porca misèria Posted March 16, 2016 Share Posted March 16, 2016 Yep, a thin line between 0 and 5 years......a few hours or months makes big differences..... I had kind-of wondered about making that a theme for something. A short story, a radio play, even a sitcom series. Basis of idea: twins born April 1960, the first on April 5th 23:50, the second April 6th 00:05. And the huge differences in financial opportunities they experience in middle age. Quote Link to comment Share on other sites More sharing options...
gone skint Posted March 16, 2016 Share Posted March 16, 2016 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. More divorces , more housing shortages .... Price increases !!!! Quote Link to comment Share on other sites More sharing options...
gone skint Posted March 16, 2016 Share Posted March 16, 2016 This sums it up: I really don't believe that the lending on property is in line with property values, how can it be many houses in central London were bought for 100k 25 years ago and are worth a million now. Another funny thing with the ' debt ' is in the 80s mortgage rates were up to 15% so 100k cost you £15000 a year to fund.. Now to fund 100k you need £1500 a year , there are so many ways of looking at it all and indeed what will happen won't happen, I do feel some heavily leveraged LL will sell up, but then not so heavily leveraged will buy in. Until inserts rates drop I can't see how house prices can, but I am not Nostradamus I am 'gone skint ' there is another thing the generation rent who are say 30 now in 20 years will be inheriting property ... Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted March 16, 2016 Share Posted March 16, 2016 When I signed up to my pension (8 years contributions and payed extra to avoid higher rate tax, employer paid 6% so its quite a large pot) i ticked the box that said to retire at 50. Will I be able to get it at 50? I can give you a definitive answer on this as I also opted for 50........no you will have to wait til 55 to access the pot. Quote Link to comment Share on other sites More sharing options...
stuckin2up2down Posted March 16, 2016 Author Share Posted March 16, 2016 I can give you a definitive answer on this as I also opted for 50........no you will have to wait til 55 to access the pot. Ah thanks, thats better than I thought to be honest. Could this increase with state pension increases? Quote Link to comment Share on other sites More sharing options...
Pop321 Posted March 16, 2016 Share Posted March 16, 2016 (edited) I can give you a definitive answer on this as I also opted for 50........no you will have to wait til 55 to access the pot.There are company schemes which are protected under some EU rule that Pension Scheme trustees applied for. Those Employees can take the company scheme at 50. State retirement not impacted ie that will increase dependant upon government changes. However, as time moves on the penalties for doing so can rise to such a level that most people could only afford to access at 62/65. Edited March 16, 2016 by Phil321 Quote Link to comment Share on other sites More sharing options...
porca misèria Posted March 16, 2016 Share Posted March 16, 2016 Ah thanks, thats better than I thought to be honest. Could this increase with state pension increases? Could increase, unless you have some kind of protection. But that's independent of state pension age. I don't think the present chancellor will increase it. He seems to want more not less flexibility. Quote Link to comment Share on other sites More sharing options...
Assume The Opposite Posted March 16, 2016 Share Posted March 16, 2016 I'm guessing the policy on this was taken off the table by GO? We've had a under 40's lifetime ISA instead.. Or will it come later? Quote Link to comment Share on other sites More sharing options...
RentingForever Posted March 16, 2016 Share Posted March 16, 2016 I'm guessing the policy on this was taken off the table by GO? We've had a under 40's lifetime ISA instead.. Or will it come later? He wanted no outrage until the referendum is over. This could be a trailblazer for real pension reform in the next budget - replacing all pensions for those under 40 with these new LISAs? Quote Link to comment Share on other sites More sharing options...
SpectrumFX Posted March 16, 2016 Share Posted March 16, 2016 [ObPedant] From age 55, actually. Which is rather more than 10 years off state pension age. And for those born before April 1960 they could access those pensions at age 50, even further off state pension age. They've said it'll go up to 10 years off the official state pension age and then track it at state pension age minus 10 years going forward. Quote Link to comment Share on other sites More sharing options...
porca misèria Posted March 16, 2016 Share Posted March 16, 2016 They've said it'll go up to 10 years off the official state pension age and then track it at state pension age minus 10 years going forward. Really? Hadn't heard that. Reference? Quote Link to comment Share on other sites More sharing options...
SpectrumFX Posted March 16, 2016 Share Posted March 16, 2016 Really? Hadn't heard that. Reference? http://www.telegraph.co.uk/pensions-retirement/financial-planning/state-pension-age-look-up-when-you-will-retire/ Quote Link to comment Share on other sites More sharing options...
stuckin2up2down Posted March 17, 2016 Author Share Posted March 17, 2016 They've said it'll go up to 10 years off the official state pension age and then track it at state pension age minus 10 years going forward. It's so far off for me, I may as well stay ignorant than keep up to date with every change. Quote Link to comment Share on other sites More sharing options...
porca misèria Posted March 17, 2016 Share Posted March 17, 2016 http://www.telegraph.co.uk/pensions-retirement/financial-planning/state-pension-age-look-up-when-you-will-retire/ Oh, right. Thoroughly vague speculation about the distant future. Predicated on the fact that generations who survived years of total war (for the children, cold and hunger that would be unthinkable today) are living to old ages. I guess if we adopted spartan practices and exposed our babies on the mountain, the survivors would become another generation from which the weak had been weeded out. Quote Link to comment Share on other sites More sharing options...
Economic Exile Posted March 25, 2016 Share Posted March 25, 2016 An interesting article about the increasing State Pension Age. https://www.morningstaronline.co.uk/a-d03e-Government-readies-to-pick-pensioners-pockets#.VvWSm-KLTIV I'm 58 and lumped in the boomer category. I know I'm lucky because I own a 1940's built modest 2 bed semi bungalow in a nice rural area of Scotland. I'll be eternally grateful for that. I've always struggled financially in low paid work, been a single parent since 1998 when ex husband left home. I took a smallish occupational pension when I was 56 as a hedge to avoid the nightmare of ever having to attend the job centre again. IMO I have lots of life skills but nothing that will command an average or higher wage. Struggled over the years with health problems also. The thought that I would be forced to work until I was 70+ fills me with dread......66 is bad enough! I have a 21 & 22 year old and would like them to have a safety net for later life.....and all younger people. I'm pessimistic about the mention in the article about the NI fund being in credit. Pessimistic is an understatement! Seems to me that we are currently heading towards a society where the low paid work till they drop. IMO the low paid are increasing in number. Poland and Germany have recently said they are reducing their SPA (can't find articles). Will Britain get away with the increases in SPA? Probably, unless there is enough public pressure to stop it. Quote Link to comment Share on other sites More sharing options...
council dweller Posted March 26, 2016 Share Posted March 26, 2016 Well EE... Our pension age is likely to be 66 though (I`m a 59 model) Unfortunately a terrible thing has happened here ! Aldi has closed for 4 months! How am I gonna live !? Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted March 26, 2016 Share Posted March 26, 2016 How does this work? I have a work pension which matures between age 55 & 65 depending on when I decide to draw it and leave my job. If I'm ever forced to work in my current job till I'm 81 (as a middle manager in IT Support), I could still be getting a very decent wage AND my full pension. No disrespect to octogenarians amongst us, but I'm not sure how dynamic work wise I will be at 81 compared to 41. I've made the assumptions I'd remain in my same job. That's a pretty good job that will not be available for a younger person for nearly 15 years. Madness! Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted March 26, 2016 Share Posted March 26, 2016 How does this work? I have a work pension which matures between age 55 & 65 depending on when I decide to draw it and leave my job. If I'm ever forced to work in my current job till I'm 81 (as a middle manager in IT Support), I could still be getting a very decent wage AND my full pension. No disrespect to octogenarians amongst us, but I'm not sure how dynamic work wise I will be at 81 compared to 41. I've made the assumptions I'd remain in my same job. That's a pretty good job that will not be available for a younger person for nearly 15 years. Madness! Indeed, in my workplace I'm waiting for all the old gits to retire or die, so that I can be promoted to thier jobs. But they cling on....year after year... Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted March 26, 2016 Share Posted March 26, 2016 Anybody arguing that Britain doesn't need massive amounts of immigration needs to get their heads checked. And what happens when that swathe of immigrants retire, or we going to shoot them all when they get too old to work ?. The problem is that its not just the retired who are a net drain on the economy - its actually includes a big chunk of people actually working thanks to the various government subsidies for working people such as housing benefit child benefit and tax credits. Importing people to work minimum wage jobs and getting all these subsidies actually makes things worse. Quote Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted March 26, 2016 Share Posted March 26, 2016 And what happens when that swathe of immigrants retire, or we going to shoot them all when they get too old to work ?. The problem is that its not just the retired who are a net drain on the economy - its actually includes a big chunk of people actually working thanks to the various government subsidies for working people such as housing benefit child benefit and tax credits. Importing people to work minimum wage jobs and getting all these subsidies actually makes things worse. Looking at the Budget forecasts from 2016 Benefits outside the Welfare Cap which is basically the State Pension and Contributions based JSA is comfortably covered by NI payments out to 2020-21. In fact NI is forecast to be 30 billion pounds in surplus in 2016-17. The problem is funding the non welfare cap liabilities which are basically most of the working age and non contributory benefits. Basically those who think contributory benefits are being treated too generously simply want to steal the payments made by working people into the NI fund and use them to fund other benefit recipients (usually within their own political constituency) Quote Link to comment Share on other sites More sharing options...
@contradevian Posted March 26, 2016 Share Posted March 26, 2016 (edited) Might just as well buy 20 houses and stick Syrian refugee's in them, now. Edited March 26, 2016 by RentierParadisio Quote Link to comment Share on other sites More sharing options...
@contradevian Posted March 26, 2016 Share Posted March 26, 2016 Good job, I'm surprised they didn't think of this before. Don't worry though, the boomers will be locked in at 65. nope currently 66! Quote Link to comment Share on other sites More sharing options...
@contradevian Posted March 26, 2016 Share Posted March 26, 2016 http://www.telegraph.co.uk/news/politics/georgeosborne/12179375/Work-till-youre-75-or-even-81-under-Government-review-of-state-pension-age.html No big surprises there. Why they cant start charging the boomers even just NI to make things a tiny bit fairer is beyond me. Don't be daft we've "worked hard" and "paid in all our lives" Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted March 27, 2016 Share Posted March 27, 2016 Don't be daft we've "worked hard" and "paid in all our lives" Hahahahahahaha! Quote Link to comment Share on other sites More sharing options...
ccc Posted March 27, 2016 Share Posted March 27, 2016 An interesting article about the increasing State Pension Age. https://www.morningstaronline.co.uk/a-d03e-Government-readies-to-pick-pensioners-pockets#.VvWSm-KLTIV I'm 58 and lumped in the boomer category. I know I'm lucky because I own a 1940's built modest 2 bed semi bungalow in a nice rural area of Scotland. I'll be eternally grateful for that. I've always struggled financially in low paid work, been a single parent since 1998 when ex husband left home. I took a smallish occupational pension when I was 56 as a hedge to avoid the nightmare of ever having to attend the job centre again. IMO I have lots of life skills but nothing that will command an average or higher wage. Struggled over the years with health problems also. The thought that I would be forced to work until I was 70+ fills me with dread......66 is bad enough! I have a 21 & 22 year old and would like them to have a safety net for later life.....and all younger people. I'm pessimistic about the mention in the article about the NI fund being in credit. Pessimistic is an understatement! Seems to me that we are currently heading towards a society where the low paid work till they drop. IMO the low paid are increasing in number. Poland and Germany have recently said they are reducing their SPA (can't find articles). Will Britain get away with the increases in SPA? Probably, unless there is enough public pressure to stop it. So you retired at age 56 ? I assume you realise how amazing that is ? Not getting at you - i know you are a decent burd. Quote Link to comment Share on other sites More sharing options...
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