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Azz
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08-08-2009, 04:31 PM
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State pension age could hit 70

The UK's state retirement age is likely to rise higher than the current planned increase to 68, the pensions regulator has said.

David Norgrove told the BBC the rise in life expectancy meant millions of people would "undoubtedly" have to wait longer in future to draw a state pension.
http://news.bbc.co.uk/1/hi/business/8191059.stm

What do you think guys?
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08-08-2009, 04:41 PM
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Re: State pension age could hit 70

Those (female) among us who will pick up pension at 60 will probably be happy to be philosophical and say - well, when it ws introduced the life expectancy post-pension was probably about 5 years. Now it's more like 25 years! As our transatlantic cousins say - Do the math
Plus, young people don't start work at 14 now - more like 24 for many. So, you can't trim a contribution lifespan at both ends.

I hope and expect (though I don't suppose I'll be here to see it) that the whole 9-5, Monday to Friday, 48 weeks a year. 21-65 thing will crumble anyway. Older folk might like (be happy) to work say 3 months a year, or one and a half days a week, or one week in three or whatever suits them. It's not like we're all hewing wood or hauling coal - we don't need physical strength to do the majority of jobs, so if the brain is still working, why not go for it?
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08-08-2009, 04:57 PM
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Re: State pension age could hit 70

I found out that I can't draw my pension until I'm 62.5 but as I'm self employed, I don't think of it as a big deal. I think in one way it's sad for many people, especially as DM's vision has not yet come to pass.
Jan
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08-08-2009, 05:58 PM
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Re: State pension age could hit 70

It came as a big enough surprise when I discovered I wouldn't get a pension until I was 63.
I think its inevitable that people will have to work longer. Maybe we should get rid of the idea of a fixed retirement age and have some kind of sliding scale of pension with those who work longer getting a bit more.
The trouble is people may be living longer but they're not always in such good health by 70. It would be a pity if they didn't have some time to enjoy themselves.
merz
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08-08-2009, 10:32 PM
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Re: State pension age could hit 70

Originally Posted by Jan ->
It came as a big enough surprise when I discovered I wouldn't get a pension until I was 63.
I think its inevitable that people will have to work longer. Maybe we should get rid of the idea of a fixed retirement age and have some kind of sliding scale of pension with those who work longer getting a bit more.
The trouble is people may be living longer but they're not always in such good health by 70. It would be a pity if they didn't have some time to enjoy themselves.
Agree that not everyone is in good health at 70-personally I think if should remain at 65 so that people can enjoy their retirement especially after working all their lives. Knew a couple of people who carried on working till they were 70 and would have continued to work but they werent' covered by Insurance-unfortunately they only enjoyed a couple of years retirement-sorry if that sounds depressing-didn't mean it to
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08-08-2009, 10:37 PM
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Re: State pension age could hit 70

As long as you have health and are fit then I think you should be able to work as long as you want to. It must be really hard for those who 'can't wait' for their 60th and now will have to work on.
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20-10-2009, 04:19 PM
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Re: State pension age could hit 70

I retired at 55 and was so pleased to do so, I feel sorry for those who'll have to wait 'till the end of their 60's.

People still fairly young should think about a supplementary pension and not rely on the state's old age pension.
I did, and now I'm reaping the benefits off it plus I've got my pension from my last employer which is index linked.
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20-10-2009, 09:14 PM
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Re: State pension age could hit 70

I will probably work until 65 years (at least)
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20-10-2009, 09:25 PM
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Re: State pension age could hit 70

Originally Posted by nero ->
I retired at 55 and was so pleased to do so, I feel sorry for those who'll have to wait 'till the end of their 60's.

People still fairly young should think about a supplementary pension and not rely on the state's old age pension.
I did, and now I'm reaping the benefits off it plus I've got my pension from my last employer which is index linked.
I did much the same Denis (58 actualy) I still do work over the internet one or sometimes two days a week but as my wife keeps telling me 'It's not work!!" she thinks that you have to be doing something physical to be classed as 'working'
Chr1st1an
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24-10-2009, 07:42 AM
10

Re: State pension age could hit 70

It is those who saved personal pensions for whom I feel sorry. Even three years ago when I retired my annuity sum was 40% down on the earlier forecasts. It is worse for those currently retiring
 
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