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Pensions - Work Till Your Dead


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#1 Dave Beans

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Posted 22 March 2012 - 01:04 AM

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...expectancy.html

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.


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#2 Chuffy Chuffnell

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Posted 22 March 2012 - 01:19 AM

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, 22 March 2012 - 01:20 AM.


#3 spyguy

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Posted 22 March 2012 - 06:56 AM

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.

#4 Dorkins

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Posted 22 March 2012 - 07:18 AM

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, 22 March 2012 - 07:19 AM.


#5 Voice of Reason

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Posted 22 March 2012 - 07:24 AM

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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#6 SarahBell

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Posted 22 March 2012 - 08:14 AM

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.



+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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#7 interestrateripoff

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Posted 22 March 2012 - 08:16 AM

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.


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

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#8 Tonkers

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Posted 22 March 2012 - 08:22 AM

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

#9 happy_renting

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Posted 22 March 2012 - 08:36 AM

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.

#10 silver surfer

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Posted 22 March 2012 - 08:55 AM

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.


+1

#11 RufflesTheGuineaPig

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Posted 22 March 2012 - 09:06 AM

The younger generation are moaning that they will live longer.


They probably won't.

In fact, scientists are now suggesting that those in their 50s/60s may well outlive their children.
It's time to pay the piper. There is no magician who will magic away the debt. Someone is going to have to pay it. Bend over and prepare to make payment.

In this glorious nation of ours, if you work hard and keep your head down for 25 years then you too can aspire to own one-eighth of a one bedroom flat in Manchester.


My mum and day always tell me how important it is to save to buy a house. They should know, it took them nearly 6 months to save for theirs. As teenagers, they bought a 3 bed semi.

#12 Bruce Banner

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Posted 22 March 2012 - 09:09 AM

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.



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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#13 Olebrum

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Posted 22 March 2012 - 09:09 AM

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, 22 March 2012 - 09:11 AM.

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#14 hotairmail

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Posted 22 March 2012 - 09:16 AM

A picture of a carrot and donkey springs to mind.

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#15 AThirdWay

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Posted 22 March 2012 - 09:20 AM

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


Why?

Edited by AThirdWay, 22 March 2012 - 09:20 AM.





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