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

[Tom Hark Preston Park]

I'm 38 and have long been resigned to the idea of pretty much working until I die. Good to see it's on track.

Not being glib, and I'm less than zero of any kind of expert but... at age 38... still plenty of time to stick away whatever sum on a monthly basis that you wouldn't miss into a private/workplace pension. Can't do anything but good shirley?

 

[Paulie Gualtieri]

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’ve gained a year!

 

[BBassic]

Not being glib, and I'm less than zero of any kind of expert but... at age 38... still plenty of time to stick away whatever sum on a monthly basis that you wouldn't miss into a private/workplace pension. Can't do anything but good shirley?

Oh yeah I was mostly joking. I'm lucky enough to have a good job, a bit of savings, company pension, mortgage etc. but the goalposts can move at any time.

So my pessimistic brain does what it can to shield me from any future disappointment by bringing that disappointment forward by 25-30 years.

 

[A mex eyecan]

I’ve gained a year!

blimey, 84 for me! Now who do I complain to if I don’t live that long?

 

[Questions]

Time to switch from Halloucegenic to anti Inflammatory maybe ?

Never

 

[Bakero]

Never

Mushrooms are rich in anti-inflammatory goodness so you're good to go.

 

[A mex eyecan]

I’ve a nephew, who moans he can’t afford a home, or depending on what subject is being discussed, can’t a pension, has to rely on food banks etc etc.

Funny though, he can afford to buy a good few cans of beer each week and keeps his local drug dealer in very full time employment.

Guess it’s a lot to do with priorities.

 

[Nicks]

problem is worse than that. Those of us who have paid NI for the last 50 odd years were actually paying for those already retired. It’s the 30 somethings now who are due to be paying ours, then rinse and repeat

Yes but I look at it another way.
You have to pay 35 full u years NI to get the state pension.
So whatever you pay in NI in the following 15 years( in my case ) does not go towards your state pension.
So really we are only getting back what we put in, if we live long enough.

 

[Daddies_Sauce]

Yes but I look at it another way.
You have to pay 35 full u years NI to get the state pension.

Not true, many are under the transition rules, I had to obtain 50 full years to become eligible for the current full state pension.

 

[East Staffs Gull]

Yes but I look at it another way.
You have to pay 35 full u years NI to get the state pension.
So whatever you pay in NI in the following 15 years( in my case ) does not go towards your state pension.
So really we are only getting back what we put in, if we live long enough.

There is no correlation, neither was there ever intended to be, between the monetary amount of the contributions that you pay and the amount of your state pension. We don’t all have our own earmarked state pension pots. Further, NI contributions aren’t even kept separate from general taxation revenues. NI contributions don’t just go towards paying state pensions.

 

[zefarelly]

This. The top rate of tax was 90% in the 50s and 60s and stayed high until Thatcher came in.

90% is pretty harsh, however, if those in the top 1% actually paid any it would help no end.

 

[Papa Lazarou]

A rewinder

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 !

Countries in Europe brought in laws to clamp down on offshore tax havens / loopholes and to recover unpaid tax from these. For some reason we didn't.

 

[BrightonCottager]

I’ve gained a year!

Only if you are a US citizen. Its based on their data (Sorry).

 

[Nicks]

There is no correlation, neither was there ever intended to be, between the monetary amount of the contributions that you pay and the amount of your state pension. We don’t all have our own earmarked state pension pots. Further, NI contributions aren’t even kept separate from general taxation revenues. NI contributions don’t just go towards paying state pensions.

I agree with what you are saying but I will quote what it says on the Pension page in the HMRC. " You have paid the full amount in National insurance and whatever contributions you pay now in National insurance will not enhance your State Pension"
Hence I paid 15 years extra into the NI system as well as tax for 50 years.

 

[Paulie Gualtieri]

Only if you are a US citizen. Its based on their data (Sorry).

Wondered why the kg option only went down to 100

 

[Pavilionaire]

I feel for those manual workers who struggle to physically work up up until age 66. Most of them are going to have to retire at 66 regardless of the state pension age, and if they do have to soldier on because of financial necessity then it is only going to add to the burden on the NHS as they develop back pain as their bodies wear out.

Accountants like myself have the choice of working on to whatever age we like providing the mind is still healthy.

I think the political parties need to look at this issue anew. The system we have for social security is still based around something devised in the mid 1940s when the world of work was very different.

 

[BLOCK F]

I'm sure the Tories will be swept out of power, but only to be replaced with a similar high-tax, high-spending government. Nothing will change.

Ironically, one of the reasons councils are going bust is because of the hugely generous inflation-proofed final salary pensions that (until recently at least) they were offering. There is an example of baby boomers who really have benefitted from the wealth that their generation helped to create.

Yes, the cost of pension provision is substantial. Another cost is the provision of social care for increasing numbers of oldies living longer and not having sufficient funds to pay for their own care.

 

[dazzer6666]

Tosh

 

[A mex eyecan]

Yes, the cost of pension provision is substantial. Another cost is the provision of social care for increasing numbers of oldies living longer and not having sufficient funds to pay for their own care.

but i thought everyone was moaning that the baby boomers had so much money and owned property and so they should be taxed even further. So if these young ones have their way and do that then the amount of old ones needing the state support for their care will grow colossally as they won’t have any left assets that can be taken to pay for it.

 

[Seat Stealer]

Question is, what Job can I do until the age of 71? I'm 64 now and grateful that my state pension kicks in within the next 2 or so years. I'm not sure I could carry on as a fireman.