UK state pension age will soon need to rise to 71

[bitchstewie]

Appreciate it's the opinion of one organisation rather than anything official but I do wonder how many people don't think about pensions or retirement until it's too late to do anything about it other than keep on working.

UK state pension age will soon need to rise to 71, say experts

[Cats_pyjamas]

That's on the individual. It's clear state pension age is only going to rise, as the ponsi scheme weakens. The only people I feel for is those who cannot afford to make additional provision, and will be stuck on the hamster wheel for longer.

[Klippie]

How about reducing the pension age for manual labour workers (tradesmen etc) to 50 years old, much more wear and tear on thier bodies, giving them a decent retirement period before they start to feel the effects of years of hard work.

As for the rest it should be 60 years old (non compulsory of course) no one should have to work longer than this.

Also if all the "old" workers retired it would open up the labour markets to the young team and get the lazy little stes out to work and support the counrty...life is not free.

[oddman]

Idiotic triple lock means the only means of dealing with the rising cost of pensions is to slide out pension age

It's unfair for those in manual jobs as they will be knackered and will have an even shorter retirement. Many of these will just go on sick to bridge the gap.

Also unfair for younger folk who, as well as being shafted by the housing market, will have to work longer to keep the already retired and property rich comfortable.

[CrgT16]

Interesting subject this…

There needs to be a balance… at present us not balanced as about 50% of the working age population do not work….

Someone will have to call it…. It’s just not sustainable and probably a lot of piss taking. Suggesting to the ones that are working hard that they need to work longer is not going to be popular.

I have completely accepted that I must make other provisions than state pension a long time ago. Saying that private pensions can be affected so perhaps diversity portfolio is the key.

[2 sMoKiN bArReLs]

oddman said:

Also unfair for younger folk who, as well as being shafted by the housing market, will have to work longer to keep the already retired and property rich comfortable.

That's one way of looking at it

Alternatively the current young folk can mostly look forward to being alive. When pension schemes were first devised we mostly were dead by 63.

Retirement as we know it will gradually phase out I reckon.

[valiant]

bks to hanging on until 71.

I’m 50(ish) now and my body is starting to feel it’s age a bit more than I’d like and the thought of doing another 20 years would be purgatory for me. 60 is a good age to retire and what people should be working towards if possible. Young enough to enjoy what’s left of your health and old enough to have accrued a decent pension.

At 71, you’re looking at about 10 years left and the chances of an illness, a disability or just plain old age knackeredness is massively increased.

Might as well say work until you drop. Horrible thought.

[grumbledoak]

Something has to give. The false promises of the past are all coming due. Either the Ponzis must be allowed to fail, or the pension commitments inflated away, or people will have to work longer, or we need to import a whole load more people.

Two of these are not going to be allowed due to who would be affected.
The other two are both happening now.

I suspect it will be work 'til you drop then a 25 cent "booth" a la Futurama.

[Oakey]

2 sMoKiN bArReLs said:

That's one way of looking at it

Alternatively the current young folk can mostly look forward to being alive. When pension schemes were first devised we mostly were dead by 63.

Retirement as we know it will gradually phase out I reckon.

Er, about that... pretty sure life expectancy for younger generations is predicted to be worse, not better

[GT03ROB]

Klippie said:

How about reducing the pension age for manual labour workers (tradesmen etc) to 50 years old, much more wear and tear on thier bodies, giving them a decent retirement period before they start to feel the effects of years of hard work.

As for the rest it should be 60 years old (non compulsory of course) no one should have to work longer than this.

Also if all the "old" workers retired it would open up the labour markets to the young team and get the lazy little stes out to work and support the counrty...life is not free.

• so how you gonna determine who qualifies as a manual worker
• who’s gonna pay for everyone to retire at them ages
• there’s no shortage of jobs
• if the lazy little stes got outta bed they wouldn’t have to worry about pensions

[CrgT16]

It’s a mess but the solution is easy…

Ditch the triple lock, halve the offering on the free NHS, review the welfare ‘rights’ (can’t afford more than 2 kids don’t have them or pay for your own… it’s not a right single mum or not)
And finally get rid of the ridiculous triple lock as we can’t afford it.

Get younger people to work that are fit but actually take the system to live off the state.

All this is political suicide and will be shouted down by all the do gooders…

[BoRED S2upid]

As a current 45 year old I’m not expecting it to exist and a lot are thinking the same. Fund your retirement through employer pension, private pension, ISA, property all of the above but don’t rely on the government to be dishing it out in 20,30,40 years.

[cirian75]

My old man is 69, 70 this year, he is utterly knackered, no way he could and worked much passed 66.

71 is daft

[MiniMan64]

People like to moan about the benefit scrounging but isn’t it the pensioners costing the country the most in terms of social cost?

Working at 71 is pretty crappy but surely everyone can see something has to give…

[CrgT16]

Indeed, agreed.

[CAH706]

You have to give fair notice (years and years) before schemes are changed.

It’s such a long term financial activity that you can’t keep changing rules/regulations without allowing people significant time to change their plans.

By 45 you will struggle to change the outcome of your personal pension especially in current times when people are short of cash. I’m sure the vast majority of that age have factored in the state pension to their future financial plans in retirement and would miss it should the age of receipt change a lot.

[AndyAudi]

Is this just to get more of us agreeing that it’s acceptable to drop the triple lock to keep state retirement under aged 70….

Also doesn’t just affect the “poor” who rely on state pension if personal pensions are tied to 10years earlier than state pension age…

[E63eeeeee...]

Klippie said:

How about reducing the pension age for manual labour workers (tradesmen etc) to 50 years old, much more wear and tear on thier bodies, giving them a decent retirement period before they start to feel the effects of years of hard work.

As for the rest it should be 60 years old (non compulsory of course) no one should have to work longer than this.

Also if all the "old" workers retired it would open up the labour markets to the young team and get the lazy little stes out to work and support the counrty...life is not free.

There's nearly a million job vacancies at the moment. The underlying problem is not enough workers, not old people blocking young people from getting jobs.

[E63eeeeee...]

grumbledoak said:

Something has to give. The false promises of the past are all coming due. Either the Ponzis must be allowed to fail, or the pension commitments inflated away, or people will have to work longer, or we need to import a whole load more people.

Two of these are not going to be allowed due to who would be affected.
The other two are both happening now.

I suspect it will be work 'til you drop then a 25 cent "booth" a la Futurama.

Or we improve productivity so that a smaller number of workers can support a larger non-working population.

Or we invest in public health so that fewer people leave the workforce due to poor health.

Or we redistribute wealth better so that more people can afford to subsidise their own retirements.

[Nemophilist]

AndyAudi said:

Is this just to get more of us agreeing that it’s acceptable to drop the triple lock to keep state retirement under aged 70….

Also doesn’t just affect the “poor” who rely on state pension if personal pensions are tied to 10years earlier than state pension age…

If personal pension can’t be taken until 61 I’m not too sure I’d bother carrying on and focus on clearing mortgage and increasing general investments instead.