[Politics] UK state pension age will soon need to rise to 71, say experts

[heathgate]

UK state pension age will soon need to rise to 71, say experts

Research on life expectancy and birth rates shows that ill health makes status quo unsustainable

www.theguardian.com

Yet another reminder of how good the boomers have it, and how the younger generations will receive blow after blow.

...and I also feel the enormous benefit of working uninterrupted in several high pressure IT roles from March 1980 through to January 2017, not a single day unemployed.... not claiming a penny in dole/benefits... Paying through the nose tax, NI, Pension and double figure MTG rates ... and I still pay tax on my very part time bar job until I get my state pension at 67 in 6 years time..... yes, I am a privileged Boomer.

 

[Tom Hark Preston Park]

Yes that's a different discussion and one I agree with you on. This government has done nothing for its people. Indeed, they are the worst government I think I will ever witness.

But if we accept that life expectancy ought to be over 80, then my wider point stands. We are not Norway, we don't have an oil tap to support an aging population unless that population is happy to work for longer. I think retirement age needs to be around 12 years before the average life expectancy.

This. The Tories and their chums in the privatised industries just regard the people as a cash cow to be milked until they're squeezed dry. The proliferation of food banks in what is supposed to be one of the world's richest economies tells you all you need to know. So many people desperately trying, and failing, to keep their head above water. It's quite vile

 

[peterward]

Not disagreeing with all of what you say but my mum is 86 and lives in Ireland, the healthcare and social care system there is shite.

Part of the pensions problem in the UK is the cost of the triple lock, it's political suicide for any party to address it (old codgers are also voters after all), but it is not sustainable unless life expcectancy falls faster or government revenues rise.

I've got a retired aunt/uncle there too and whilst it may not be perfect on most metrics it is now a lot better than UK, not that is such a high bar.

A couple of weeks ago in run up to this new Stormont deal, they had a UK Labour MP on 5Live, also reiterating with stats that Irelands NHS and social care was much better funded per capita, with less issues than ours, which historically was never the case.

Ireland forging ahead? we falling behind? or maybe both?

 

[Normal Rob]

no males in my family make it past 70, so cheers for this!

 

[A mex eyecan]

...and I also feel the enormous benefit of working uninterrupted in several high pressure IT roles from March 1980 through to January 2017, not a single day unemployed.... not claiming a penny in dole/benefits... Paying through the nose tax, NI, Pension and double figure MTG rates ... and I still pay tax on my very part time bar job until I get my state pension at 67 in 6 years time..... yes, I am a privileged Boomer.

no males in my family make it past 70, so cheers for this!

That’s a sorry stat, let’s hope you bust the mould fella.

My old Dad comes from a line where up until his Dad no male lived past 72. His Dad made 80 and my Dad? well he’s coming up for an impressive 94. Albeit the dementia is playing havoc, he hurts just about everywhere, and it’s costing him over 5k a month for his nursing care, being taken from the sale of his little bungalow.

OP would be delighted with that I’m sure as Dad had the temerity to actual accrue an asset and also took a state pension.

 

[banjo]

As an aside, I want to start paying voluntary NI contributions but the goons at HMRC ignore my letters. Impossible to speak to anyone on the phone too. I wonder how many other offers of cash they're refusing.

Not sure if you can, but have you tried setting up on line using the government gateway app??

 

[peterward]

A financial adviser once asked me something that has stuck with me ever since.

'Do you trust future governments to provide for you in your old age?'

The obvious answer is 'no', so you should make your own provision for your own retirement.
Any state pension when you reach state retirement age, will then be a nice bonus.

That's very good advice and what is almost certain for most, is at the very least there will be a few years between "normal" retirement age and government mandated pension age.

Whilst "generally" the population may be getting older, I've seen specific stats/surveys in my own industry (which is 24 hour operation, shift working and can be pretty stressfull) that from exhaustive research over many years, showed a clear correlation between retiring early (55) and living longer (mid 80s) to retiring later (mid 60's) and dying soon after (68 median). I'd guess it may be same for other shift work professions like NHS hospital staff?

I'm not personally comfortable seeing dignified former workers, who have worked and paid into system a whole lifetime, being forced to work in B&Q aged 70 to survive. If they choose to fair enough, but it should never be mandatory to survive. More money, more respect needed.

 

[Cheshire Cat]

It depends what you work as.

I can't see a 70 year old fireman, roofer or anyone who does hard manual labour being very happy

 

[peterward]

It depends what you work as.

I can't see a 70 year old fireman, roofer or anyone who does hard manual labour being very happy

Do you want a 70 year old driving your bus, train or flying you on holiday?

Then what? Stacking shelves?

 

[A mex eyecan]

It depends what you work as.

I can't see a 70 year old fireman, roofer or anyone who does hard manual labour being very happy

or even people like a mate of mine who ran his own smallish business for 30 odd years the stress of which culminated him having a complete breakdown at 62 and if he hadn’t stopped work he would probably have dropped dead.

 

[peterward]

or even people like a mate of mine who ran his own smallish business for 30 odd years the stress of which culminated him having a complete breakdown at 62 and if he hadn’t stopped work he would probably have dropped dead.

Only 9 years in McDonalds or Tesco until you claim some of the 40+ years of NI back. Stop complaining!

 

[southstandandy]

Your post is contradictory so it makes it difficult to respond to but I think unlikely that there would be ’no State pension at all‘ - however, we could be moving towards a system where State Pensions are means-tested, which more or less means the same thing as your next sentence.

Personally, I don’t have a problem with means-tested benefits as a rule (that ensures State help goes to those most in need barring fraud of course) but a compulsory system of private pension scheme contribution would need to be in place to ensure those on above a certain income level were actually contributing to their pension pot.

No government could remove the safety net of State Pensions for those on low incomes or have no private pension, people would be destitute.


Keep trying - you’ll get through eventually. However, you definitely need to get a pension forecast before HMRC will provide you with a voluntary contribution code if you haven’t already - it will be the first thing they ask you for.

Contact the Future Pension Centre

Future Pension Centre contact details - for pension forecasts, statements, advice and enquiries.

www.gov.uk

Once you have a recent forecast, try again - It took me over an hour the first time to get through a few years ago - I was then given an 18 digit code which was needed to make any Class 3 contributions and which I now use for follow up contributions. I paid a lump sum to cover gaps in my NI contributions and now pay annually a contribution using online banking until I retire which will give me a full pension - my contributions increased my State pension to an extra £50+ quid a week so it was worth it for me to cover the historical gaps and make annual class 3 contributions from now on.

Pay voluntary Class 3 National Insurance

How to pay your voluntary Class 3 National Insurance contributions - online, Direct Debit, bank transfer, cheque.

www.gov.uk

Yes - essentially that's what I was referring to. Probably won't happen in my lifetime but increasing the age until you can get a state pension shows that the country is heading that way. The next step will be moving it until you're probably 70, thus removing sizeable percentage from ever receiving it who may not make it to that age.

 

[Bakero]

Not sure if you can, but have you tried setting up on line using the government gateway app??

I've got the app but filling in a form and posting it is the only way.

 

[beorhthelm]

Do you want a 70 year old driving your bus, train or flying you on holiday?

Then what? Stacking shelves?

well maybe. what do we do today for the 60 yo, or 55 yo who is no longer upto physically demanding work? it's weird how we have this idea we're all good until 65 then cant function. depends on jobs, and people in those jobs are likely better suited to carry on another year or two. but then we want a universal pension age. dont see the two working together, either people change jobs or we'll need industry related pension age (good luck whoever has to design and sell that).

 

[arfer guinness]

Yes I've really enjoyed working 50 years since I left school and never took a penny in dole money.
I now work 3 days a week and the HMRC have still seen fit to lower my tax code to 1053 for all my efforts over the years !!

Same as you, left school a week after my 15th birthday and worked for 51 years up to retirement. Hardship now is to stay in education in university until you're 24 then whine about your debt because the country won't pay for you to sit on your arse.

 

[Bakero]

Nice to know I’ve served exactly 50% of my expectancy, also my kids will have an average of 3 extra years, the ungrateful shits!

I'm almost halfway dead too, apparently. But I got a second opinion and gained 8 years https://www.blueprintincome.com/tools/life-expectancy-calculator-how-long-will-i-live/

 

[sparkie]

Realistically we are eventually heading to No state pensions at all.

With the pressure from all employers to enrol staff onto a pension scheme I can see the time when the state pension will only be given to those who have been unable to work in their lifetime or those that have never worked for whatever reason.

We are heading that way. Thank god I have a works pension and some private savings.

Not sure about that.

They can't stop state pension without ditching National Insurance, and refunding all National Insurance already paid.

Those who have paid into National Insurance already have paid for their state pension.

 

[Bakero]

Same as you, left school a week after my 15th birthday and worked for 51 years up to retirement. Hardship now is to stay in education in university until you're 24 then whine about your debt because the country won't pay for you to sit on your arse.

51 years? Is that all. My old man has been working for over 63 years and is seemingly in no mood for stopping.

 

[vegster]

Yes that's a different discussion and one I agree with you on. This government has done nothing for its people. Indeed, they are the worst government I think I will ever witness.

But if we accept that life expectancy ought to be over 80, then my wider point stands. We are not Norway, we don't have an oil tap to support an aging population unless that population is happy to work for longer. I think retirement age needs to be around 12 years before the average life expectancy.

The money does exist, for some reason it gets lifted out of circulation and put offshore out of the range of the tax man. Equivalent countries in Europe somehow manage to have better public services, infrastructure, health services and still pay a higher State Pension than the UK government !

 

[Eric the meek]

I'm almost halfway dead too, apparently. But I got a second opinion and gained 8 years https://www.blueprintincome.com/tools/life-expectancy-calculator-how-long-will-i-live/

I had a pleasant surprise when I tried your link. 84. I didn't see that coming.

The moral: start your pension as early as you can.