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Pension Age Needs To Rise To 72, Urges Think Tank In Independent:

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Sign of changing times

work till you drop (it'll be official soon) by the looks of it

Pension! what pension!!!

not expecting any when I retire though being paying my NI regularly.

Pension age needs to rise to 72, urges think tank

By Nicky Burridge, PA

Friday, 20 August 2010

The age at which people can claim the state pension needs to rise to 72 within 20 years if it is to keep pace with increases in life expectancy, a think tank said today.

The Pensions Policy Institute (PPI) said in 1981 people typically received the state pension for 25% of their life.

But by 2000 increased longevity meant that the proportion of people's lives during which they were in receipt of the benefit had jumped to 30%, while it had increased further to 33% by this year.

The group said if the Government wanted to maintain the amount of time people could claim the state pension constant at the 1981 level, it would need to increase the age at which they first received it to 72 by 2030.

It added that even if people were to receive it for around 30% of their life, the state pension age would still need to rise to 68 within 20 years.

But the group, which was responding to a Department for Work and Pensions consultation on the issue, said people would need time to adjust to any increases, to enable them to work for longer or save more.

It said men would need at least five years' notice, and should ideally be given 10 years' warning about a change, while women would need more than 10 years.

Other factors that would need to be taken into account when deciding on the timing of any future increases in the age at which people could claim the state pension include levels of economic activity among older people and employers' attitudes towards older workers.

The Government should also take into account differences in life expectancy among people from various socio-economic groups, and for how long people were expected to remain healthy and active.

The PPI said the Government may want to consider paying a higher state pension to people with a short life expectancy so that they were not disproportionately affected by any changes.

Women can currently claim the state pension from the age of 60, while men can begin claiming it once they turn 65.

The age at which women can claim the benefit is being gradually increased to 65 between now and 2020, while the previous government legislated to increase the state pension age for both sexes to 66 by 2026 and to 68 by 2046.

But the current Government has indicated that the age at which people can claim the benefit may need to rise faster and further than this.

http://www.independent.co.uk/money/pensions/pension-age-needs-to-rise-to-72-urges-think-tank-2057908.html

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im 25 and not expecting to ever recieve a pension

the boomers dont realise how easy theyve had it

plan your own retirement

don't trust govt

don't trust stock markets

don't trust banks or fund mangers

you get the picture

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plan your own retirement

don't trust govt

don't trust stock markets

don't trust banks or fund mangers

you get the picture

...no I don't get the picture...who do we trust? what can you invest in for the future that is trust worthy?....people if still alive will get the chance to draw a pension for about 12 months before they drop dead the way things are going.....best to pay as you go, your children/grandchildren will end up being your pension, like in many other countries of the world.....I think we should get the choice to opt out of paying NI, surely many of us could invest it more wisely ourselves, we could also cover our own benefits by buying an insurance policy......many are forced to pay for something we will never benefit from. ;)

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NO, propaganda to rip you off thats all it is.

The forward projection for longevity is it will fall back from its peak over the next couple of decades. I believe Insurers are pricing this in already.

Reason being obesity.

You know the Body Mass Index scale ? its based on morbidity rates of a sample of 100,000 people over a long period of time.

Thus if your BMI is an ideal 21, eg if you are 5ft 8 and weigh around 10.5 stones, you are statistlicly likely to enjoy longer life and better health than all those under or over BMI 21.

There you go something new to worry about. for the weekend B)

Edited by bricor mortis

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You know the Body Mass Index scale ? its based on morbidity rates of a sample of 100,000 people over a long period of time.

Thus if your BMI is an ideal 21, eg if you are 5ft 8 and weigh around 10.5 stones, you are statistlicly likely to enjoy longer life and better health than all those under or over BMI 21.

Re low BMI and health: I hope they've done a clever statistical adjustment to allow for the fact that being ill tends to make one lose weight.

Otherwise you could find a statistician claiming that being underweight makes you prone to die, simply because terminally ill people become underweight.

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...no I don't get the picture...who do we trust? what can you invest in for the future that is trust worthy?....people if still alive will get the chance to draw a pension for about 12 months before they drop dead the way things are going.....best to pay as you go, your children/grandchildren will end up being your pension, like in many other countries of the world.....I think we should get the choice to opt out of paying NI, surely many of us could invest it more wisely ourselves, we could also cover our own benefits by buying an insurance policy......many are forced to pay for something we will never benefit from. ;)

trust me I have worked in the finance industry for many many yrs things are going to get much worse,

I follow Jim Rogers, Marc Faber, Cgnao and few others like them

you need to device your own plan using above as guide

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Looks like they're planning on life expectancy falling to 71 by the time the antibiotic eating bacteriums have taken over.

The report didn't mention banksters, so I guess they will still be able to retire at 50 on £30k per month for the rest of their natural or as soon as they bankrupt the country, whichever occurs first.

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Looks like they're planning on life expectancy falling to 71 by the time the antibiotic eating bacteriums have taken over.

The report didn't mention banksters, so I guess they will still be able to retire at 50 on £30k per month for the rest of their natural or as soon as they bankrupt the country, whichever occurs first.

you know it could well be true

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The age at which people can claim the state pension needs to rise to 72 within 20 years if it is to keep pace with increases in life expectancy, a think tank said today.

20 years.

So after all the boomers and the current crop of MPs have retired.

It needs to rise to 72 RIGHT NOW.

They keep doing this... saying the pension age will rise in 202X.

They are just kicking the can down the road hoping someone else will be in power when it actually needs sorting out.

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20 years.

So after all the boomers and the current crop of MPs have retired.

It needs to rise to 72 RIGHT NOW.

They keep doing this... saying the pension age will rise in 202X.

They are just kicking the can down the road hoping someone else will be in power when it actually needs sorting out.

The problem with this is it doesn't give someone who is currently 64 time to plan an alternative. (and don't say they should just carry on working - this isn't always possible)

tim

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The problem with this is it doesn't give someone who is currently 64 time to plan an alternative. (and don't say they should just carry on working - this isn't always possible)

tim

Or people who have retired early and were relying on their state pension kicking in at age 65. I'm expecting to lose a year and have to wait until age 66. Never mind, not the end of the world.

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trust me I have worked in the finance industry for many many yrs things are going to get much worse,

I follow Jim Rogers, Marc Faber, Cgnao and few others like them

you need to device your own plan using above as guide

Where can you find Cgnao nowadays? always found him interesting, has he changed his tune?

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Where can you find Cgnao nowadays? always found him interesting, has he changed his tune?

most of his old stuff still around & worth its weight in gold ;)

there's no such thing as perfect planning we can all try our best

BUT do not rely on those who are out to rob you.

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...no I don't get the picture...who do we trust? what can you invest in for the future that is trust worthy?....people if still alive will get the chance to draw a pension for about 12 months before they drop dead the way things are going.....best to pay as you go, your children/grandchildren will end up being your pension, like in many other countries of the world.....I think we should get the choice to opt out of paying NI, surely many of us could invest it more wisely ourselves, we could also cover our own benefits by buying an insurance policy......many are forced to pay for something we will never benefit from. ;)

Yourself, and your family. Nobody else.

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Where can you find Cgnao nowadays? always found him interesting, has he changed his tune?

Is some of the tin foil hat stuff starting to sink in now?

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trust me I have worked in the finance industry for many many yrs things are going to get much worse,

I follow Jim Rogers, Marc Faber, Cgnao and few others like them

you need to device your own plan using above as guide

I hope you never open with "trust me" when dealing with your clients. The gentlemen concerned (Rogers, Faber) are just VI's. Why have you not figured that out yet? Also, I hope you would agree that the "bets" (because that's what they are) are different for the Rogers of this world and you and your clients. In addition I wouldn't trust them an inch. Bill Gross was getting the hell out of sterling just a few months before he said the opposite (and he has a lot of money under management).

Bottom line-TRUST YOURSELF. Me? My cash is more or less tied up in my own company. We are not Microsoft but we do OK. If I lose it I can only blame me-that's how I like it.

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Anybody else sick of the term "Boomers"? So played. "kicking the can down the road" is another phrase I am sick of. Can any bright person on here come up with summat different?

They've all swallowed the gospel according to Dr Willets, don't expect anything original.

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I hope you never open with "trust me" when dealing with your clients. The gentlemen concerned (Rogers, Faber) are just VI's. Why have you not figured that out yet? Also, I hope you would agree that the "bets" (because that's what they are) are different for the Rogers of this world and you and your clients. In addition I wouldn't trust them an inch. Bill Gross was getting the hell out of sterling just a few months before he said the opposite (and he has a lot of money under management).

Bottom line-TRUST YOURSELF. Me? My cash is more or less tied up in my own company. We are not Microsoft but we do OK. If I lose it I can only blame me-that's how I like it.

are they really

well lets see you're in US of A which is sinking fast whereas Roger ,Faber, cgnao and clued up ones who could see the collapse from miles pulled out & now sitting in Asia with their investments growing in double digits.

Carry on living in your little fantsy land, US is finished, you'll soon find out.

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Anybody else sick of the term "Boomers"? So played. "kicking the can down the road" is another phrase I am sick of. Can any bright person on here come up with summat different?

Cliches, eh? Don't you just hate 'em! We should kick them into the long grass.

"Nut job" is another vacuous one, for use by those with copy and paste mentality.

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Anybody else sick of the term "Boomers"? So played. "kicking the can down the road" is another phrase I am sick of. Can any bright person on here come up with summat different?

"Kicking the boomers out into the street"

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Sign of changing times

work till you drop (it'll be official soon) by the looks of it

Pension! what pension!!!

not expecting any when I retire though being paying my NI regularly.

But that is/was the point of the state pension, it was only ever designed to cover people for a few years before they croaked. It should have been increased as people's life expectancy increased over the years. It is not impossible that the majority of the current crop of 60/65 year olds will live another 20 years which is a fundemental flaw in the current system.

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im 25 and not expecting to ever recieve a pension

the boomers dont realise how easy theyve had it

s/boomers/pensioners/

It's boomers who have been losing pensions since the equitable went down. And if you take Willetts's definition, it's also boomers who will now have to wait 'til much older to qualify for pensions and other perks now enjoyed by anyone over 60.

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