Don't rely on the state to manage your money, if you want to make additional contributions do it privately.
We sold our house, downsized and took our small private pensions to be able to afford to retire at 57. Whether that will be achievable when our kids retire I don't know. |
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A lot of us started paying NI contributions at 15/16 years old that we thought were meant to go towards a state pension entitlement when we got to 65 most won't start paying that until well into thier twenties. We emplorers now have to compulsory pay into pensions for any employee it does concern me about the reliability of these pension providers I do hope the government has a finger on keeping them in check. |
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"They want you to work until you drop basically, don't forget to pay all those taxes & NI though.
Money for those millions that contribute zero to the economy needs to come from somewhere. "
It was common to work until you no longer could until early on in the 20th century. State pensions weren't introduced until 1909 and I understand retirement age was 70 then, means tested and you had to be 'of good character'.
My dad can tell a lot of stories of how his older relatives managed in old age |
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I agree you left school got a job paid tax etc. Believe i would get pension at 65 now I believe mine is 67.
Problem is people living longer as much as most won't agree . NHS doing too good a job!!!
I know one friend worked council job
Retired final salary pension at 54 now 87 . Won't be long till had pension more years than he worked !!
How can that be fair !!
And he complains about paying tax on his pension ! By time you add final salary to his state pension hes on more money than most people working!
I am lucky I private pension and large house plan is down size house when time comes
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"How did he claim his private pension at 54?"
Final Salary pension paid by tax payers had chance of early pension when wanted to cut staff numbers in his department. Not private pension different rules I guess. Also money toward retaining . |
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By *abs9Man 2 days ago
driffield |
"They want you to work until you drop basically, don't forget to pay all those taxes & NI though.
Money for those millions that contribute zero to the economy needs to come from somewhere. "
…. Well said |
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"How did he claim his private pension at 54?
Final Salary pension paid by tax payers had chance of early pension when wanted to cut staff numbers in his department. Not private pension different rules I guess. Also money toward retaining . "
Final salary pension paid by tax payers that you can draw at 54, I wish I'd signed up for one of those .
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I had a chance to draw my private pension when they wanted to cut numbers. They enhanced my pension to reflect what I would have got at 60 which was when it should have matured. They also paid me redundancy pay and three months salary in lieu of notice such was their haste to be rid of me |
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By *lakeyMan 2 days ago
somewhere close |
I’ll still be working when I die 
But they keep on saying people are living longer but all you hear is people dying young I’m at a funeral tomorrow 66yr old guy retired due to ill health but still not a good age he should still be working if he was able.
I’m 52 now got a decent pension already for age but not by my salary hoping to get the house paid in next 5yrs really. |
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private and workplace pensions are accessible from age 55 (rising to 57 in April 2028)
The State Pension should be stopped right now, and everyone should have to pay into private pension or work until death. |
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Surprised it dudn’t start going up sooner tbh. As soon as the baby booms were over coupled with birth rates dropping it should have been pretty obvious the state would require people to work longer. Oops no, can’t make decisions like that because they are vote losers. |
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"private and workplace pensions are accessible from age 55 (rising to 57 in April 2028)
The State Pension should be stopped right now, and everyone should have to pay into private pension or work until death."
The government currently contribute £59m a year to pension payments and contributions for teachers, armed forces, NHS and civil servants. These schemes have been paid into by those people for years and years but that money is paid out to their pensioners in full each year. There is no savings pot. This is not included in the pensions "welfare" Figure of £146m per year. The government currently has a forward liability of £1.3 trillion for these pensions.
All I'm saying is that it's not that simple. Stopping the old age pension would just move it to means tested benefit. No big saving in the grand scheme of things. People too old to work would be classed as unable to work and get more benefit. |
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I challenge any of those nerd shitbag politicians to come do a week or even day at graft with me then tell me honestly if they want to do it till they are 70. I’m fucking sick of weak men who have never lifted nowt heavier than a pen telling us all how long we have to graft for |
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"I challenge any of those nerd shitbag politicians to come do a week or even day at graft with me then tell me honestly if they want to do it till they are 70. I’m fucking sick of weak men who have never lifted nowt heavier than a pen telling us all how long we have to graft for "
I was gonna say similar. It's always people who sit on their backsides all day.Telling others, who do manual work or long heavy shifts, that they can carrying on doing it, till they're 70. |
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"I challenge any of those nerd shitbag politicians to come do a week or even day at graft with me then tell me honestly if they want to do it till they are 70. I’m fucking sick of weak men who have never lifted nowt heavier than a pen telling us all how long we have to graft for
I was gonna say similar. It's always people who sit on their backsides all day.Telling others, who do manual work or long heavy shifts, that they can carrying on doing it, till they're 70."
That's what government is for, to tell us to do things they would not dream of doing themselves such as waiting for treatment on the NHS or saving fuel by using public transport |
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"You can retire when you like if you can afford to. "
Yes you can. People expect the state to look after them in retirement and I understand why, we've grown up with the idea but all of us need to make provision for our old age if we can and I know that isn't always possible. The state pension doesn't allow you to live in comfort |
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"You can retire when you like if you can afford to.
Yes you can. People expect the state to look after them in retirement and I understand why, we've grown up with the idea but all of us need to make provision for our old age if we can and I know that isn't always possible. The state pension doesn't allow you to live in comfort"
I'm going to live off my children and grandchildren.
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"You can retire when you like if you can afford to.
Yes you can. People expect the state to look after them in retirement and I understand why, we've grown up with the idea but all of us need to make provision for our old age if we can and I know that isn't always possible. The state pension doesn't allow you to live in comfort
I'm going to live off my children and grandchildren.
"
Excellent plan! |
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