Denmark to raise retirement age to 70

[bitchstewie]

Makes you wonder how long until we get there.

Denmark to raise retirement age to highest in Europe

I feel very sorry for the current younger generation.

[Pit Pony]

bhstewie said:

Makes you wonder how long until we get there.

Denmark to raise retirement age to highest in Europe

I feel very sorry for the current younger generation.

Why feel sorry for them? . People live longer.

[bitchstewie]

Pit Pony said:

Why feel sorry for them? . People live longer.

True but they're also being asked to fund generations who get to retire earlier than they are likely to.

[Terminator X]

By the time I get there I suspect it will be 70 in the UK too. Not so much of an issue for me as I love my job and it isn't physical so as long as I still have my faculties it should be ok.

More older gen over time all claiming, they have to do something. If only there was a worldwide pandemic it might take some of them out #StayAtHome ...

TX.

[Gecko1978]

bhstewie said:

True but they're also being asked to fund generations who get to retire earlier than they are likely to.

Yes by what 3 years etc plus with mass university entrance an school leaving age at 18 we could argue they get to pt off work longer

[98elise]

Pit Pony said:

bhstewie said:

Makes you wonder how long until we get there.

Denmark to raise retirement age to highest in Europe

I feel very sorry for the current younger generation.

Why feel sorry for them? . People live longer.

But the extra years are the unhealthy ones.

I feel knackered at 60 so no way I'd want to work to 70.

[ChocolateFrog]

Pit Pony said:

bhstewie said:

Makes you wonder how long until we get there.

Denmark to raise retirement age to highest in Europe

I feel very sorry for the current younger generation.

Why feel sorry for them? . People live longer.

Do they? Not what the stats suggest.

[TwigtheWonderkid]

Pit Pony said:

bhstewie said:

Makes you wonder how long until we get there.

Denmark to raise retirement age to highest in Europe

I feel very sorry for the current younger generation.

Why feel sorry for them? . People live longer.

I'm 62, retired at 58. My generation had free uni, affordable houses to buy, MIRAS tax relief on my mortgage payments, loads of employment opportunities, brilliant pension schemes, no wars to fight, huge house price inflation after we'd got on the ladder. I would imagine about 30% of my total wealth I worked for, the rest fell into my lap. Now I have free prescriptions, free travel around London, and 10% off in Iceland on a Tuesday. Seriously, we were really the golden generation. Our parents had it much tougher, and our kids are having it much tougher. Young working families should be getting the perks pensioners demand. Winter fuel allowance, fk right off with that crap. I'm glad they scrapped it for all but the most needy. Millions of pensioners are doing fine thanks, and don't need these handouts.

Yet it's my generation that do nothing but bh and whine about how hard we had it. Brexit is a prime example, how millions of older folk were hoodwinked into believing how terrible things had been in the common markt/EEC/EU.

So that's why I feel sorry for them. I doubt my sons who are in their 20s will even get a state pension.

[Panamax]

bhstewie said:

True but they're also being asked to fund generations who get to retire earlier than they are likely to.

That's been going on for many decades, so nothing new. You could argue they are lucky to have more "working years" to fund eventual retirement. Meanwhile life expectancy has risen dramatically,

1960 - average UK life expectancy 70 years
1980 - average UK life expectancy 74 years
2000 - average UK life expectancy 78 years
2020 - average UK life expectancy 80 years

The catch from the funding angle is that with a retirement age of 65 people would be drawing their pensions for three times longer, so three times the cost.

[Biker 1]

There's no way I can afford to retire & I'm sure I would get bored stless if I did!
As pointed out above, life expectancy getting longer = more tax to fund state pension &/or increase retirement age.

[Rufus Stone]

Sadly it's inevitable.

[wc98]

Panamax said:

That's been going on for many decades, so nothing new. You could argue they are lucky to have more "working years" to fund eventual retirement. Meanwhile life expectancy has risen dramatically,

1960 - average UK life expectancy 70 years
1980 - average UK life expectancy 74 years
2000 - average UK life expectancy 78 years
2020 - average UK life expectancy 80 years

The catch from the funding angle is that with a retirement age of 65 people would be drawing their pensions for three times longer, so three times the cost.

I'm afraid life expectancy varies vastly across the population. Would be interesting to see career/job vs life expectancy stats to see how much they vary, if at all.

[TwigtheWonderkid]

What happened to the effect of covid? 200K people already on state pension taken out of the system maybe years before they otherwise would have been?

[bitchstewie]

wc98 said:

I'm afraid life expectancy varies vastly across the population. Would be interesting to see career/job vs life expectancy stats to see how much they vary, if at all.

There's probably a similar track for wealth and happiness and social status and all sorts.

The take away for me is anyone is counting on the state pension to fund them in retirement either they're working longer or having a shorter retirement.

[Sheets Tabuer]

Wouldn't be a problem if it was mandatory that 10% of your wage must go into a pension, even on minimum wage assuming a 2% increase per annum you'd have £550k pension pot assuming a dismal 5% return.

[Gas1883]

Youngsters have it hard , really , mine has had all her cars paid for by her mum & dad , deposit on her house , brand new furniture including cooker , fridge , dish washer ( I was me & mrs plates by hand ) , she came on holiday with us this year , ticket & spending money paid for by mum & dad , mum took her & brought her all new outfits , we went shopping today , had coffee & cake paid for by , yes you’ve guessed it , mum & dad , new composite front door & rear door paid for by dad , daughters car tax , ins , srvs are paid for mum & dad etc etc etc etc etc
My dad never put a penny towards anything , it was upto me , I worked 12 hrs nights 7 days a week , wife worked 3 part time jobs , any thing furniture wise / clothes was hand me downs from family , £100 Ford cortina ( daughter has 69 plate fiesta vignale ) , I’d often sit there & think we’re not going to have to pay the bills
When people say how easy it was for people in there 60,s they certainly arnt speaking for me , I’m still doing 70/80 hrs at 63 , I’ll be up at 1 am tomorrow & b/ h Monday , and home at 3/4/5 pm , my goverment retirement age is now 67 , health wise I won’t make it , I’ve been driving on section 88 for 6 months now

As for pensions I’m sure my daughters nhs pension will be worth a sight more than my company pension .

[bitchstewie]

Sheets Tabuer said:

Wouldn't be a problem if it was mandatory that 10% of your wage must go into a pension, even on minimum wage assuming a 2% increase per annum you'd have £550k pension pot assuming a dismal 5% return.

I didn't even realise you aren't automatically enrolled into a workplace pension if you're under 22.

That seems bonkers.

[Gas1883]

TwigtheWonderkid said:

Pit Pony said:

bhstewie said:

Makes you wonder how long until we get there.

Denmark to raise retirement age to highest in Europe

I feel very sorry for the current younger generation.

Why feel sorry for them? . People live longer.

I'm 62, retired at 58. My generation had free uni, affordable houses to buy, MIRAS tax relief on my mortgage payments, loads of employment opportunities, brilliant pension schemes, no wars to fight, huge house price inflation after we'd got on the ladder. I would imagine about 30% of my total wealth I worked for, the rest fell into my lap. Now I have free prescriptions, free travel around London, and 10% off in Iceland on a Tuesday. Seriously, we were really the golden generation. Our parents had it much tougher, and our kids are having it much tougher. Young working families should be getting the perks pensioners demand. Winter fuel allowance, fk right off with that crap. I'm glad they scrapped it for all but the most needy. Millions of pensioners are doing fine thanks, and don't need these handouts.

Yet it's my generation that do nothing but bh and whine about how hard we had it. Brexit is a prime example, how millions of older folk were hoodwinked into believing how terrible things had been in the common markt/EEC/EU.

So that's why I feel sorry for them. I doubt my sons who are in their 20s will even get a state pension.

Our generation had brilliant pensions you say !!! I’m 63 & started working at 12 .

[Slow.Patrol]

bhstewie said:

I feel very sorry for the current younger generation.

Why?

My parents retired in their late 50s.

They had nearly 25 years of retirement. Usually spending most of February somewhere warm like South Africa.

They had a much better quality of life than I. No massive waiting lists for operations. Saw a GP within 24 hrs.

I don't hate them because they had a better and longer retirement than I did. I don't feel hard done by because I have worked longer.

I started work at 18. My older sisters started at 16.

[Sheets Tabuer]

It's what they should be teaching in school, compound interest, rate of returns and all that jazz, if we change what I wrote above to 7% that's retiring at 55 money. That's what needs drumming in to them at school in my opinion.