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In Your 40's Seems You May Be "working" Until 70

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Now you'll work till you're 70! Young face longer wait for pension and even those in their forties will be forced to postpone retirement

Increased life expectancy has already forced the Government to bring in changes to the state pension. An 18-year-old woman today can expect to live to 94 and a man to 92, according to the ONS

Well I expect it will really be work until dead for the proles, clearly they don't work hard enough and just want to shirk unlike the rich.

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Im 26 my pension advisor said that my private pension can be claimed 10 years before the date of my state pension.

State pension will be around 69, so private pension around 59.

that's if they don't move the goal-posts by then. however it all comes down to life-span. I don't buy that life expectancy will keep going up. quite easily reach 'peak age'.

serious health issues seem to really start hitting home late 50's, so I figure I need to fund myself for a few years in order to retire around then.

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You mean to say that generation X wont get the luxury of retiring at 60 after contributing a few shillings a week in national insurance and then go on to claim a half a million pound retirement package in social housing, minimum income guarantee, disability and eye watering national health service costs. And then take the piss by appearing on BBC Question Time in the left wing rigged audience and claiming its all about the bankers the bonuses and it isn't much for a lifetime of work actually.

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Whilst on the face of it this sounds awful to the masses who put off doing anything fun with their lives until they've already destroyed their bodies through a combination of microwave meals and slaving away at a desk for 45 years, it matters not.

So many people tell me 'I can't wait till i retire, I'll do x and y and z.' These people are still in their thirties. Its sick.

Those people, for whom a hollow life of med cruises and crappy ski holidays in your 60s is living the dream are drones and lambs to the slaughter anyway.

I will never retire. It destroys you as a person. Instead I'll just work less throughout my entire life - 'part time' as people call it, whilst doing my damndest to ensure I remain physically fit, bad luck not withstanding.

Doesn't mean I won't make the most of those lovely pension rules though ;-)

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Where are all the jobs going to come from? Working population is rising fast, and demand can't keep up.

People will be winding down from the mid fifties if they can, more part-time working for money, more part-time work not working for money.....people will be having to spend their houses or other peoples houses and or inflated assets.....the only way the disadvantaged will be able to afford to live is for those that happen to have the best opportunities, born at the right time, best genes, is to share or pass down their good fortune......thousands more bottoms will require wiping......amount of money or lack of it doesn't discriminate. ;)

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I thought we'd already hit the peak of human life expectancy and it's slowly on its way back down?

Sometimes it pays to alter the facts especially when you face multi trillion pound liabilities.

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Where are all the jobs going to come from? Working population is rising fast, and demand can't keep up.

Oh ffs

Labour of fallacy lump

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Well, 66 will do me. 69 or 70 is a bridge too far.

I`ve told this story several times already, sorry I`ll have to tell the same story again.

My great grandfather received one of the first state pensions in 1908.

Apparently he sat staring at the five shillings in his hand with tears rolling down his cheeks.

He was safe from the workhouse. (aged 70 at the time, lived to be 73)

Five shilling was £20 in todays money.

State pensions need to be only for those that have no other pension? (Just thought I`d throw that in!)

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Won't work. I'm in my 20's but I know work place ageism is absolutely rife, I know of 2 blokes being forced out (1 already gone) of my current company, both in their 60s. Management want younger, cheaper, more impressionable staff. I'm thankful I have clocked on to this ahead of time so I can least hope to build up some funds before I get the tap on the shoulder. My dad was basically forced out at 48, though fortunately for him, he had a great pension and a good pay off which meant the ride to 55 and cash in was not only pretty painless but an unforeseen benefit. Not many will have that luxury in the future.

I just can't imagine being made redundant at say 65 and knowing you have anywhere from 5-10 years more work expected of you. Who the hell is going to employ to you? You'll be lucky to get a few hours in B&Q. Anybody who is made redundant in their 50's onwards does very well to find similar paid work as it is, let alone kicking the can into the 60's and maybe beyond.

We don't have the jobs for life anymore so hardly like we can sit in a job from 40 to 70 and ride it out, likely you could have 5 or 6, even 10 jobs in that time period and it'll get harder and harder as you get older.

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State pensions need to be only for those that have no other pension? (Just thought I`d throw that in!)

Do the honest thing then and scrap the % of NI which supposedly goes towards pensions and put it on our tax rates. People can then decide if they want to live in one of the highest tax regimes in the world with no pension entitlement. That is effectively the situation we have now. Making us pay it, increasing the age of entitlement meaning a lot won't receive it and thus fooling the population into believing it is an investment not an additional tax liability for current day-to-day government spending. It is nearing fraud in my opinion. I get that there is no money in the pot but be honest with people so they can work out how to fund their retirements well in advance.

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New government guidelines on state pensions mean most people reading this are not getting a full state pension, in some cases the figure will be £0. This has been passed through under the "new and improved" flat rate state pension. It's anything but, it will be a different rate for everyone.

http://www.pensionsadvisoryservice.org.uk/about-pensions/the-state-pension/what-you-might-get

"The present State Pension system will be replaced with a simpler one. The starting value will be set above the basic level of means-tested support, around £148.35 in today's money. You will be required to have 35 qualifying years' of contracted-in National insurance contributions or credits and you must have no contracted-out benefits, in either a workplace pension scheme and/or personal pension to get the full amount. If you don’t have the full 35 years, you will get a pro-rata amount, provided you meet the new 10 year minimum qualifying period".

You now need 35 years "full" contracted-in NI contributions to claim a full state pension. It's the definition of "full" that will catch most people out. For example if you have ever been contracted out, popular from the 1990's, then you have not paid full NI, it's been reduced at a rate. So it doesn't matter how many £'s you've paid, it's whether it was full. Of course the idea is that your contracted out pension will pay enough to replace the state pension you've lost, but tell that to someone who was with Equitable Life or a low earner in a DB pension, who will come out with even less than the state pension is worth. Most people contracted out as a supplement to the state pension, not to have that proportion of their state pension taken away.

Any years of "contracted" out NI payments will be deducted from your 35 years qualifying years and you need a minimum of 10 years to qualify at all.

I'm pretty sure this is all a moot point, as when I get to 67 in 22 years time I've always expected the figure to be £0. Do not rely on the government for anything and make your own retirement plans.

I agree the state pension needs to be means tested, but this method looks a disaster to me.

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Do the honest thing then and scrap the % of NI which supposedly goes towards pensions and put it on our tax rates. People can then decide if they want to live in one of the highest tax regimes in the world with no pension entitlement. That is effectively the situation we have now. Making us pay it, increasing the age of entitlement meaning a lot won't receive it and thus fooling the population into believing it is an investment not an additional tax liability for current day-to-day government spending. It is nearing fraud in my opinion. I get that there is no money in the pot but be honest with people so they can work out how to fund their retirements well in advance.

Quite. Thus why anyone earning under 50k (or 40 when they change the contribution limits) might want to think about bunging everything they earn above the personal allowance in their own sipp. At least that's an honest way to plan for your future in these insane times. As i know there is no sovereign wealth fund taking care of my 'contributions' for me, ill have to create my own.

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....well sillybilly......

I came back from Japan aged 45 and with enough money to last until 65 with a little PT work. I`ll cruise from (no not literally!) 55 to 66....wont work!

I`m a sub member of the Tories client state....I don`t have to work. Nothing will happen for 10 years.....

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Oh ffs

Labour of fallacy lump

Well, I didn't say the amount of labour was fixed. In fact, I said the opposite: demand for "stuff" is falling (certainly per capita), therefore the amount of labour should alter commensurately. And yet, employment is rising and rising (i.e. more part-time/zero hour employment). So how do we create the extra jobs when not only are we importing more and more workers from Europe, but we are telling everyone in the UK to work for more years? I guess people will work "jobs" that are 5 or 6 hours a week and get it topped up by some kind of credits - same as now, but more so.

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Capital you can get your hands on to fund say 12 years means you can still retire at 57.Even better a portfolio of dividend paying blue chips.

Anyone without the means to fund the years after 58ish themselves until state pension kicks in are going to be in serious trouble.

Im keeping away from pensions still apart from free ones from old employers.Nothing stopping them pushing the age you can access those back as well.

I expect we will see them change ESA rules as well to means test quicker.The dont want lots of knackered 65 year olds going onto disability.

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Quite. Thus why anyone earning under 50k (or 40 when they change the contribution limits) might want to think about bunging everything they earn above the personal allowance in their own sipp.

Because, yerknow, they might want to live some kind of life that purports to be normal.

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Because, yerknow, they might want to live some kind of life that purports to be normal.

Well yes, that would be ideal if the odds weren't so stacked against them doing it. If they refuse to recognise that, and choose blissful ignorance, fine. But then i do hope they don't moan about it when in their 60s with the only pot to piss being a stupid house.

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Well, I didn't say the amount of labour was fixed. In fact, I said the opposite: demand for "stuff" is falling (certainly per capita), therefore the amount of labour should alter commensurately. And yet, employment is rising and rising (i.e. more part-time/zero hour employment). So how do we create the extra jobs when not only are we importing more and more workers from Europe, but we are telling everyone in the UK to work for more years? I guess people will work "jobs" that are 5 or 6 hours a week and get it topped up by some kind of credits - same as now, but more so.

OK, well for enough.

Will aggregate demand recovery globally following the credit crunch?

If never, then who's doing all the hoarding? And how?

(Deliberately provocative question looking at the terrible social mobility in this country)

What's happened to the basic motivation to work that means capital is rewarded over labour, how come its come to this and what can be done?

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My own answer is low interest rates, qe etc have led to this as has general pensioner vote buying freebies, and a taxation system that taxes work but not capital

What's the point

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It's been said before but, morbid though it may be, we really do 'need' mother nature to step in and help and perform a positive cull of all the useless eaters. Ebola and MERS scares aside, aren't we supposedly overdue for a decent sized pandemic?

What we need though is one that will kill off more of the elderly than it does the younger productive generations.

Then, with age demographic ratios back the way they need to be to comfortably support the financial viability of the state pension system, we can be assured of decent retirement ages - if only because the voting demographic will also have shifted in favour of the younger age groups too.

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It's been said before but, morbid though it may be, we really do 'need' mother nature to step in and help and perform a positive cull of all the useless eaters. Ebola and MERS scares aside, aren't we supposedly overdue for a decent sized pandemic?

What we need though is one that will kill off more of the elderly than it does the younger productive generations.

Then, with age demographic ratios back the way they need to be to comfortably support the financial viability of the state pension system, we can be assured of decent retirement ages - if only because the voting demographic will also have shifted in favour of the younger age groups too.

We could just pay current retirees less, which is all about buying their votes, incidentally

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