Dave Beans

Pensions - Work Till Your Dead

93 posts in this topic

I've still got another 40 years or so still to go...brilliant...whereas I'll be paying for those who retired at 50 or 55 for the next 30 + years....and they'll still have the audacity to say that the young are lazy sods....

http://www.dailymail.co.uk/money/pensions/article-2118193/BUDGET-2012-Retire-70s-Government-links-state-pension-life-expectancy.html

[quote]
Britons will in future be forced to wait until their 70s to collect their state pensions after the Government confirmed a link to life expectancy is imminent. The pension age is already set to rise to 66 by 2020 for both men and women, before hitting 67 by 2028. Now the Government will use an Office for Budget Responsibility report, due to be published this summer, to create a solid link between the state pension age and rising life expectancy.

It is likely see today's 33 year-olds wait until 73 before they get their state pension, experts said. Andrew Tully, of pensions firm MGM Advantage, said: ‘This should serve as a wake-up call for many people. If people want to stop work at an earlier age they need to review their retirement planning, and take control of their future.’

In his Budget speech, Chancellor George Osborne promised an 'automatic review that keeps up with increases in longevity'.

The Budget document expanded on this saying: ' Budget 2012 announces that the Government will commit to ensuring the State Pension age is increased in future to take into account increases in longevity and will publish proposals at the time of the Office for Budget Responsibility’s 2012 Fiscal sustainability report.'

Experts have long warned that more pension age rises are 'inevitable' as Britons spend longer in retirement. Tom McPhail, of financial adviser Hargreaves Lansdown, said: 'In 1948 when current form of state pension was introduced with a retirement age of 65, life expectancy was 66.'

Today life expectancy at birth is around 78 for men and 82 for women, with the cost to the Treasury ballooning as the baby boomer generation of those born in the aftermath of the Second World War reaching retirement. According to the Office for National Statistics, life expectancy has increased by a total of 5.3 years over the three decades since 1981.

If that trend continued and was used by the Government as a basis for pension age increases, young Britons today will face 60-year working careers, according to calculations by pensions firm Standard Life. The latest estimates suggest that by 2056, the life expectancy for a man and woman living in England will be 84 and 89 years respectively.

It means today's sixth-formers could be forced to work until they're 77 under the new plans. Standard Life says that if the pension age rose from now in line with the change in life expectancy over the past three decades, a seventeen-year-old would not be able to retire until 2071, when an A-Level student born in 1995 would be 77.
[/quote]

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Err... what's wrong with raising the retirement age? It should be in the 70s already.

I know it's annoying seeing the current lot retire so early, but they will quite literally pass on at some point and we can resume normality whereby a person cannot expect to live the latter third of their life doing fvck all. Edited by Chuffy Chuffnell

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People forget how much life expectancy has gone up in so short a time - accutarial time.

In the mid-70s the family on my dads side were all dying. Mind you these were all miners.
Typical outcome was early retirement in mid 50s. 5 to 10 years retirement. Drop dead.

In almost 40 years, you seen 'profession's such as teachers and plods retire in the their later 40s/early 50s. Most these will be on a pension for longer than they have paid into it.

The retirement age should be 70 now. I should be moving towards 75 over the next 20 years.

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Somehow I suspect the demand for 75 year old labour is going to be fairly limited, so these people are going to be on JSA instead. Edited by Dorkins

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You can retire as early as you like.

If you expect to retire and have other people fund your living costs for you then it's not unreasonable that that's only for a few years of your life.

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[quote name='Voice of Reason' timestamp='1332401071' post='908996993']
You can retire as early as you like.

If you expect to retire and have other people fund your living costs for you then it's not unreasonable that that's only for a few years of your life.
[/quote]


+1

You should also be allowed to be out of work too if that's what you want. But you shouldn't expect a life of luxury.

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[quote name='Chuffy Chuffnell' timestamp='1332379187' post='908996946']
Err... what's wrong with raising the retirement age? It should be in the 70s already.

I know it's annoying seeing the current lot retire so early, but they will quite literally pass on at some point and we can resume normality whereby a person cannot expect to live the latter third of their life doing fvck all.
[/quote]

Yep but it isn't, hence resentment from those expected to work until dead whilst those older get to retire.

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Now I will just get annoyed at all the malingerers skewing the life expectancy figures upwards.

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The older generation's legacy includes developments in health, immunology, surgery, biotechnics, road safety, health & safety legislation, etc.

And the older generation has also been paying the pensions of people older still.

The younger generation are moaning that they will live longer.

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[quote name='Voice of Reason' timestamp='1332401071' post='908996993']
You can retire as early as you like.

If you expect to retire and have other people fund your living costs for you then it's not unreasonable that that's only for a few years of your life.
[/quote]

+1

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[quote name='happy_renting' timestamp='1332405360' post='908997062']The younger generation are moaning that they will live longer.[/quote]

They probably won't.

In fact, scientists are now suggesting that those in their 50s/60s may well outlive their children.

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[quote name='Voice of Reason' timestamp='1332401071' post='908996993']
You can retire as early as you like.

If you expect to retire and have other people fund your living costs for you then it's not unreasonable that that's only for a few years of your life.
[/quote]


Yes, you can retire any time you like, I've been retired for four years and still have a few years to go before I receive a State pension. But, the State doesn't fund you until you reach State pension age.

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I can't see life expectancy moving any way other than down from now on out.

Why exactly should people work into their 70s? Other than to pay off debts of Bankers of course. Edited by Olebrum

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[quote name='Olebrum' timestamp='1332407388' post='908997110']
I can't see life expectancy moving any way other than down from now on out.

[/quote]

Why? Edited by AThirdWay

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[quote name='RufflesTheGuineaPig' timestamp='1332407193' post='908997104']
They probably won't.

In fact, scientists are now suggesting that those in their 50s/60s may well outlive their children.
[/quote]
This is what I'm seeing with my family. Parents lived into their early eighties, grandparents into their nineties. Brothers and sisters etc. living til' mid 50's to early early 60's.

Maybe it's just me.

Stress?

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[quote name='Olebrum' timestamp='1332407388' post='908997110']
I can't see life expectancy moving any way other than down from now on out.

Why exactly should people work into their 70s? Other than to pay off debts of Bankers of course.
[/quote]
doing what jobs?

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My experience is the oposite, like the OP I have a while to go however a lot of guys at my work are 55+ some as old as 65, most have no plans to retire until at least 65 as they dont want to end up doing nothing, they can financially retire earlier however they are choosing to work on to get an even bigger pension and live a life of luxury and holidays in retirement.

This act of people staying in jobs instead of retiring means jobs are not becoming available as would normally be the case for younger people, I think this has contributed to the high youth unemployment... There is no easy answer.

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Life expectancy is correlated to wealth. The young are going to be whipped like workhorses to buy overpriced property. The stress will kill them long before they get anywhere near retirement age.

Pensions are just delayed because it's cheaper to pay dole, so it leaves more money in the government swag bag for our politicians to steal.

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I am not sure that working until you die is a bad thing.

The question is one of distraction. I am in rural France and my neighbour is 83. She digs her veg bed. She keeps animals. She does not own a TV set. A real old fashioned peasant. Work for her is not unpleasant. It is something to do instead of sitting staring at the wall. It is not something to be avoided since it provides the same distraction that the TV set and the internet does to you.

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[quote name='RufflesTheGuineaPig' timestamp='1332407193' post='908997104']
They probably won't.

In fact, scientists are now suggesting that those in their 50s/60s may well outlive their children.
[/quote]

So the title of the thread remains correct.....

I wonder if life expectancy went down, they'd shift the retirement age accordingly?!

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[quote name='RufflesTheGuineaPig' timestamp='1332407193' post='908997104']
They probably won't.

In fact, scientists are now suggesting that those in their 50s/60s may well outlive their children.
[/quote]


Which scientists? Link? <_<

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[quote name='thod' timestamp='1332409354' post='908997145']
I am not sure that working until you die is a bad thing.

The question is one of distraction. I am in rural France and my neighbour is 83. She digs her veg bed. She keeps animals. She does not own a TV set. A real old fashioned peasant. Work for her is not unpleasant. It is something to do instead of sitting staring at the wall. It is not something to be avoided since it provides the same distraction that the TV set and the internet does to you.
[/quote]

There's a bit of a difference between sitting in front of a computer all day for some souless corporate and hobby farming!

As others have stated, there's going to be fewer and fewer jobs should automation be allowed to run it's natural course. Why else are the 1% hoarding as much capital whilst they still can?!

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There were some luckier than others. Women born just before 5th April 1950 and retiring at 60 probably won the mother of all pension jackpots.

I really don't think that myself born fourteen years later will suddenly get an extra ten year life expectancy*, well actually it will be less because men have some catching up to do anyway.

*67 for me currently but the goal posts are moving rapidly and i would put a punt on 2034 and 70 for me. Someone has got to pay for Joan Bakewell's good fortune.

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[quote name='RufflesTheGuineaPig' timestamp='1332407193' post='908997104']
They probably won't.

In fact, scientists are now suggesting that those in their 50s/60s may well outlive their children.
[/quote]
Do you want fries with that sir?

The life expectancy of each generation is in it's own hands.

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