Minister says UK will have to raise retirement age after election

[Nano]

I am digressing a little here and my main question is, after seeing the riots in France, would you be willing to protest to keep the retirement age at 67 or would you be happy to continue until you are 68?

The retirement age isn't being raised. It's already planned to be raised. They are talking about bringing the date it will be raising forward which will affect some people. My age will be retiring at 68 (if it's not changed to later in the future).

I thought it was a rise in the state pension age, not retirement age, Cant you retire at any time after 55?

You can retire whenever you want. You can't access your pension before 55 and that number is being pegged to state pension age so as state pension age increases so will earliest access age.

 

[Ingleby_Flash]

I thought it was a rise in the state pension age, not retirement age, Cant you retire at any time after 55?

You can retire at any age you want, if you can fund it, I know people who ‘retired’ or packed in work earlier than that. I think 55 comes from the state sector and/or defined benefits schemes.

 

[alanmoodysdog]

Iam 66 in August and start my Govt pension. I live in thailand and will be sent here to a Thai bank account . From the start it is frozen , no increase every year .... By the way been finished employed work since 61 ... its crazy to expect people to work beyond 66

 

[Colgates_shaving_foam]

I thought it was a rise in the state pension age, not retirement age, Cant you retire at any time after 55?

The vast majority of people cannot retire without receiving the state pension though so it is essentially the same thing for all but maybe 10% of people I would guess?

 

[Ex Footy Legs]

This country is beautiful and damned. Like a gorgeous girlfriend who self-harms.
no matter how painful, eventually you have to leave them behind

Agreed and it’s why we have started plans for moving to northern Spain in just over 3 years

 

[ThatFragranceGuy]

I wouldn’t worry too much about it - Ai is going to take most jobs within 20 years or so anyway. The question is what are they going to do with all the useless eaters ……..

Is this your new one, or are you dovetailing it with WEF?

 

[Corcaigh_the_Cat]

I thought it was a rise in the state pension age, not retirement age, Cant you retire at any time after 55?

You can retire whenever you want.

 

[Boroboyyo]

I’m not really surprised it will have to go up , I’m 32 and expect to be working well into my 70s. This is going to become a worldwide problem because the population average age is increasing and there are less and less younger people

The pension system always relies on younger working demographics to pay for the pensions of the retirees . The problem is, millennials and gen z hardly have any children compared to previous generations . So the younger workforce just isn’t going to be there to afford good pensions unless people continue to work . Cost of living makes it very hard to have children though unless you’re on good wages . I’m on decent wages now but I still reckon I will struggle when I do have kids . There is also a problem with younger people too…. Studies suggest for some reason we’re not as fertile compared to generations before us , so it’s actually proving harder to have kids on that front too .

The French can protest as much as they want , but it will have to happen . The demographic changes make maintaining the current pension system very difficult

 

[Nero]

Tory austerity forced the national retirement age up. Tory Brexit will attempt to do away with any State Pension completely. Unless the madcap Brexit Tories are booted out at the next general election expect more of the same.

The state is being systematically dismantled in plain sight, but hidden behind ridiculous events like coronations for a feudal King. Get people riled up about desperate people in boats and blame anything possible on "left-wing" deep state.

 

[Heine_Otto]

What age was it France were protesting over?
If it goes up here everyone will just grumble and then forget about

I thought it was a rise in the state pension age, not retirement age, Cant you retire at any time after 55?

You can access private funds from 55 now, although that is moving to 57 in 2028

 

[FishofContemplation]

The vast majority of people cannot retire without receiving the state pension though so it is essentially the same thing for all but maybe 10% of people I would guess?

I think that’s probably an underestimate. According to the ONS data for 2022 just over half leave the labour market for the last time before the state retirement age.

These data exclude those who leave because they die but not those who leave for ill health. Even so I’d guess most are by choice. It’s my anecdotal of my own 60-65 cohort. There’s plenty of early sixties taken the option. Of course that’s in the generation that still has a big chunk that won the defined benefit and house price inflation raffles. The millennials and gen Z’ers not so much maybe. But who knows what their employment and retirement model will look like anyway.

 

[Billyzin]

They can do whatever they like as they know most people aren't prepared to do anything about it.

 

[Dybuk]

I think that’s probably an underestimate. According to the ONS data for 2022 just over half leave the labour market for the last time before the state retirement age.

These data exclude those who leave because they die but not those who leave for ill health. Even so I’d guess most are by choice. It’s my anecdotal of my own 60-65 cohort. There’s plenty of early sixties taken the option. Of course that’s in the generation that still has a big chunk that won the defined benefit and house price inflation raffles. The millennials and gen Z’ers not so much maybe. But who knows what their employment and retirement model will look like anyway.

I think that is a cohort specific thing. I'm 50 and have a final salary from my first job (left there when I was 25) but only defined contribution since then and it's not worth much. I reckon if I was 10 years older and had more personal pension then I would be thinking about retiring a bit early. But I just can't see a way to retire before the state one kicks in.

I'd almost be in a position to put more away (which would help) but I've just seen how much we have to pay towards our first born to go to Uni next year. We'll be doing it for two of them in a couple of years.
So retirement seems a very long way off.

 

[pierrequiroule]

The French can protest as much as they want , but it will have to happen . The demographic changes make maintaining the current pension system very difficult

It doesn't have to happen. There are alternative ways of making up the shortfall (there are serious doubts about the size of the shortfall) by restructuring the debt, increasing conributions etc. It's a political choice. The demographic argument is also not solid as there are signs that the growth in life expectancy is slowing down and may even decline - even a casual glance at the general health of our younger generations indicates that this is very possible.

 

[coluka]

To be fair, they do have another policy that is running in parallel to their thoughts on bringing forward the raising of the retirement age. I am of course talking about their stealth policy to reduce access to healthcare by making it harder to see a doctor, increasing waiting lists so we wait longer for treatment so many more suffer and die earlier than they ought to, thus saving fortunes in state pension. Sending covid infected people out from hospital to care homes during the pandemic was a tory masterstroke.

 

[r00fie1]

To be fair, they do have another policy that is running in parallel to their thoughts on bringing forward the raising of the retirement age. I am of course talking about their stealth policy to reduce access to healthcare by making it harder to see a doctor, increasing waiting lists so we wait longer for treatment so many more suffer and die earlier than they ought to, thus saving fortunes in state pension. Sending covid infected people out from hospital to care homes during the pandemic was a tory masterstroke.

"Pile the bodies high" - Boris Johnson during Covid

 

[Ex Footy Legs]

I’m not really surprised it will have to go up , I’m 32 and expect to be working well into my 70s. This is going to become a worldwide problem because the population average age is increasing and there are less and less younger people

The pension system always relies on younger working demographics to pay for the pensions of the retirees . The problem is, millennials and gen z hardly have any children compared to previous generations . So the younger workforce just isn’t going to be there to afford good pensions unless people continue to work . Cost of living makes it very hard to have children though unless you’re on good wages . I’m on decent wages now but I still reckon I will struggle when I do have kids . There is also a problem with younger people too…. Studies suggest for some reason we’re not as fertile compared to generations before us , so it’s actually proving harder to have kids on that front too .

The French can protest as much as they want , but it will have to happen . The demographic changes make maintaining the current pension system very difficult

Wow. A fully indoctrinated Tories clone who has swallowed whole their complete bull$hit about our ‘state’ limitations….fcuk of and grow a brain and a little bit of fight, resistance and questioning why the toties love to throw their own citizens under a bus and basically couldn’t care less about the majority of us…cnuts