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I've been counting down the years, months, weeks, days, hours, minutes and seconds until I qualify for my "old age" pension and can finally leave work and do more photography - now the powers that be are going to increase the time I have to work by another whole year!
Angry? You bet!!
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She-who-must be-obeyed already gets her old-age pension - it's just short of GBP60 per week and just about covers our Council Tax. It's lower than standard because she took time out for children.
Many people of retirement age still have to work if they want to eat as well as pay the bills!
One friend who's no longer with us spent time in a concentration camp and as so was entitled to a fraction of a German pension. This "fraction" was considerably more than the pittance that HMG seems to believe that old people can survive on!
Aye, it's like holding a handful of sand at the moment, why can't they at least offer a choice of paying more or working more?
I hope we'll all protest at this very depressing and distressing news.
Quote: It's lower than standard because she took time out for children.
You can claim NI contributions for a portion of that and you can buy back the extra years to get yourself up to 30 years and the full state pension. Doing it for my wife at the moment.
Quote: I've been counting down the years, months, weeks, days, hours, minutes and seconds until I qualify for my "old age" pension and can finally leave work and do more photography - now the powers that be are going to increase the time I have to work by another whole year!
Angry? You bet!!
Perversely, compared to when you started work and someone who was retiring at the old pension age, you are more likely to be in good health at retirement and likely to have more years retired, happy????
Yup its a bugger I have watched my retirement age rise from 58 to @ 70 at the moment. But its life we had better get on and take the positives and not worry about the negatives. The honest answer is retirement ages should have risen over the last 20 or so years so we are in the tail end taking the pain.
Quote: Aye, it's like holding a handful of sand at the moment, why can't they at least offer a choice of paying more or working more?
They have given you that. If you have enough cash you can retire @ 55 onwards. You just do not get state benefits till lalter. And they have removed the laws that could force retirement. So in their eyes you have your wish.
Fact is we live longer and we have a higher standard of living and over the past 30 or so years have had more disposable income so should we take more care to save for when we retire. the state pension and benefits should be set to avoid you going into poverty. was it ever meant to be anything else?? Have we become over dependent on the state and do we ask for too much?
Quote: Have we become over dependent on the state and do we ask for too much?
Good info regarding national insurance contributions
The living longer thing worries me, how able are those old people, or are we just able to stop barely able people from dying, they live longer sure but just laying in bed wishing for an early release.
I will, like many others start the big save so can get out early, however the economy may grind to a halt as spending slows and the grey pound becomes weaker and weaker.
Over reliance on the state, well always paid my taxes, perhaps more of an over reliance on the gambling system, stock exchange, that holds our pension funds. As a matter of fact my personal fund is healthy but it seems blanket measures don't take that onto account.
I have paid enough NI contributions at the full rate to enable me to draw my full state pension entitlement when it is due, in fact I had done so a few years ago, but I am still having NI contributions deducted from my salary. So the Government will now get a further year's worth of contributions from me, and goodness knows from how many others as well. I know the argument is that people are living longer and are, supposedly, healthier but what happens if I lose my job between now and when I can draw my state pension? The chances of that happening are fairly high at the moment, in my opinion, and it would be more difficult for me to get another job at my great age! Although it would still be difficult financially as things stand now, with the new pensionable age it would mean an extrayear of trying to make ends meet.
Moan over now, there's nothing I can do about it I suppose, but it's good to let vent!!!
Quote: so should we take more care to save for when we retire
In the 90's I decided that I could pay AVCs to boost my company pension, the only time I have done it either before or since as the company scheme was with Equitable Life. The pension I will have with them is now worth approximately 1/3 of what it should have been and nowhere enough live on. Fortunately it's not the only one that I have.
I wonder how this army of "mature" workers will fare. As it is, many employers can't wait to get rid of older staff so will they be hiring people in the 60 to 70 age range? With youth unemployment at an all-time high, are there enough jobs for all these extra workers. Will the young fare even worse?
I was made redundant when I was just short of 50 and found myself unemployable, so I started my own business. Not everybody has the personal qualities for business, so will some folks just spend the last 10 or 20 years on the dole?
Quote: will they be hiring people in the 60 to 70 age range?
Of course not - other than as supermarket shelf-stackers or trolley collectors!
But people who reach what would have been 'normal' retirement age will be able to hang on to their jobs. My father hated having to retire at 65 and would have willingly gone on until he dropped!
Quote: other than as supermarket shelf-stackers or trolley collectors!
That job has gone now...no trolleys left now that we pay £1 ...hopefully no more trolley damaged cars either
Quote: Of course not - other than as supermarket shelf-stackers or trolley collectors!
there are some scare skill sets where that is already happening. Having recruited more people over 50 than under it recently we have no regrets.
As a woman, I've always found the disparity in retirement age odd. Usually as women we have more sedentary jobs, but we have in the past retired 5 years earlier than our male counterparts. I think it's fair that we have the same retirement age. OK there are some that are near retirement age now that are going to have to work longer, I'm only in my mid 40's & will have to work longer, but I do think the equality in retirement age is right.
What has puzzled me in the past re retirment age is that woman live longer than men on average and yet they currently retire 5 years earlier?
That's just what hubby & I were discussing earlier when we were watching the news. I've never thought it very fair.
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