State pension goalposts moved again
Discussion
http://www.bbc.co.uk/news/business-40658774
Don't worry though, there's another 22 years for successive governments to change things again and again and again.
If you're aged below 50 now expect to get sweet FA for all the money you currently pay in by the time you retire.
Don't worry though, there's another 22 years for successive governments to change things again and again and again.
If you're aged below 50 now expect to get sweet FA for all the money you currently pay in by the time you retire.
A tricky one, as someone well below 50 it's not uncommon in the belief that the state pension will be worth sweet FA by the time we get allowed to retire (if ever). It has built some resentment amongst certain groups of people but generally the raising of retirement age does seem to make sense.
We're living longer, retiring for the period of time that you worked is not sustainable for the state purse. There are many stories of folk sacrificing things in their early life with the sole purpose of retiring early on their own coin, and that's fine if you can do so. However, it's what the government can afford that is critical.
We're living longer, retiring for the period of time that you worked is not sustainable for the state purse. There are many stories of folk sacrificing things in their early life with the sole purpose of retiring early on their own coin, and that's fine if you can do so. However, it's what the government can afford that is critical.
Blaster72 said:
http://www.bbc.co.uk/news/business-40658774
Don't worry though, there's another 22 years for successive governments to change things again and again and again.
If you're aged below 50 now expect to get sweet FA for all the money you currently pay in by the time you retire.
You don't pay any money into a State Pension. It's a giant Ponzi scheme. Which is why they have to keep moving the goalposts because there are too many people, living too long and the numbers don't add up.Don't worry though, there's another 22 years for successive governments to change things again and again and again.
If you're aged below 50 now expect to get sweet FA for all the money you currently pay in by the time you retire.
I'm currently 34 so am expecting many more changes to the retirement age before I get there. However, there is a glimmer of hope in that UK life expectancy seems to be stabilising http://www.bbc.co.uk/news/health-40608256
With news like this so regularly highlighted it always amazes me how little friends and colleagues are contributing to their pensions. I pay 10% and my company match that into a defined contribution scheme. I'm concerned that won't be enough so am starting to create some additional plans. I know seemingly sensible people paying 0%, 3%, 5% who have their heads in the sand.
With news like this so regularly highlighted it always amazes me how little friends and colleagues are contributing to their pensions. I pay 10% and my company match that into a defined contribution scheme. I'm concerned that won't be enough so am starting to create some additional plans. I know seemingly sensible people paying 0%, 3%, 5% who have their heads in the sand.
TEKNOPUG said:
You don't pay any money into a State Pension. It's a giant Ponzi scheme. Which is why they have to keep moving the goalposts because there are too many people, living too long and the numbers don't add up.
Exactly. There is no fund. Payments in by new members go straight out to older members, a.k.a. a Ponzi Scheme.And, of course, the payments into this black hole prevent many from paying into a real fund.
The other alternative of course is higher NI contributions and/or higher Income taxation?
I do think that the continual raising of retirement age is not a fair proposal for the wok force of the UK.
On the other hand though, if people plan better and save money they can retire at a much younger age than the state pension start age.
All it needs it restraint on those un-need purchases and living within your means, in order that one can save for the future.
This mind-set though is going to be hard to accept for the current generation of spend, spend, spend who live their lives on credit with total expectation that interest rates will always be low.
I do think that the continual raising of retirement age is not a fair proposal for the wok force of the UK.
On the other hand though, if people plan better and save money they can retire at a much younger age than the state pension start age.
All it needs it restraint on those un-need purchases and living within your means, in order that one can save for the future.
This mind-set though is going to be hard to accept for the current generation of spend, spend, spend who live their lives on credit with total expectation that interest rates will always be low.
That is one option but then why have a state pension?
Not everyone is fortunate enough to be able to put away the sums of money needed to retire early. Some of this is down to choice and some down to circumstances. I hardly think it's fair to blame it all on the "current generations" desire to spend, spend, spend as you put it.
Not everyone is fortunate enough to be able to put away the sums of money needed to retire early. Some of this is down to choice and some down to circumstances. I hardly think it's fair to blame it all on the "current generations" desire to spend, spend, spend as you put it.
mcbook said:
I'm currently 34 so am expecting many more changes to the retirement age before I get there. However, there is a glimmer of hope in that UK life expectancy seems to be stabilising http://www.bbc.co.uk/news/health-40608256
It isn't a glimmer hope for everyone not to be living as long as expected 
Anyway as long as the healthy proportion of that additional life span continues to increase it makes sense to increase the state pension age accordingly.
Given expectations today it is no hardship to have to work at least part time until you are 70.
I think it should be completely scrapped. Why should the state fund your retirement? Why should the state make pension contributions to people that clearly don’t need the money? We’ve already established that we haven’t “paid into anything”. If you have to keep working into your 70’s, so what? If you want to retire, make suitable financial preparations for it. If you’re too old/infirm to work then you should be treated the same way as anyone else with a disability who can’t be employed. The government should set a date when everyone under say 25, will no longer be eligible for a state pension. They won’t be deducted NI from then on and they have 40+ years to save & plan accordingly.
FN2TypeR said:
TEKNOPUG said:
You don't pay any money into a State Pension. It's a giant Ponzi scheme. Which is why they have to keep moving the goalposts because there are too many people, living too long and the numbers don't add up.
100% this, couldn't agree moreIt is only reasonable in a civilised society that no one should be forced to work until they die. As a man who has to wait 2 years longer than I expected when I started working, I think they should have changed the age to 70 straight away.
TEKNOPUG said:
I think it should be completely scrapped. Why should the state fund your retirement? Why should the state make pension contributions to people that clearly don’t need the money? We’ve already established that we haven’t “paid into anything”. If you have to keep working into your 70’s, so what? If you want to retire, make suitable financial preparations for it. If you’re too old/infirm to work then you should be treated the same way as anyone else with a disability who can’t be employed. The government should set a date when everyone under say 25, will no longer be eligible for a state pension. They won’t be deducted NI from then on and they have 40+ years to save & plan accordingly.
Where have we established that we haven't paid into anything? https://www.gov.uk/national-insurance/overview
Blaster72 said:
http://www.bbc.co.uk/news/business-40658774
Don't worry though, there's another 22 years for successive governments to change things again and again and again.
If you're aged below 50 now expect to get sweet FA for all the money you currently pay in by the time you retire.
I am and I do expect sweet FA. I try and tell my mates this but nobody listens. You've got to do it on your own you can't rely on anything from the government. Don't worry though, there's another 22 years for successive governments to change things again and again and again.
If you're aged below 50 now expect to get sweet FA for all the money you currently pay in by the time you retire.
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