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The Magic Birthday

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http://www.bbc.co.uk/news/business-14871063

Pensions age to rise to 67 from 2026.

Looks like once again, that magic birthday in April 1960 is going to separate a privileged generation from a penalised one.

Fk it im 1963 , already my wait has gone up from 65 to 66 now its going to be another year . As long as they don't raise the age to take private pensions again im still finishing at 55 the company scheme i was in should keep me untill the state one kicks in.

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I'll have soon claimed a years worth of dole throughout my precarious working life (from being 16-24), in that time my retirement age has gone up by 9 years based upon a DOB of 1987. (Considering I'll not be able to afford a pension and men could claim pension credit at 60 just a few years ago - pension credit being higher than the state pension).

I suppose in another 8 years I'll be expected to work until 78, another 8 years after than 87 and so on...

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They should raise the pension age to 70 or even 75 tomorrow, not 15 years time.

Most of the current retirees still have valuable private pensions. Mine will be worth bugger all when I can draw it.

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Before everyone born after 1960 starts...

I was born in 1953, after April 6th, so will now have to work longer before getting a state pension than I would have had to prior to last October's announcement.

And that's if there are no more changes in the next twelve years.

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They should raise the pension age to 70 or even 75 tomorrow, not 15 years time.

Most of the current retirees still have valuable private pensions. Mine will be worth bugger all when I can draw it.

They should (must) also break the contracts to existing pensioners drawing more than £5000 (?....or less) per year.

10% cut 5k - 10

20% cut 10k - 20

30% cut over 20k

won't happen ...... politicians won't take a cut.......which is why there are virtually no so-called austerity measures.

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They should (must) also break the contracts to existing pensioners drawing more than £5000 (?....or less) per year.

10% cut 5k - 10

20% cut 10k - 20

30% cut over 20k

won't happen ...... politicians won't take a cut.......which is why there are virtually no so-called austerity measures.

Printing covers all sins.

This adding a year to pension age stuff is PR for the austerity numpties. The only way that stuff is ever getting paid is nominally.

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Printing covers all sins.

This adding a year to pension age stuff is PR for the austerity numpties. The only way that stuff is ever getting paid is nominally.

As we have a fiat money system "The only way that stuff is ever getting paid is nominally" has to be literally true but hardly a significant observation.

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To put this into context when the retirement age was originally set at 65, average life expectancy was below 55..

The idea that the government was ever going to pay out for hugely increasing numbers of able people not work is pretty fanciful and won't last long in the face of global competition

Making people work a few more years does wonders for the treasury's projection, so you can expect a lot more of this

By 2030s I reckon the state pension age will have been raised to 70

I can well see access to private pension schemes at 55 being assaulted as well to keep the hamsters on the wheel

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As we have a fiat money system "The only way that stuff is ever getting paid is nominally" has to be literally true but hardly a significant observation.

I'm glad you agree there is no chance of a government default.

Which leaves us with hyperinflation.

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By 2030s I reckon the state pension age will have been raised to 70

You mean putting it back to the age it was set at when the State pension was invented in 1908?

http://en.wikipedia.org/wiki/Pensions_in_the_United_Kingdom#History

Maybe it should have just been left there all along...

(edit - and remember it was originally means-tested, and provided only to people "of good character")

Edited by scottbeard

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You mean putting it back to the age it was set at when the State pension was invented in 1908?

http://en.wikipedia.org/wiki/Pensions_in_the_United_Kingdom#History

Maybe it should have just been left there all along...

(edit - and remember it was originally means-tested, and provided only to people "of good character")

Shhhhsshhhh

don't give IDS ideas...

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(edit - and remember it was originally means-tested, and provided only to people "of good character")

In principle it should be linked to ability to work: you get it when your declining powers reach a point where you're struggling to earn your own way in life in whatever manner you've been accustomed to (obviously excluding aggressively youth-only occupations like glamour modelling or kicking a ball).

Trouble with that is, as with any kind of personalisation it becomes an instant corruption-magnet. Like invalidity benefit, but much more so because it's an (eventual) expectation for all of us.

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They should raise the pension age to 70 or even 75 tomorrow, not 15 years time.

Most of the current retirees still have valuable private pensions. Mine will be worth bugger all when I can draw it.

Yes but you'll probably live to be 273.

Yoof today don't start work until they're at least 37.

Poor old boomers mostly started at 16, some 18. By 68 they'll have worked > 50 years and be dead in 10.

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You mean putting it back to the age it was set at when the State pension was invented in 1908?

http://en.wikipedia....Kingdom#History

Maybe it should have just been left there all along...

(edit - and remember it was originally means-tested, and provided only to people "of good character")

You are Queen Victoria and I claim my potato.

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I can well see access to private pension schemes at 55 being assaulted as well to keep the hamsters on the wheel

That could be an interesting one. What if one is relying on the pension lump sum to pay off a debt, such as a mortgage?

Note that the cutoff date for private pensions at 50 was exactly the same birthday, so canny pre-April-1960 folks got the opportunity to preserve their money at pre-crash values (though, to be fair, already halved from those who retired pre-Equitable). The passage of time since that rule change means there are now over-50s born the wrong side of the guillotine date, with funds locked up an extra five years.

It's the demographically-inevitable pension collapse, and a 1960 cutoff leaves us a huge burden of those born 1945-1960, as well as the protected older generation.

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That could be an interesting one. What if one is relying on the pension lump sum to pay off a debt, such as a mortgage?

Note that the cutoff date for private pensions at 50 was exactly the same birthday, so canny pre-April-1960 folks got the opportunity to preserve their money at pre-crash values (though, to be fair, already halved from those who retired pre-Equitable). The passage of time since that rule change means there are now over-50s born the wrong side of the guillotine date, with funds locked up an extra five years.

It's the demographically-inevitable pension collapse, and a 1960 cutoff leaves us a huge burden of those born 1945-1960, as well as the protected older generation.

Seem to be a lot of 'huge burdens' needing support these days...

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I think there is a case for having a floating retirement age, depending on NI contributions with benefits payable to all at 68. Possibly once you have got 50 years contributions, you can claim a state pension. Certain workers would therefore be able to claim from the age of 65 onwards. I have 32 and a half years contributions dating back to when I was 15 years and 8 months, for example.

Not everyone did sixth from, gap year, degree, gap year, higher degree, ski bum......to Eurocrat....thinking Nick Clegg. And therefore 68 might be appropriate to Clegg but not those who started work a decade earlier.

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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