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State Pension Age Speculated To Rise To 75-81

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Work until you're 75 - or even 81 - under Government review of state pension age

http://www.telegraph.co.uk/news/politics/georgeosborne/12179375/Work-until-youre-75-or-even-81-under-Government-review-of-state-pension-age.html

Overall life expectancy in the UK = 81 years old.

https://en.wikipedia.org/wiki/List_of_countries_by_life_expectancy

Well played the Tories - they've solved the pension crisis!!

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Work till your 82

Edited by TheCountOfNowhere

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I posted this earlier but isnt approved yet.

Why not start charging the boomers NI to make the system a tiny bit fairer?

I own my house outright, Im tempted to buy a few gold bricks with my savings and claim JSA and live a minimal but happy life.

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Wonder what that number is if you take away the south east, or just look at Glasgow...

If they're going to use life expectancy as an excuse for putting up retirement age, then it should be set at the local level.

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And of course trends can go down as well as up. If modern lifestyles decline the average back to 65, would retirement age get pegged back? Not on your life.

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Bang goes my retirement at 67 in 2031. Always suspected moving goal posts. State retirement is totally unfunded. The really annoying thing is that the whole cost could be clawed back via inheritance tax. Instead folk are living into their nineties, have massive shortfalls on their tax tax contributions over welfare draw, and leaving untaxed estates of a million pounds whilst making other families pick up the tab or rather the national debt.

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I very much doubt that 81 years figure.

Granted that may be true for the current generation of war babies and could be so for the boomers.

The system as we know it will collapse with poverty, lack of health care, and generally poor nutrition habits of the current working generations bringing that number down significantly.

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Wonder if pushing the retirement age towards average life expectancy also reduces welfare/NHS spend, as presumably once you start getting to the point where appreciable numbers of workers are expected to become ill and/or die 'in service', costs on private healthcare plans and workplace sickness policies escalate.

Edited by The Knimbies who say No

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Much easier to calculate how long the mortgages should be now.

81 - current age = mortgage term.

Boom times.

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I guess the requirement for two full time incomes to buy a house will bring life expectancy down. Twice as much commuting, work stress, money worries, stress eating and drinking, trying to juggle childcare and running a household with two adults knackered from work... It's going to have health consequences.

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If you think there's a productivity problem in the UK now, wait until there are routinely septugenarians in the workforce.

Ain't going to happen, but I am glad these 'solutions' are being mooted as it clearly shows the depths some are happy to contemplate.

With a bigger workforce, we'll need to increase the demand for stuff in the same measure. But demand is going the other way....maybe we should just keep the human population ponzi scheme going and remain in the EU and increase the population by circa 500,000 to 750,000 per year (I laugh in the face of official figures, as do NI registration numbers).

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The pension system is a joke. People should be seeking to remove as much as they can from the banking system.

Edited by Errol

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I guess the requirement for two full time incomes to buy a house will bring life expectancy down. Twice as much commuting, work stress, money worries, stress eating and drinking, trying to juggle childcare and running a household with two adults knackered from work... It's going to have health consequences.

I'm not convinced that houses are actually earned anymore. Most equity has been by and large created by hpi so hasn't had to be paid for. Most of the property market is just a swaperama of folk exchanging houses at fantasy prices. Furthermore this fantasy equity can be passed onto kids tax free now thanks to generous IHT. No ore than half the Equity in the housing market will ever have to be actually earned again imo.

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Indeed.

Increasing the retirement age ruins prospects on the job's ladder. Older people don't retire as early so don't step off the top of the ladder. This results in less movement up it for others with associated pay rises and the bottom rung doesn't empty for the young.

There is a lot of press about mortgage ageism recently. Of course extending the retirement age will end that and give people the opportunity to 'live the dream'. Using two incomes on a 50 year mortgage to buy a house, that used to be bought using one income for 25 years. There's the fairly recent 300% house price rises stabilised, for bankers to extract the fruits of labour from debt slaves until they die.

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Almost certainly my generation will die earlier than my parents' generation will. As hard as my parents had it, people my age and younger are slowly killing ourselves with work, with stress related to housing, and with terrible diets.

Though on the other hand far fewer people smoke - that probably makes a big difference.

It's grim, but I've been thinking for a while now that unless I get very lucky in the next few decades the best 'retirement' option might ultimately be a trip to Switzerland. The government certainly doesn't seem interested in giving me the same chance at a decent life my parents had - for decades now they've been actively working to undermine my chances for housing and for pensions. There'll be no state pension, and any private savings I'll have managed to scrape together will have long since been hyperinflated away.

Already my retirement age is 67. Osborne is rumored to be 'reforming' pensions yet again...

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People need to remember this isnt "you cant retire until 70+" its you wont get your state pension until then (and of course pension credit,pensioner linked support for mortgage interest),are state sector pensions also linked to retirement age?.

It is designed so as many people as possible who work,keep working and paying tax (and debt).The government has no interest in tackling the 20/30% of people who will never work,or work the minimum or funding mass immigration through welfare.

The answer is to build up your own funds,learn to live frugal,and stick two fingers up to government as quickly as you can.Without housing costs £200 a week is easily enough to retire on at any age.

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People need to remember this isnt "you cant retire until 70+" its you wont get your state pension until then (and of course pension credit,pensioner linked support for mortgage interest),are state sector pensions also linked to retirement age?.

It is designed so as many people as possible who work,keep working and paying tax (and debt).The government has no interest in tackling the 20/30% of people who will never work,or work the minimum or funding mass immigration through welfare.

The answer is to build up your own funds,learn to live frugal,and stick two fingers up to government as quickly as you can.Without housing costs £200 a week is easily enough to retire on at any age.

So you are saying I just need one BTL paid off to pay my pension? I'd better get buying :)

Agree. This "you need half your earnings to retire on" thing is stupid.

£1k a month per person with no housing costs gives you a VERY good standard of living.

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