Will our children be able to retire?
Discussion
In my Danish class a couple of weeks ago we were discussing the Danish government’s plans to increase the statutory pension age. By 2050 it is planned to be 75! It isn’t that long ago that many people didn’t even make it to 75. More importantly, even though people are now living into their 80s, that doesn’t necessarily mean that they are fit, healthy and able to enjoy their retirement. Generally there is a huge difference between 65 to 75 and the following decade of 75 to 85. Above 75 most people are dealing with one or more chronic illnesses.
Are we going to move to an even more unequal society where only the rich will be able to retire and the majority having to work well beyond the time they would like to give up?
Are we going to move to an even more unequal society where only the rich will be able to retire and the majority having to work well beyond the time they would like to give up?
DaveTheRave87 said:
Will they even work? The current generation coming out of university are struggling with their time blindness, anxiety, not knowing what toilet to use and unwillingness to take any job under £100k a year.
In fairness to the OP it’s mentioned that only the rich retire young. That should be the incentive for young people to become rich.
It always amazes me how few people realise that they will eventually get old & should therefore make some form of preparation for this. I realise that for some 40-60 years isn't really enough time and it all comes as a sudden shock but surely by their teenage years they should realise they have literally a lifetime to prepare for the inevitable.
Go to school, get an education, get a worthwhile career, stash a few quid against the oncoming years. Alternatively get a lesser job, work hard & stash a few quid instead of peeing it all up the wall on Saturday nights. It's not a difficult concept.
Pissing about at school followed by languishing on the dole does not lead to massive sympathy as those who have never put much in are disappointed with not getting much out of life. I've had hard times but have always managed to find work, however menial, and have managed to drag myself back up to an adequate level.
Go to school, get an education, get a worthwhile career, stash a few quid against the oncoming years. Alternatively get a lesser job, work hard & stash a few quid instead of peeing it all up the wall on Saturday nights. It's not a difficult concept.
Pissing about at school followed by languishing on the dole does not lead to massive sympathy as those who have never put much in are disappointed with not getting much out of life. I've had hard times but have always managed to find work, however menial, and have managed to drag myself back up to an adequate level.
Yeah I think so.
We could either be in a transitional period where we continue to slowly move away from a state pension, in favour of compulsory workplace pension, with other benefits stopping those without them from starving to death in their 70s. We may even see the return of the old final salary pension as large employers struggle to employ and retain skilled staff.
Or, this period of austerity that started with the banking crisis in 2008 and, despite claims from Westminster has ended, actually ends. 'we' can reverse the increase in retirement age with the same ease 'we' increased it.
Or, perhaps we're in the dying days of 'work'. AI and robotics meaning there simply aren't enough jobs for 8bn people, sure we'll fight it, finding more and more obscure things to do for money. Who have thought only a few years ago there would be 2m people willing to sell pictures and videos of their plumbing on OnlyFans, but eventually, when the balance tips, Universal Income will mean the majority of people no longer work. It might take a few hundred years, but eventually, the idea of rich / poor, will cease to exist and we'll be all controlled by a benevolent AI who takes care of our every need.
We could either be in a transitional period where we continue to slowly move away from a state pension, in favour of compulsory workplace pension, with other benefits stopping those without them from starving to death in their 70s. We may even see the return of the old final salary pension as large employers struggle to employ and retain skilled staff.
Or, this period of austerity that started with the banking crisis in 2008 and, despite claims from Westminster has ended, actually ends. 'we' can reverse the increase in retirement age with the same ease 'we' increased it.
Or, perhaps we're in the dying days of 'work'. AI and robotics meaning there simply aren't enough jobs for 8bn people, sure we'll fight it, finding more and more obscure things to do for money. Who have thought only a few years ago there would be 2m people willing to sell pictures and videos of their plumbing on OnlyFans, but eventually, when the balance tips, Universal Income will mean the majority of people no longer work. It might take a few hundred years, but eventually, the idea of rich / poor, will cease to exist and we'll be all controlled by a benevolent AI who takes care of our every need.
Ganglandboss said:
Why? Most people have a private pension of some description. I have only ever had a typical workplace pension based on reasonably modest earnings, and that should easily fund my retirement, without needing the state pension.
That doesn't sound like a typical work pension. I earn average wages and have been paying into mine since i was 27, and the provider's estimate is that my pension will pay out about £4000 per year when i retire.boyse7en said:
Ganglandboss said:
Why? Most people have a private pension of some description. I have only ever had a typical workplace pension based on reasonably modest earnings, and that should easily fund my retirement, without needing the state pension.
That doesn't sound like a typical work pension. I earn average wages and have been paying into mine since i was 27, and the provider's estimate is that my pension will pay out about £4000 per year when i retire.The sad part it, if I'd stayed with RBS I would be able to retire, admittedly modestly at 55. I joined at the very end of the really, really good packages.
Edited by P-Jay on Wednesday 6th December 16:20
VeeReihenmotor6 said:
Most young people will need to work until they are 80 to pay for their mortgage. That or pay rent at the going rate until they die will mean having to work full time until deaths door, or earn at least enough to pay a not unsubstantial market rent rate.
Given that many youngsters spend years in various Universities, Gap years - and generally dossing about doing little and contributing less, it's not at all surprising if they need to work until 80 years old.boyse7en said:
Ganglandboss said:
Why? Most people have a private pension of some description. I have only ever had a typical workplace pension based on reasonably modest earnings, and that should easily fund my retirement, without needing the state pension.
That doesn't sound like a typical work pension. I earn average wages and have been paying into mine since i was 27, and the provider's estimate is that my pension will pay out about £4000 per year when i retire.Boomers will rinse the whole world and then only those who inherit their wealth will be able to enjoy a fraction of their luck.
There never has and never will be a generation as lucky as them.
My dad got a couple of D's at A level, went and did his FREE medical degree at Leeds, bought his second house (5 bed with half an acre of land) for 1 x years salary, retired in his mid 50's and is now on comfortably over 50k a year in 60's.
Unfortunately I'm 1 of 10 so the inheritance should cover a holiday.
If you're a Boomer and haven't been financially successful what have you been doing?
Anyway, that's my boomer rant, I'm off to see how many years I've got left on my student loan.
There never has and never will be a generation as lucky as them.
My dad got a couple of D's at A level, went and did his FREE medical degree at Leeds, bought his second house (5 bed with half an acre of land) for 1 x years salary, retired in his mid 50's and is now on comfortably over 50k a year in 60's.
Unfortunately I'm 1 of 10 so the inheritance should cover a holiday.
If you're a Boomer and haven't been financially successful what have you been doing?
Anyway, that's my boomer rant, I'm off to see how many years I've got left on my student loan.
presumably to give to pensioners to burn in their Aga's. BoRED S2upid said:
Yes because they will inherit your wealth.
Will they have a state pension? I very much doubt it. It’s not part of my financial planning.
Bizarrely a number of the posters who wail continuously BOOOOOOOOMMMMWEEEEERRRREEZ and go on about their own parents sitting on money (they apparently didn’t earn and have no right too) also say they should be taxed on that wealth on death Will they have a state pension? I very much doubt it. It’s not part of my financial planning.
Kind of self defeating really
ChocolateFrog said:
Boomers will rinse the whole world and then only those who inherit their wealth will be able to enjoy a fraction of their luck.
There never has and never will be a generation as lucky as them.
My dad got a couple of D's at A level, went and did his FREE medical degree at Leeds, bought his second house (5 bed with half an acre of land) for 1 x years salary, retired in his mid 50's and is now on comfortably over 50k a year in 60's.
Unfortunately I'm 1 of 10 so the inheritance should cover a holiday.
If you're a Boomer and haven't been financially successful what have you been doing?
Anyway, that's my boomer rant, I'm off to see how many years I've got left on my student loan.
And yet, I'm 61 so probably what you'd pejoratively call a 'boomer' and I can assure you that I cannot even consider retiring yet, in fact probably not for at least another 10 years - I'm a professional running my own business and don't make a fortune but I'm private sector - that's the key. I know of very few of my peers in the private sector who can contemplate retiring yet as it's simply never been possible to accrue the generous pension entitlements that those in the public sector have been privy to.There never has and never will be a generation as lucky as them.
My dad got a couple of D's at A level, went and did his FREE medical degree at Leeds, bought his second house (5 bed with half an acre of land) for 1 x years salary, retired in his mid 50's and is now on comfortably over 50k a year in 60's.
Unfortunately I'm 1 of 10 so the inheritance should cover a holiday.
If you're a Boomer and haven't been financially successful what have you been doing?
Anyway, that's my boomer rant, I'm off to see how many years I've got left on my student loan.
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