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Over-50S 'to Work Past Pension Age'

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Nine out of 10 people in their 50s are considering working on past the state pension age in a bid to boost their standard of living, research has shown.Around 70% of people in their early 50s said they were worried they might not have enough to live on when they retired, but 89% said they were willing to continue working once they could draw their state pension.

A quarter of the nearly 10,000 people questioned agreed strongly that they would continue in paid work once they had reached the state pension age if they could have a better standard of living.A further 47% agreed with the statement, while 18% "somewhat agreed" with the idea of doing paid work once they could draw their pension.

The study, which was carried out by the Institute of Education at the University of London, found that people who had pensions were nearly as likely to be worried about their income during retirement as those who did not.Seven out of 10 people who had one or more pensions were worried about being poor during retirement, compared with 72% who did not have one.

Higher earners were also concerned about the state of their finances when they stopped work.Nearly two-thirds of people in higher professional and managerial jobs admitted they were concerned about their retirement income, as were 62% of people with a net household income of more than £800 a week.Author of the report Matthew Brown said: "Paying into a pension no longer seems to ease people's financial worries."Worries about retirement income are compounded for some people by the fact that they will not yet have finished paying off their mortgage by the time they retire.

No problem though as

In total, David Willetts estimates that people aged 45 to 65 ? the baby boomers ? now own more than halfof our £6.7 trillion national wealth. This reflects the huge rise in the prices of the houses the baby boomers own, and which younger people often rent from them.People under 44 own just 15% of owner-occupied housing. Meanwhile close to a fifth of people between 50 and 59 years old own a second home
http://blogs.telegraph.co.uk/news/neilobrien1/100042684/are-old-people-winning-the-generation-clash-and-is-there-even-a-clash/

Presumably this will restrict experience and positions for promotion? Not great for productivity. If the young rent from the old this has implications for fixing the public finances.

Assuming that cash savings in banks cannot be wiped out (will protect the banks) that leaves equity (but they may move on cap gains tax).

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No problem though as  http://blogs.telegra...e-even-a-clash/

Presumably this will restrict experience and positions for promotion? Not great for productivity. If the young rent from the old this has implications for fixing the public finances.

Assuming that cash savings in banks cannot be wiped out (will protect the banks) that leaves equity (but they may move on cap gains tax).

A very fair point. It does seem the work place is overrun with boomers trying their hardest to hang on in. At the same time damaging companies with their high pay levels and pension.

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A very fair point. It does seem the work place is overrun with boomers trying their hardest to hang on in. At the same time damaging companies with their high pay levels and pension.

Or what about enchancing companies with their skills and experience gained through a life time of work

Seriously at the age of 55 I would like to work over retirement age but chance whould be a fine thing, I was made redundant last year and have little or no chance of getting a new job at my age.

Edited by Madamvice

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Or what about enchancing companies with their skills and experience gained through a life time of work

Seriously at the age of 55 I would like to work over retirement age but chance whould be a fine thing, I was made redundant last year and have little or no chance of getting a new job at my age.

I would think the aim would be to retrain for something less intensive, though of course pay would be lower.

But seriously, in my last company final salary pensions made us about 8-10% less competitive and a lot of the boomers spent time playing politics and doing very little real work.  Perhaps this was largely a function of their position though, if you are in say the management team and feeling a bit insecure its easier to find ways to drive or appear to drive the staff below you even  than take a long good look at yourself.  The restructuring needed was actually management restructuring and not any of the previous adjustments.

There is exactly the same problem in the NHS and Local Government.  Too many people deeming themselves to be senior and experienced and therefore needing to manage rather than actual do.  

Fortunately it does feel like the management cult is starting to die out bit and perhaps we'll get back to a bit more employee empowerment. I'd rather trust my staff and business partners and work to help them, rather than spend time filling in management spreadsheets to managers further up the chain can have meetings to discuss them. Companies shouldn't use so called "professional managers" ultimately they don't understand the business and end up reducing things to nonsensical metrics as do the the politicians. 

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I would think the aim would be to retrain for something less intensive, though of course pay would be lower.

But seriously, in my last company final salary pensions made us about 8-10% less competitive and a lot of the boomers spent time playing politics and doing very little real work. Perhaps this was largely a function of their position though, if you are in say the management team and feeling a bit insecure its easier to find ways to drive or appear to drive the staff below you even than take a long good look at yourself. The restructuring needed was actually management restructuring and not any of the previous adjustments.

There is exactly the same problem in the NHS and Local Government. Too many people deeming themselves to be senior and experienced and therefore needing to manage rather than actual do.

Fortunately it does feel like the management cult is starting to die out bit and perhaps we'll get back to a bit more employee empowerment. I'd rather trust my staff and business partners and work to help them, rather than spend time filling in management spreadsheets to managers further up the chain can have meetings to discuss them. Companies shouldn't use so called "professional managers" ultimately they don't understand the business and end up reducing things to nonsensical metrics as do the the politicians.

Well I have never been a manager just average salaried Admin and thats the type of work I am applying for and I am applying for jobs at 1/2 my last salary but thats mainly due to the fact that I have moved to the Isle of Wight and wages are much lower than London where I moved from.

And yes I can retrain but as I am not claiming any benefits ( due to the fact that I have savings and not entitled to any apart from contribution based JSA which was stopped after 6 months) I will have to fund my own training and quite frankly even if I retrained age discrimination will ensure I dont get a job

And if you believe that age discrimination does not exist, I did get an interview for a job, spent an hour with the interviewer he liked my CV and almost offered me the job on the spot, however he had one formality to do which was proof that I was entitled to work in the UK, now bearing in mind that to give my self a chance of a job I do not put my age on my CV ( totally legal BTW) and I took off the first 10 years work history ( also legal according to acas) I then had to produce my Birth Certificate to prove I am British he read it his face fell so much it was almost comical thanked me for my time and I never heard from the company again

Edited by Madamvice

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And if you believe that age discrimination does not exist,

We know it does. But at what age?

At your age, noone bats an eyelid at you being a victim (sorry, doesn't make it right, of course).

But try this for size. A former colleague - good at his job - left to work for a major IT company (FTSE-250 listed). His new employers were slightly concerned that, at his advanced age, he was still 'at the sharp end', developing software rather than having moved into a 'real' job with a suit, like management or marketing. Guess how old he was?

He was 28.

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 Perhaps this was largely a function of their position though, if you are in say the management team and feeling a bit insecure its easier to find ways to drive or appear to drive the staff below you even  than take a long good look at yourself.  The restructuring needed was actually management restructuring and not any of the previous adjustments.

There is exactly the same problem in the NHS and Local Government.  Too many people deeming themselves to be senior and experienced and therefore needing to manage rather than actual do.  

So how is this any different from the situation when I entered the workforce in the 1980s.

I do not remember great swathes of management getting the push then either.

Managers always play office politics, seek to defend their privileges and try to ensure that at any cutbacks are limited to their subordinates.

it is just the way it is not just peculiar to the current time.

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Well I have never been a manager just average salaried Admin and thats the type of work I am applying for and I am applying for jobs at 1/2 my last salary but thats mainly due to the fact that I have moved to the Isle of Wight and wages are much lower than London where I moved from.

And yes I can retrain but as I am not claiming any benefits ( due to the fact that I have savings and not entitled to any apart from contribution based JSA which was stopped after 6 months) I will have to fund my own training and quite frankly even if I retrained age discrimination will ensure I dont get a job

And if you believe that age discrimination does not exist, I did get an interview for a job, spent an hour with the interviewer he liked my CV and almost offered me the job on the spot, however he had one formality to do which was proof that I was entitled to work in the UK, now bearing in mind that to give my self a chance of a job I do not put my age on my CV ( totally legal BTW) and I took off the first 10 years work history ( also legal according to acas) I then had to produce my Birth Certificate to prove I am British he read it his face fell so much it was almost comical thanked me for my time and I never heard from the company again

I'm 62.5 and when I reach 65 I want to carry on in my present job. But the company is under no obligation to keep me legally. That could be a problem.

BTW, when one has difficulty getting a job, I always recommend temping which is easier to get into, and which could eventually lead to perm.

PS I am also average admin, but my earnings were increased because my company liked me and the way I worked, and I never take sickies.

Edited by Giordano Bruno

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And yes I can retrain but as I am not claiming any benefits ( due to the fact that I have savings and not entitled to any apart from contribution based JSA which was stopped after 6 months) I will have to fund my own training and quite frankly even if I retrained age discrimination will ensure I dont get a job

And if you believe that age discrimination does not exist, I did get an interview for a job, spent an hour with the interviewer he liked my CV and almost offered me the job on the spot, however he had one formality to do which was proof that I was entitled to work in the UK, now bearing in mind that to give my self a chance of a job I do not put my age on my CV ( totally legal BTW) and I took off the first 10 years work history ( also legal according to acas) I then had to produce my Birth Certificate to prove I am British he read it his face fell so much it was almost comical thanked me for my time and I never heard from the company again

I guess a lot of people use the 6 month contribution based JSA period to hide assets over 6k, not that I'd do that myself of course!

Sounds like you look much younger than your real age, perhaps a year or two back you would have got a job as it seems like they're really tightening up on 'right to work in the UK' recently. After 3 years my employer has only just asked me for ID!

Anyway, good luck with the job hunting.

Edited by council dweller

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We know it does. But at what age?

At your age, noone bats an eyelid at you being a victim (sorry, doesn't make it right, of course).

But try this for size. A former colleague - good at his job - left to work for a major IT company (FTSE-250 listed). His new employers were slightly concerned that, at his advanced age, he was still 'at the sharp end', developing software rather than having moved into a 'real' job with a suit, like management or marketing. Guess how old he was?

He was 28.

:o:D

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We know it does. But at what age?

At your age, noone bats an eyelid at you being a victim (sorry, doesn't make it right, of course).

But try this for size. A former colleague - good at his job - left to work for a major IT company (FTSE-250 listed). His new employers were slightly concerned that, at his advanced age, he was still 'at the sharp end', developing software rather than having moved into a 'real' job with a suit, like management or marketing. Guess how old he was?

He was 28.

which company - or at least which industry?

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Or what about enchancing companies with their skills and experience gained through a life time of work

Seriously at the age of 55 I would like to work over retirement age but chance whould be a fine thing, I was made redundant last year and have little or no chance of getting a new job at my age.

As usual there is a serious disconnect between the political rhetoric and reality. Saying that people should work past 65 is fine however

- there are not enough jobs for everyone below the age of 65 that wants to work without adding the over 65s to the employment pool

- employers do not want to employ older people

- older people may not want to continue working after a lifetime of toil (myself included)

- older people are often not suitable for the jobs that are available** (myself included)

Until this is addressed there will continue to be problems.

** Physical and mental faculties in decline, skill sets out of date, inability to relate to younger colleagues / customers

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I'm 62.5 and when I reach 65 I want to carry on in my present job. But the company is under no obligation to keep me legally. That could be a problem.

BTW, when one has difficulty getting a job, I always recommend temping which is easier to get into, and which could eventually lead to perm.

PS I am also average admin, but my earnings were increased because my company liked me and the way I worked, and I never take sickies.

Isn't the new government going going to change the law to allow people to work after 65 if they choose to? In the Tory manifesto or something?

Indeed, being the bloke who's never off sick and never late is my MO....though I'm prepared to let go at any time.

It's the economy....

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absolutely - there lump of labour fallacy is pretty clear imho - if oldies want to work then I welcome their experience.

not only is imposed retirement being abandoned (hopefully) but also the rules that compel you to buy an annuity at 75 or whatever, allowing active investment right until the end and appropriate inheritance for the kids.

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Isn't the new government going going to change the law to allow people to work after 65 if they choose to? In the Tory manifesto or something?

Indeed, being the bloke who's never off sick and never late is my MO....though I'm prepared to let go at any time.

It's the economy....

The law change is to employers not being allowed to force people to go at 65.

We have a small number of over 65s on annual contracts. Oldest was 68, recently left. Mixture of reasons for staying on, quite like the job, want to see through what they were doing, and in one case because they couldn't afford to retire.

If this change came though then I could see quite a few people carrying on for a few years past 65 because they're happy to keep working. It's generally a good thing IMO, as long as they're good at what they do that is.

I'm not bothered about retiring, my main memory of a relative from an early age was him telling everybody how he would make enough money to retire at 50. He did and it nearly destroyed him. He had been so focussed on the dream of retirement that he missed the fact (which was clear to everybody else) that he liked working. Now doing two part-time jobs and reasonably happy.

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As usual there is a serious disconnect between the political rhetoric and reality. Saying that people should work past 65 is fine however

- there are not enough jobs for everyone below the age of 65 that wants to work without adding the over 65s to the employment pool

- employers do not want to employ older people

- older people may not want to continue working after a lifetime of toil (myself included)

- older people are often not suitable for the jobs that are available** (myself included)

Until this is addressed there will continue to be problems.

** Physical and mental faculties in decline, skill sets out of date, inability to relate to younger colleagues / customers

But if you don't work, what are you going to live on? The state pension is a joke. Not everyone can build up a pension fund, say, if they have always been in jobs with a modest salary and have brought up a family (and believe me, that's a damned expensive hobby).

That's if you haven't been ripped off by your pension provider, or had the company go to the wall, taking your pension with it.

And even if you have a good-sized pension pot, have you seen annuity rates lately?

Edited for clarity.

Edited by Snugglybear

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Oh why not?

Logica.

that's interesting, quite a hardcore consultancy there

tis true that too many techies code instead of performing basic analysis - could this be their bias?

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But if you don't work, what are you going to live on? The state pension is a joke. Not everyone can build up a pension fund, say, if they have always been in jobs with a modest salary and have brought up a family (and believe me, that's a damned expensive hobby).

That's if you haven't been ripped off by your pension provider, or had the company go to the wall, taking your pension with it.

And even if you have a good-sized pension pot, have you seen annuity rates lately?

Edited for clarity.

what generation are you referring to? the balance of salary for private vs pu8blic sector jobs has changed a lot over the years, that's all, so it is hard to judge what you say here

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Oh why not?

Logica.

The top consultancies worked out many years ago, there was no point in keeping staff on in programming roles, as it meant constant up-skilling in new technologies. Better and more profitable to get them in account management or ba or pm roles, and hire cheap youngsters and/or overseas techies to do the programming bits.

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what generation are you referring to? the balance of salary for private vs pu8blic sector jobs has changed a lot over the years, that's all, so it is hard to judge what you say here

Over 50s, since that's where the thread started. Most of my friends fall into this category. One has taken retirement on health grounds from a public sector body, but also inherited a house around the same time, so hasn't had to find rent or a mortgage. One has a well-paid job in the public sector and presumably a decent pension to look forward to, if he can hang on until he's 65 - of course, that might be a big if. One has his own company and presumably a good pension pot - and there's always his holiday home in Italy. Everyone else is going to have to work past 65 if they don't want to live on turnips.

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The top consultancies worked out many years ago, there was no point in keeping staff on in programming roles, as it meant constant up-skilling in new technologies. Better and more profitable to get them in account management or ba or pm roles, and hire cheap youngsters and/or overseas techies to do the programming bits.

Indeed.

I believe this is one important reason most of the best software is free. With little or no career path in actual development (analysis, design, programming), people who enjoy it and are good at it are pushed into open-source communities separate from - or at best in parallel with - what they are actually paid to do.

It also accounts for Big Failures, as exemplified by the likes of EDS and Accenture on government contracts. A culture which looks down on people doing the actual work as the bottom of the pile - new grads doing a couple of years apprenticeship on the way to Better Things - doesn't attract people who are actually any good at the work. Well, not for long, anyway!

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Over 50s, since that's where the thread started. Most of my friends fall into this category. One has taken retirement on health grounds from a public sector body, but also inherited a house around the same time, so hasn't had to find rent or a mortgage. One has a well-paid job in the public sector and presumably a decent pension to look forward to, if he can hang on until he's 65 - of course, that might be a big if. One has his own company and presumably a good pension pot - and there's always his holiday home in Italy. Everyone else is going to have to work past 65 if they don't want to live on turnips.

correct me if necessary - but one defining thing to me about over 50s in private sector careers was that during the good times, and even after, they tended to spend their spare cash on 2 foreign hols a year and other stuff, ie not saving for a pension

correct me if I am wrong, but there was a PWC report out about this some months ago.

the counter-argument is, however, that private pension schemes were rubbish in those days and have only becomes decent in the last 10 years

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correct me if necessary - but one defining thing to me about over 50s in private sector careers was that during the good times, and even after, they tended to spend their spare cash on 2 foreign hols a year and other stuff, ie not saving for a pension

Generalisations'R'Us

correct me if I am wrong, but there was a PWC report out about this some months ago.

the counter-argument is, however, that private pension schemes were rubbish in those days and have only becomes decent in the last 10 years

That's true. I wasn't going to put money into a pension in the 1980s, because it was clear to me that the pensions promise we were given back then couldn't survive the demographics of retiring boomers.

Also because I had delusions of saving to buy a house ...

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  • 141 Brexit, House prices and Summer 2020

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