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Pension Timebomb Tick Tocks Into 2012 When Record Numbers Retire

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'The post World War II baby boom is set to put a massive strain on pension funding when a record number of people turn 65 in 2012.

More than 800,000 people will celebrate their 65th birthday during the year - 150,000 more than in 2011, according to the Department for Work and Pensions.

By 2030 it is estimated that there will be 5.2 million more people aged over 65 than there are today.

The Government is currently considering bringing forward planned increases to the state pension age, due to be phased in between 2024 and 2026.

It also wants to phase out the default retirement age to ensure those who want to work for longer can do so.

Government spending on people of state pension age has already soared by nearly £14 billion since the first of the baby boomers started to draw their state pension at the age of 60 in 2005/06.

It is expected to have increased by nearly another £4 billion by 2012.

The number of people of state pension age is set to continue increasing, despite moves to raise the age at which women can claim their pension from 60 to 65.'

this problem is going to be exacerbated by the diminishing returns to be had from the stock market and property ponzi that underpinned private pensions as more will need state help in lieu.

this isn't going to end well.

Yes but by 2030 the UK population will be around 75 million if current trends persist :rolleyes: So maybe not such a big deal as suggested, overcrowding aside :angry:

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  • 439 Brexit, House prices and Summer 2020

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      • down 5% +
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