Wednesday, December 4, 2013

Looks like BTL will get even more popular after tomorrow

Autumn Statement 2013: millions to work longer for a pension as life expectancy rises

Another overhaul of state retirement system to be announced in Autumn Statement means that people now under 50 will have to work longer than they had previously thought, even just a year ago. Under rules to be unveiled on Thursday, the state pension age will vary according to average life expectancy. It will be set to ensure that people spend no more than a third of their expected lifespan drawing a pension. Treasury projections suggest this will save the state up to £400 billion over the next 50 years. The changes mean that the state pension age would rise to 68 will be brought forward to the mid 2030s, with another increase to 69 expected by the mid 2040s. For perspective £400BN = 8 x HS2. Comments section should be excellent.

Posted by enuii @ 11:09 PM (2545 views)
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5 thoughts on “Looks like BTL will get even more popular after tomorrow

  • stillthinking says:

    Its almost as if all of this gloomy no pension, primary school shortage, no available housing, is aimed at me personally.

    Otherwise probably I would be OK with it.

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  • I have just missed this hike but have been affected by all the others. Plus Gordon Brown and his mates killed the value of my pension plan and savings. Nevertheless it is inevitable and I am sure under the new rules my retirement date will rise again.

    It would have been much better and less painful if they had started this procedure a good 20 or 30 years ago, when life expectancy started to rise. But then that would have affected Maggie’s greedy generation.

    I also wonder how much a larger smoking population saved in pension payments, even when the extra healthcare costs for smokers are deducted.

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  • Thecountofnowhere says:

    This is not acceptable,

    It’s about time the government and their cronies were held accountable for their bad decision making.

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  • Bulish for 40yr mortgages.

    I never planned on living past 72 and judging by those I have know over that age your health is worth a lot more than any pension. So what is the motto of this? Don’t kill yourself working for a pension that you will never be able to claim.
    As long as I have some friends to play cards with, TV, the internet and some homebrew (all obtainable on state benefits) I will be ok.

    Friends and health will be the most important things as you don’t want to end up on your own with bad health in your 5 bed house and millions in the bank/pension.

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  • mark wadsworth says:

    Vin Rouge “I also wonder how much a larger smoking population saved in pension payments, even when the extra healthcare costs for smokers are deducted.”

    Besides the £10 billion odd tobacco duty they pay in, smokers underclaim state pensions by about £15 billion a year, and save the NHS about £10 billion a year (as a result of dying earlier).

    Clearly, every extra year a pensioner lives costs the taxpayer about £15,000.

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