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Retirement age?
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By (user no longer on site) OP
over a year ago
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Realistically in a ideal world I strong believe you should have the option to retire at 55. 55 just seems like a reasonable age to me.
What age do you think? |
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By *icketysplitsWoman
over a year ago
Way over Yonder, that's where I'm bound |
Those baby boomers got it all.
I have the option to retire at 55 - we all do. I won't be able to afford to retire at 55 though. I'll probably have to work until I die, which is why I plan to go at 60.  |
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By *llebWoman
over a year ago
Poulton Le Fylde |
I view the retirement age as giving me a choice and I've already informed my boss that I don't plan to go completely but will probably only do Three days a week, working Thursday , Wednesday and Thursday, and might even do two of the, from home
I like the social side of working and being single there isn't much I'd want to do then that I can't do now |
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By (user no longer on site)
over a year ago
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"Technology will replace so many jobs that you'll retire after graduation, in the near future.
We need a revolution to return wealth to the masses, allowing fair retirement and more"
Lol @ "return"..  |
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By (user no longer on site)
over a year ago
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"What is this retirement of which you speak? 
-Courtney
It's a lifetime away for you Courtney  .
All I can tell you is that it's the best time I've ever had "
I don't think I'll ever retire. |
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There still too many people out there that retired as soon as they left school. Not me personally ive worked nearly all my working life but I intend to stop in about another 10 years. Im 40 this year. |
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"What is this retirement of which you speak?
-Courtney
It's a lifetime away for you Courtney .
All I can tell you is that it's the best time I've ever had
I don't think I'll ever retire."
You need to keep working so us old uns can keep living in luxury |
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By *helbeeCouple
over a year ago
Nuneaton |
The baby boomers are lucky as they retired an get all the freebies ie state pension .free bus pass..which isn't fair tbh Esp the free bus pass
Everyone else to get state pension u have to work till your 67  to get the state pension
You can retire at any age but won't be entitled to a state pension Untill your 67
Which isn't fair tbh as the government raised the age  |
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By (user no longer on site)
over a year ago
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Very nice idea but I think I will have to work till the day I die. There is no way I can afford to comfortably live on my pension plans as I left these until I was almost 40 and that was too late. |
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"The baby boomers are lucky as they retired an get all the freebies ie state pension .free bus pass..which isn't fair tbh Esp the free bus pass
Everyone else to get state pension u have to work till your 67 to get the state pension
You can retire at any age but won't be entitled to a state pension Untill your 67
Which isn't fair tbh as the government raised the age "
Iam 61 wont get state pension or bus passtill 66 paid 45 year,s NIS dont no were your coming from |
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By *helbeeCouple
over a year ago
Nuneaton |
"The baby boomers are lucky as they retired an get all the freebies ie state pension .free bus pass..which isn't fair tbh Esp the free bus pass
Everyone else to get state pension u have to work till your 67 to get the state pension
You can retire at any age but won't be entitled to a state pension Untill your 67
Which isn't fair tbh as the government raised the age Iam 61 wont get state pension or bus passtill 66 paid 45 year,s NIS dont no were your coming from"
I'm coming from the government stats ...as they raised the age your 61 you havnt got long to retire think of us others who have a long way to go
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"The baby boomers are lucky as they retired an get all the freebies ie state pension .free bus pass..which isn't fair tbh Esp the free bus pass
Everyone else to get state pension u have to work till your 67 to get the state pension
You can retire at any age but won't be entitled to a state pension Untill your 67
Which isn't fair tbh as the government raised the age Iam 61 wont get state pension or bus passtill 66 paid 45 year,s NIS dont no were your coming from
I'm coming from the government stats ...as they raised the age your 61 you havnt got long to retire think of us others who have a long way to go
"
Already retired at 60 paid into a private pension than God if you have worked till your 60 from 15 think you have done your bit, plus never had a penny of the state always been employed |
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By *helbeeCouple
over a year ago
Nuneaton |
I can't be bothered to answer you .I'm poorly this morn tbh im more important things to deal with esp with gall stones an can't be bothered to argue the toss on pointless retirement age post
. |
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"I can't be bothered to answer you .I'm poorly this morn tbh im more important things to deal with esp with gall stones an can't be bothered to argue the toss on pointless retirement age post
."
Why comment then have a nice day get well soon |
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By *stwoCouple
over a year ago
anywhere |
I semi retired at 49.Financially couldn't afford to retire totally but 6 month work gives us all we need for our lifestyle. Lots of factors come into retirement and they are not all financial. |
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By *umpkinMan
over a year ago
near the sounds of the wimborne quarter jack! |
"I retired at 50 by choice although I am ok I will never be rich. But so long as my bills are paid. If you wait till you can afford to retire you never will."
Same here although I`ve only recently retired at 59. I spent nearly 40 years in a Local Authority job that was never well paid by a long chalk. It had zero perks, little chance of overtime and even less chance of promotion. But it was very close to home so travelling didn`t cost the earth. Paying for the mortgage was a real struggle at first but it`s now paid off. Big changes at work have made things un-settled and I could see were not going for the better so when voluntary redundancy was offered, I went for it. Couldn`t have done it otherwise! |
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By *obitoutMan
over a year ago
somewhere in the middle |
It's a good thread... After all do we not all have to consider retirement at some point and make provision? State Pension age is increasing to 68 largely because tax payers are supporting a society that lives much longer plus the fact we underpin civil servants pension pots that many retire at 55 on final salary pension, talk about division! |
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I could have retired at 50 - last year with a much reduced lifestyle. I decided to defer my pension on a large salary and go back to what I enjoyed most patient contact, I now work as a community nurse and love it. I could not have carried on in a horrible but well paid job until 60 or 67 yrs. |
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By (user no longer on site)
over a year ago
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You can retire whenever you want if your personal funds allow, you just have to hang about for your state pension. Based on this theory, I will be retiring at about the age of 96! |
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The Government are trying to make it we retire at dinner time and your Funerals in the afternoon it,s getting huge support from those that have never worked or never wanted to.
Its only going to applies to them stupid people who have worked hard all there life |
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By (user no longer on site)
over a year ago
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"I can't be bothered to answer you .I'm poorly this morn tbh im more important things to deal with esp with gall stones an can't be bothered to argue the toss on pointless retirement age post
."
I feel your pain, I've had gallstones since August. |
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By (user no longer on site)
over a year ago
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"Realistically in a ideal world I strong believe you should have the option to retire at 55. 55 just seems like a reasonable age to me.
What age do you think?"
nice post OP
and everyone does, sorry most do have the option to retire at 55 with your company pension then lifting your state pension at 67 or where ever you are on their sliding scale for age.
ofcourse you can in some circumstances get your state pension early if you retire on ill health or disability, this is built into your employers pension scheme (if you are employed with larger companies)
Remember everyone should also pay into their company pension with AVC's, what you pay in is before tax, so if you pay in each month £1200, the government pays in £800, so for £1200 each month, you are getting £2000 paid into your pension above what your employer pays in
It soon mounts up and if doing this you can well afford to retire at the age of 55.
Once your home is paid off its well worth using that free cash towards your pension
work to live
do not
live to work |
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"Realistically in a ideal world I strong believe you should have the option to retire at 55. 55 just seems like a reasonable age to me.
What age do you think?
nice post OP
and everyone does, sorry most do have the option to retire at 55 with your company pension then lifting your state pension at 67 or where ever you are on their sliding scale for age.
ofcourse you can in some circumstances get your state pension early if you retire on ill health or disability, this is built into your employers pension scheme (if you are employed with larger companies)
Remember everyone should also pay into their company pension with AVC's, what you pay in is before tax, so if you pay in each month £1200, the government pays in £800, so for £1200 each month, you are getting £2000 paid into your pension above what your employer pays in
It soon mounts up and if doing this you can well afford to retire at the age of 55.
Once your home is paid off its well worth using that free cash towards your pension
work to live
do not
live to work"
Wish i could have paid £1200 a month into my pension |
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By *helbeeCouple
over a year ago
Nuneaton |
"I can't be bothered to answer you .I'm poorly this morn tbh im more important things to deal with esp with gall stones an can't be bothered to argue the toss on pointless retirement age post
.
I feel your pain, I've had gallstones since August. "
Thanks. .its not nice to have
Hope you are Ok  |
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By (user no longer on site)
over a year ago
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"I can't be bothered to answer you .I'm poorly this morn tbh im more important things to deal with esp with gall stones an can't be bothered to argue the toss on pointless retirement age post
.
I feel your pain, I've had gallstones since August.
Thanks. .its not nice to have
Hope you are Ok "
I've tried to message you but you blocked females lol |
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By (user no longer on site)
over a year ago
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OP surely it depends on your occupation? A physically demanding job can only be done for a certain length of time before it becomes almost impossible and potentially dangerous.
Can the same be said about a mentally demanding job? It's not just about the financial implications and never has been. |
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By *helbeeCouple
over a year ago
Nuneaton |
"I can't be bothered to answer you .I'm poorly this morn tbh im more important things to deal with esp with gall stones an can't be bothered to argue the toss on pointless retirement age post
.
I feel your pain, I've had gallstones since August.
Thanks. .its not nice to have
Hope you are Ok
I've tried to message you but you blocked females lol"
Sorry I have yes
|
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By (user no longer on site)
over a year ago
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"OP surely it depends on your occupation? A physically demanding job can only be done for a certain length of time before it becomes almost impossible and potentially dangerous.
Can the same be said about a mentally demanding job? It's not just about the financial implications and never has been. "
If only that was true
try working on the oil rigs, extremely physical and none of the young want to do it as they are away from home for so long, its only the old guys that are left for hard manual graft |
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"OP surely it depends on your occupation? A physically demanding job can only be done for a certain length of time before it becomes almost impossible and potentially dangerous.
Can the same be said about a mentally demanding job? It's not just about the financial implications and never has been.
If only that was true
try working on the oil rigs, extremely physical and none of the young want to do it as they are away from home for so long, its only the old guys that are left for hard manual graft "
That why we left school not pissed about at uni time out for a year we got our hands dirty |
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By (user no longer on site)
over a year ago
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"I can't be bothered to answer you .I'm poorly this morn tbh im more important things to deal with esp with gall stones an can't be bothered to argue the toss on pointless retirement age post
.
I feel your pain, I've had gallstones since August.
Thanks. .its not nice to have
Hope you are Ok
I've tried to message you but you blocked females lol
Sorry I have yes
"
I wasn't going to try it on don't worry |
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By *helbeeCouple
over a year ago
Nuneaton |
"I can't be bothered to answer you .I'm poorly this morn tbh im more important things to deal with esp with gall stones an can't be bothered to argue the toss on pointless retirement age post
.
I feel your pain, I've had gallstones since August.
Thanks. .its not nice to have
Hope you are Ok
I've tried to message you but you blocked females lol
Sorry I have yes
I wasn't going to try it on don't worry "
I know |
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By (user no longer on site)
over a year ago
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Oh that's but a distant dream. I've certainly got considerably left in my working life than I've been alive so far. The days of being able to retire at 55 with a comfortable income are going to largely die with this generation. I'll be working away while I'm 70 to pay for the pensions of the 100 year olds who retired in their fifties. And obviously I'm thrilled that I'm paying £50 a month more national insurance contributions from April because of the end of contracting out, to a state pension I will never, ever see. |
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By *helbeeCouple
over a year ago
Nuneaton |
"Oh that's but a distant dream. I've certainly got considerably left in my working life than I've been alive so far. The days of being able to retire at 55 with a comfortable income are going to largely die with this generation. I'll be working away while I'm 70 to pay for the pensions of the 100 year olds who retired in their fifties. And obviously I'm thrilled that I'm paying £50 a month more national insurance contributions from April because of the end of contracting out, to a state pension I will never, ever see. "
Same here working for another 25 years..iam thrilled too having to pay ni to prop up more retirees on state pension that retire early.. |
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"Oh that's but a distant dream. I've certainly got considerably left in my working life than I've been alive so far. The days of being able to retire at 55 with a comfortable income are going to largely die with this generation. I'll be working away while I'm 70 to pay for the pensions of the 100 year olds who retired in their fifties. And obviously I'm thrilled that I'm paying £50 a month more national insurance contributions from April because of the end of contracting out, to a state pension I will never, ever see. "
Having retired in ones fifties is irrelevant to claiming state pension. You will be working to pay the pension of 100 year olds whatever age they retired at.
Both of us decided that quality of life was more important than income so we sold our house, downsized and claim tiny private pensions. We live on incomes that most people would think improbably small. Hopefully we freed two jobs for younger people with families. |
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"Oh that's but a distant dream. I've certainly got considerably left in my working life than I've been alive so far. The days of being able to retire at 55 with a comfortable income are going to largely die with this generation. I'll be working away while I'm 70 to pay for the pensions of the 100 year olds who retired in their fifties. And obviously I'm thrilled that I'm paying £50 a month more national insurance contributions from April because of the end of contracting out, to a state pension I will never, ever see.
Same here working for another 25 years..iam thrilled too having to pay ni to prop up more retirees on state pension that retire early.."
And again early retirees don't get the state pension until state retirement age. |
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By (user no longer on site)
over a year ago
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"Oh that's but a distant dream. I've certainly got considerably left in my working life than I've been alive so far. The days of being able to retire at 55 with a comfortable income are going to largely die with this generation. I'll be working away while I'm 70 to pay for the pensions of the 100 year olds who retired in their fifties. And obviously I'm thrilled that I'm paying £50 a month more national insurance contributions from April because of the end of contracting out, to a state pension I will never, ever see.
Having retired in ones fifties is irrelevant to claiming state pension. You will be working to pay the pension of 100 year olds whatever age they retired at.
Both of us decided that quality of life was more important than income so we sold our house, downsized and claim tiny private pensions. We live on incomes that most people would think improbably small. Hopefully we freed two jobs for younger people with families."
I know that, but there's an added perception (even if it's just a perception) of unfairness that results from it.
And houses is an interesting point, I'm in a very fortunate position and I'll still be paying my mortgage well into my fifties. Many will be into their sixties and later, or they will be renting having never owned - they don't have the option of being able to retire by "downsizing" because they will always have to pay for housing.
Inter-generational inequality is obviously not the fault of the individuals who benefit from it but it's absolutely huge. |
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"Oh that's but a distant dream. I've certainly got considerably left in my working life than I've been alive so far. The days of being able to retire at 55 with a comfortable income are going to largely die with this generation. I'll be working away while I'm 70 to pay for the pensions of the 100 year olds who retired in their fifties. And obviously I'm thrilled that I'm paying £50 a month more national insurance contributions from April because of the end of contracting out, to a state pension I will never, ever see.
Having retired in ones fifties is irrelevant to claiming state pension. You will be working to pay the pension of 100 year olds whatever age they retired at.
Both of us decided that quality of life was more important than income so we sold our house, downsized and claim tiny private pensions. We live on incomes that most people would think improbably small. Hopefully we freed two jobs for younger people with families.
I know that, but there's an added perception (even if it's just a perception) of unfairness that results from it.
And houses is an interesting point, I'm in a very fortunate position and I'll still be paying my mortgage well into my fifties. Many will be into their sixties and later, or they will be renting having never owned - they don't have the option of being able to retire by "downsizing" because they will always have to pay for housing.
Inter-generational inequality is obviously not the fault of the individuals who benefit from it but it's absolutely huge. "
We paid a mortgage until the day we moved here it's the main reason we downsized.
I understand what you mean by unfairness when I started work retirement age for women was 60, by the time I left it was 66 the state pension I started contributing to at 15 won't be available to me until 6 years later than I was originally led to believe.
Many of the points you make about your generation also apply to mine however I am aware that things are very different for the up and coming population and I appreciate that its causing resentment. |
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By (user no longer on site)
over a year ago
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According to the ons house prices have seen a 6.9% increase year on year on top of inflation.
According to the ons were also seeing the lowest wage growth in decades recently and the long term trends since the 80s is wages are flat when adjusting for inflation!
In reality they just turned housing into pensions... Not exactly sustainable?.
With the average house price now at 271,000 pounds the average wage would need to be 90,000 per annum to use the old calculation of three times greatest wage..
Now being honest how many people do you know that earn 90k? |
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By (user no longer on site)
over a year ago
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Civil Servant here, I cannot claim my pension until I'm 67, neither will it be final salary. The civil service pension has had a massive overhaul the last couple of years but the Daily Mail didn't deem it newsworthy...
"It's a good thread... After all do we not all have to consider retirement at some point and make provision? State Pension age is increasing to 68 largely because tax payers are supporting a society that lives much longer plus the fact we underpin civil servants pension pots that many retire at 55 on final salary pension, talk about division!"
|
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By (user no longer on site)
over a year ago
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"According to the ons house prices have seen a 6.9% increase year on year on top of inflation.
According to the ons were also seeing the lowest wage growth in decades recently and the long term trends since the 80s is wages are flat when adjusting for inflation!
In reality they just turned housing into pensions... Not exactly sustainable?.
With the average house price now at 271,000 pounds the average wage would need to be 90,000 per annum to use the old calculation of three times greatest wage..
Now being honest how many people do you know that earn 90k?"
It's too early for this. Are you trying to make me cry? 
-Courtney |
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"According to the ons house prices have seen a 6.9% increase year on year on top of inflation.
According to the ons were also seeing the lowest wage growth in decades recently and the long term trends since the 80s is wages are flat when adjusting for inflation!
In reality they just turned housing into pensions... Not exactly sustainable?.
With the average house price now at 271,000 pounds the average wage would need to be 90,000 per annum to use the old calculation of three times greatest wage..
Now being honest how many people do you know that earn 90k?"
I don't know anybody who earns that much |
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By (user no longer on site)
over a year ago
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"Oh that's but a distant dream. I've certainly got considerably left in my working life than I've been alive so far. The days of being able to retire at 55 with a comfortable income are going to largely die with this generation. I'll be working away while I'm 70 to pay for the pensions of the 100 year olds who retired in their fifties. And obviously I'm thrilled that I'm paying £50 a month more national insurance contributions from April because of the end of contracting out, to a state pension I will never, ever see. "
Yes, I had that wonderful news by e-mail this morning too |
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"Oh that's but a distant dream. I've certainly got considerably left in my working life than I've been alive so far. The days of being able to retire at 55 with a comfortable income are going to largely die with this generation. I'll be working away while I'm 70 to pay for the pensions of the 100 year olds who retired in their fifties. And obviously I'm thrilled that I'm paying £50 a month more national insurance contributions from April because of the end of contracting out, to a state pension I will never, ever see.
Yes, I had that wonderful news by e-mail this morning too "
Are the women that are now 60 paid into for 45 year,s going to see it in 6 year,s |
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By *atnat85Woman
over a year ago
northwest |
I was on the "old" nhs pension where I could have accessed full retirement at 55, however last year it was changed and I was moved onto the new one, which is linked to state pension age, which for me is currently 68. I can access what I've paid so far at 55(10 years service, but 3 of those as a student) so not much!
Then, if I want to retire before 68 I lose 5% for each year.
Guess I've got another 38 years of working to go |
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Originally when the state pension was introduced it only covered a very small percentage of people.
Remember that back then very few people lived long past 55.
A report I read a short while ago said to take it back to that percentage, it would go up to something like 114... I don't know how true this is...
I personally can retire at 55, however if Frisky works until she is 67, I will have been retired 17 years...
I will probably stay on til 60 and increase my pension so Frisky can retire early... |
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By (user no longer on site)
over a year ago
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"According to the ons house prices have seen a 6.9% increase year on year on top of inflation.
According to the ons were also seeing the lowest wage growth in decades recently and the long term trends since the 80s is wages are flat when adjusting for inflation!
In reality they just turned housing into pensions... Not exactly sustainable?.
With the average house price now at 271,000 pounds the average wage would need to be 90,000 per annum to use the old calculation of three times greatest wage..
Now being honest how many people do you know that earn 90k?
It's too early for this. Are you trying to make me cry?
-Courtney "
.
I've been trying to get you wet for ages... I've just been using all the wrong tactics |
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"Originally when the state pension was introduced it only covered a very small percentage of people.
Remember that back then very few people lived long past 55.
A report I read a short while ago said to take it back to that percentage, it would go up to something like 114... I don't know how true this is...
I personally can retire at 55, however if Frisky works until she is 67, I will have been retired 17 years...
I will probably stay on til 60 and increase my pension so Frisky can retire early..."
We did the same my husband hung on till i got to 60 only to be told 12 months before it would be 64 and 4 months now its 66 for my state pension |
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I'm 59 and if the Tories get in to power again will not be surprised if I find retirement age has been raised to 75 or 80 by the time I get to 67.
After all the idea that you don't have to work till you die really only came into being in the late 1940's along with state social security and at present that is being dismantled and its accumulated wealth is being transferred to 'private enterprise'. |
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By (user no longer on site)
over a year ago
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"It seems to me the government are moving the goal posts of when u can officially retire an claim state pension etc if you don't have a prvt pension
An there moving the age on "
.
I know a few people with a private pension that got fucking shock a few years back!... Turns out it's not just the government that elaborated on outcomes |
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By (user no longer on site)
over a year ago
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The average wage is around 26k a year if you wanted to generate that on retirement you'd need a pension pot of over 300k.
The average pension pot is roughly only 50k... I mean how do you get 300k in a pot when your only earning 26k?...
Ahh the intricacies of finance!
No wonder Jesus kicked the money lenders out of the temple |
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I've just re-mortgaged until I'm 65!!! I do plan to downsize & half the amount borrowed in the next few years though.
I have a good employers pension & can take a flexible retirement at age 55 where I work 3 days per week & claim my pension on the other 2 days. However I like my job & hope to still be working full time.
You have just reminded me though that my ex is still listed as beneficiary for death in service grant so off to fill out a form!! |
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"The average wage is around 26k a year if you wanted to generate that on retirement you'd need a pension pot of over 300k.
The average pension pot is roughly only 50k... I mean how do you get 300k in a pot when your only earning 26k?...
Ahh the intricacies of finance!
No wonder Jesus kicked the money lenders out of the temple"
Work for 60 years, pay 20% of everything you earn into your pension pot, pray that the insurance company dont steal your money and hope that you live long enough to spend some of it...  |
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By (user no longer on site)
over a year ago
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"I've just re-mortgaged until I'm 65!!! I do plan to downsize & half the amount borrowed in the next few years though.
I have a good employers pension & can take a flexible retirement at age 55 where I work 3 days per week & claim my pension on the other 2 days. However I like my job & hope to still be working full time.
You have just reminded me though that my ex is still listed as beneficiary for death in service grant so off to fill out a form!!"
...Is he an official ex?
If not he could be entitled to some of your pension as well |
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"Oh that's but a distant dream. I've certainly got considerably left in my working life than I've been alive so far. The days of being able to retire at 55 with a comfortable income are going to largely die with this generation. I'll be working away while I'm 70 to pay for the pensions of the 100 year olds who retired in their fifties. And obviously I'm thrilled that I'm paying £50 a month more national insurance contributions from April because of the end of contracting out, to a state pension I will never, ever see.
Same here working for another 25 years..iam thrilled too having to pay ni to prop up more retirees on state pension that retire early.."
You don't get state pension until the official state retirement age, I have my private pension and continue to pay tax. After working and paying in to the system for 44 years I have taken precious little out, my conscience is clear. |
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By (user no longer on site)
over a year ago
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"Civil Servant here, I cannot claim my pension until I'm 67, neither will it be final salary. The civil service pension has had a massive overhaul the last couple of years but the Daily Mail didn't deem it newsworthy...
It's a good thread... After all do we not all have to consider retirement at some point and make provision? State Pension age is increasing to 68 largely because tax payers are supporting a society that lives much longer plus the fact we underpin civil servants pension pots that many retire at 55 on final salary pension, talk about division!"
I thought the civil service pension was on a par with the old Armed Forces 75 pension? |
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By *obitoutMan
over a year ago
somewhere in the middle |
"Civil Servant here, I cannot claim my pension until I'm 67, neither will it be final salary. The civil service pension has had a massive overhaul the last couple of years but the Daily Mail didn't deem it newsworthy...
It's a good thread... After all do we not all have to consider retirement at some point and make provision? State Pension age is increasing to 68 largely because tax payers are supporting a society that lives much longer plus the fact we underpin civil servants pension pots that many retire at 55 on final salary pension, talk about division!"
That does not diminish the fact there are many thousands of civil servants currently collecting pensions in their 50's, Pensions are the largest public expense within the U.K and cannot be financially sustained with ageing population. Is it not reasonable that the public sector is brought into line with what is deemed acceptable within the private sector? |
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By (user no longer on site)
over a year ago
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55 is a nice age and I'm planning to go then , if not a couple of years earlier. Partly because neither of my parents got to enjoy theirs.
B is still working at 59 and I don't know if he will ever retire. He enjoys working. I'd like him to scale back a little really.
Sarah |
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By (user no longer on site)
over a year ago
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"Civil Pensions are the largest public expense within the U.K and cannot be financially sustained with ageing population. Is it not reasonable that the public sector is brought into line with what is deemed acceptable within the private sector?"
I thought EU membership at £55 million per day was largest expense |
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By (user no longer on site)
over a year ago
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Not sure about that but everyone under the age of 50 ish has been moved into a new scheme based on career average, admittedly it's still a good pension. But I'm pretty certain the armed forces pension has just had an update too.
"Civil Servant here, I cannot claim my pension until I'm 67, neither will it be final salary. The civil service pension has had a massive overhaul the last couple of years but the Daily Mail didn't deem it newsworthy...
It's a good thread... After all do we not all have to consider retirement at some point and make provision? State Pension age is increasing to 68 largely because tax payers are supporting a society that lives much longer plus the fact we underpin civil servants pension pots that many retire at 55 on final salary pension, talk about division!
I thought the civil service pension was on a par with the old Armed Forces 75 pension?"
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By (user no longer on site)
over a year ago
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I do pay into my pension as well pay taxes just like any other employed person in the UK, I don't think the civil pension should be bought downwards in line with private sector pensions but that private sector pensions should be bought up in line with civil service pensions.
Private sector pensions used to be much better in years gone by, but slowly they were closed to make way for less adequate pensions to save money yet some of these companies still make millions of pounds profit each year...
"Civil Servant here, I cannot claim my pension until I'm 67, neither will it be final salary. The civil service pension has had a massive overhaul the last couple of years but the Daily Mail didn't deem it newsworthy...
It's a good thread... After all do we not all have to consider retirement at some point and make provision? State Pension age is increasing to 68 largely because tax payers are supporting a society that lives much longer plus the fact we underpin civil servants pension pots that many retire at 55 on final salary pension, talk about division!
That does not diminish the fact there are many thousands of civil servants currently collecting pensions in their 50's, Pensions are the largest public expense within the U.K and cannot be financially sustained with ageing population. Is it not reasonable that the public sector is brought into line with what is deemed acceptable within the private sector?"
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By (user no longer on site)
over a year ago
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"Realistically in a ideal world I strong believe you should have the option to retire at 55. 55 just seems like a reasonable age to me.
What age do you think?"
If you've saved up enough to retire, absolutely.
If you expect someone else to pay for you for 30+ years then no. |
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By *obitoutMan
over a year ago
somewhere in the middle |
"I do pay into my pension as well pay taxes just like any other employed person in the UK, I don't think the civil pension should be bought downwards in line with private sector pensions but that private sector pensions should be bought up in line with civil service pensions.
Private sector pensions used to be much better in years gone by, but slowly they were closed to make way for less adequate pensions to save money yet some of these companies still make millions of pounds profit each year...
Civil Servant here, I cannot claim my pension until I'm 67, neither will it be final salary. The civil service pension has had a massive overhaul the last couple of years but the Daily Mail didn't deem it newsworthy...
It's a good thread... After all do we not all have to consider retirement at some point and make provision? State Pension age is increasing to 68 largely because tax payers are supporting a society that lives much longer plus the fact we underpin civil servants pension pots that many retire at 55 on final salary pension, talk about division!
That does not diminish the fact there are many thousands of civil servants currently collecting pensions in their 50's, Pensions are the largest public expense within the U.K and cannot be financially sustained with ageing population. Is it not reasonable that the public sector is brought into line with what is deemed acceptable within the private sector?"
I think we will have to agree to disagree on this one life would be boring if we all thought the same...have a good evening |
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"Originally when the state pension was introduced it only covered a very small percentage of people.
Remember that back then very few people lived long past 55.
A report I read a short while ago said to take it back to that percentage, it would go up to something like 114... I don't know how true this is...
I personally can retire at 55, however if Frisky works until she is 67, I will have been retired 17 years...
I will probably stay on til 60 and increase my pension so Frisky can retire early...
We did the same my husband hung on till i got to 60 only to be told 12 months before it would be 64 and 4 months now its 66 for my state pension"
If I retire at 60, Frisky would still work 12 years if she carried on to the current 67 for her state pension.
She has a small private pension but is starting full time work this week after looking after the children for the last few years.
Her pension will increase, that combined with mine and a couple of investments should allow her to retire a few years before her state pension comes into play...
Fingers crossed...
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By (user no longer on site)
over a year ago
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Just had a look, seems it's a little less than you suggested, around £18bn per year, of which £5bn in paid by current public sector employees - still huge though I'll grant you that
"I think in terms of public spending pensions are around £150 bn per annum.... Huuge "
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By *obitoutMan
over a year ago
somewhere in the middle |
"Just had a look, seems it's a little less than you suggested, around £18bn per year, of which £5bn in paid by current public sector employees - still huge though I'll grant you that
I think in terms of public spending pensions are around £150 bn per annum.... Huuge "
That's massively different from what I'm reading, what's your source? For this fiscal year I'm reading the pension pot costing 153bn less 42bn for sickness and disability?? |
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By (user no longer on site)
over a year ago
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I did have great difficulty finding something official, the majority of what's online is tabloids and all the figures are inconsistent. Anyway you need to google PPI_Public_Sector_Pensions_Published_March_05.pdf intresting anyway. I'm by no means saying the public sector pension is not in need of further reform but we do get a sometimes unfair bashing from the media so we do tend to get a bit defensive of ourselves
"Just had a look, seems it's a little less than you suggested, around £18bn per year, of which £5bn in paid by current public sector employees - still huge though I'll grant you that
I think in terms of public spending pensions are around £150 bn per annum.... Huuge
That's massively different from what I'm reading, what's your source? For this fiscal year I'm reading the pension pot costing 153bn less 42bn for sickness and disability??"
|
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"Civil Servant here, I cannot claim my pension until I'm 67, neither will it be final salary. The civil service pension has had a massive overhaul the last couple of years but the Daily Mail didn't deem it newsworthy...
It's a good thread... After all do we not all have to consider retirement at some point and make provision? State Pension age is increasing to 68 largely because tax payers are supporting a society that lives much longer plus the fact we underpin civil servants pension pots that many retire at 55 on final salary pension, talk about division!
That does not diminish the fact there are many thousands of civil servants currently collecting pensions in their 50's, Pensions are the largest public expense within the U.K and cannot be financially sustained with ageing population. Is it not reasonable that the public sector is brought into line with what is deemed acceptable within the private sector?"
Don't forget that civil servants generally pay far higher pension contributions than private pension schemes... |
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By (user no longer on site)
over a year ago
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I'm ready for retirement now,the clue is in the word. I just want enough money to drink tea all day and pay my television license that is becoming compulsory. I'm too tired to want to go off exploring with pension money. |
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"Think all these that don,t want to retire don,t work hard enough "
Perhaps you are correct.
I dont need to work hard.16 hours a week is fine for me I wont be a burden on the country and I can afford holidays and a decent car. For some of us working keeps us mentally alert and sociable.
Better than sitting at home vegitating alone. |
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"Think all these that don,t want to retire don,t work hard enough
Perhaps you are correct.
I dont need to work hard.16 hours a week is fine for me I wont be a burden on the country and I can afford holidays and a decent car. For some of us working keeps us mentally alert and sociable.
Better than sitting at home vegitating alone."
But you don't have to vegetate at home alone; since I stopped working 5 years ago, I have been just as busy; doing all the things I never had time for.... |
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"Think all these that don,t want to retire don,t work hard enough "
I didn't want to retire but I was forced to due the the amount of work I was expected to do that risked the lives of those I was caring for and my health too. It was either kill or be killed.
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By (user no longer on site)
over a year ago
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"Think all these that don,t want to retire don,t work hard enough "
How bloody rude  it's more likely that we've worked for so long we've no idea how to relax |
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By (user no longer on site)
over a year ago
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I'm no economist but,I think the benefits agency will be paying out an awful lot more than they bargained for.
Most of us will be too worn out to work until we're 67yrs and over.  |
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By (user no longer on site)
over a year ago
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"Think all these that don,t want to retire don,t work hard enough
Perhaps you are correct.
I dont need to work hard.16 hours a week is fine for me I wont be a burden on the country and I can afford holidays and a decent car. For some of us working keeps us mentally alert and sociable.
Better than sitting at home vegitating alone.
But you don't have to vegetate at home alone; since I stopped working 5 years ago, I have been just as busy; doing all the things I never had time for...."
Except you're obviously financially better off than some of us are |
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"Think all these that don,t want to retire don,t work hard enough
Perhaps you are correct.
I dont need to work hard.16 hours a week is fine for me I wont be a burden on the country and I can afford holidays and a decent car. For some of us working keeps us mentally alert and sociable.
Better than sitting at home vegitating alone.
But you don't have to vegetate at home alone; since I stopped working 5 years ago, I have been just as busy; doing all the things I never had time for....
Except you're obviously financially better off than some of us are "
Perhaps I am; perhaps not;
But you don't have to be loaded to have interesting things to do . |
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"Realistically in a ideal world I strong believe you should have the option to retire at 55. 55 just seems like a reasonable age to me.
What age do you think?"
. I plan to work up into my early seventies just as my father did . In addition to working full time I run a letting businness .
As I enjoy my work and have a varied and interesting life style , retirement is not something which I look forward to.
I monitor my pension funds and investments very closely and take full advantage of all available tax breaks .
I intend retiring on a pension equivalent to my current salary and have no intention of taking a drop in living standards upon retirement . I want to be able to travel where I want when I want. |
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By (user no longer on site)
over a year ago
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"Think all these that don,t want to retire don,t work hard enough
Perhaps you are correct.
I dont need to work hard.16 hours a week is fine for me I wont be a burden on the country and I can afford holidays and a decent car. For some of us working keeps us mentally alert and sociable.
Better than sitting at home vegitating alone.
But you don't have to vegetate at home alone; since I stopped working 5 years ago, I have been just as busy; doing all the things I never had time for....
Except you're obviously financially better off than some of us are
Perhaps I am; perhaps not;
But you don't have to be loaded to have interesting things to do ."
What I was referring to is the fact that you've already retired; some of us can't afford to |
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"Think all these that don,t want to retire don,t work hard enough
Perhaps you are correct.
I dont need to work hard.16 hours a week is fine for me I wont be a burden on the country and I can afford holidays and a decent car. For some of us working keeps us mentally alert and sociable.
Better than sitting at home vegitating alone.
But you don't have to vegetate at home alone; since I stopped working 5 years ago, I have been just as busy; doing all the things I never had time for....
Except you're obviously financially better off than some of us are
Perhaps I am; perhaps not;
But you don't have to be loaded to have interesting things to do .
What I was referring to is the fact that you've already retired; some of us can't afford to"
Ah; yes; fair enough.
I just manipulated my circumstances to make it possible. And was lucky enough that my plan worked. It meant taking some risks earlier in life. Which was possible as a single guy. |
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By (user no longer on site)
over a year ago
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People spend their money on new cars
holidays abroad
new televisions
expensive watches & jewellery
buy larger homes than they need
but forget to pay into their pension funds
if you want to retire early on a good pension you need to pay into your AVC's its actually a fairly simple thing and it saves you paying tax to the tax man |
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By (user no longer on site)
over a year ago
|
"People spend their money on new cars
holidays abroad
new televisions
expensive watches & jewellery
buy larger homes than they need
but forget to pay into their pension funds
if you want to retire early on a good pension you need to pay into your AVC's its actually a fairly simple thing and it saves you paying tax to the tax man"
Very true however at the time when I started to pay into a pension, I was only working part time so couldn't afford much |
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By (user no longer on site)
over a year ago
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This topic was debated on radio 2 Jeremy vine today (Wednesday 2nd)
It appears George Osborne is today in talks regarding raising retirement age from 67 (which he raised a couple of years back) and now has intention of raising retirement age to 75 years.
If you go to BBC radio2 iplayer you should be able to listen to the whole debate on Jeremy Vine |
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By (user no longer on site)
over a year ago
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Dunno why they're making people work. Machines can do everything for us and we need to implement that and create a society that doesn't work much at all.
I retired a few years ago, fucking love it. |
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By (user no longer on site)
over a year ago
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"The baby boomers are lucky as they retired an get all the freebies ie state pension .free bus pass..which isn't fair tbh Esp the free bus pass
Everyone else to get state pension u have to work till your 67 to get the state pension
You can retire at any age but won't be entitled to a state pension Untill your 67
Which isn't fair tbh as the government raised the age "
How on earth do you work out that the state pension is a freebie?
Pensioners paid into it all their working lives, if they had paid that money into a works pension, or even a private pension, they'd be getting a decent return without the government trying to swindle them.
This "freebie" spin really annoys me. The state pension is not a benefit, it has been paid for. |
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By (user no longer on site)
over a year ago
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"I've just re-mortgaged until I'm 65!!! I do plan to downsize & half the amount borrowed in the next few years though.
I have a good employers pension & can take a flexible retirement at age 55 where I work 3 days per week & claim my pension on the other 2 days. However I like my job & hope to still be working full time.
You have just reminded me though that my ex is still listed as beneficiary for death in service grant so off to fill out a form!!"
I was hoping to downsize too but Scottish Government has raised property tax to 10% for properties between £325,000 - £750,000
so anyone looking to buy a property at £500,000 has to pay an additional £50,000 on top to Scottish Government, deters a lot of people from purchasing and slows down the market |
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"The baby boomers are lucky as they retired an get all the freebies ie state pension .free bus pass..which isn't fair tbh Esp the free bus pass
Everyone else to get state pension u have to work till your 67 to get the state pension
You can retire at any age but won't be entitled to a state pension Untill your 67
Which isn't fair tbh as the government raised the age
How on earth do you work out that the state pension is a freebie?
Pensioners paid into it all their working lives, if they had paid that money into a works pension, or even a private pension, they'd be getting a decent return without the government trying to swindle them.
This "freebie" spin really annoys me. The state pension is not a benefit, it has been paid for."
Were does this bitter and twisted person get these baby boomers from STATE PENSION IS A RIGHT NOT A BENEFIT i am 61 dont get it till i am 66 paid 40 odd years NI Left school at 15 and joined a bank temporally till my Exam results came through then took on permanently. No dole for us in those days you got a job or fuck all how dare you come out with such things |
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By *phroditeWoman
over a year ago
(She/ her) in Sensualityland |
Kind of think it should be an option after 55 or perhaps 60 - I would work as long as I could and enjoyed it though. At the moment I love lovel love my work and cannot imagine ever stopping. Perhaps eventually cutting down a bit... not stopping completely though. |
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By (user no longer on site)
over a year ago
|
"People spend their money on new cars
holidays abroad
new televisions
expensive watches & jewellery
buy larger homes than they need
but forget to pay into their pension funds
if you want to retire early on a good pension you need to pay into your AVC's its actually a fairly simple thing and it saves you paying tax to the tax man"
Good advice especially for youngsters starting their working life. I have drummed this into my kids.
The best advice I was ever given as a young man was to never rely on the state for my pension. |
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"Oh that's but a distant dream. I've certainly got considerably left in my working life than I've been alive so far. The days of being able to retire at 55 with a comfortable income are going to largely die with this generation. I'll be working away while I'm 70 to pay for the pensions of the 100 year olds who retired in their fifties. And obviously I'm thrilled that I'm paying £50 a month more national insurance contributions from April because of the end of contracting out, to a state pension I will never, ever see.
Same here working for another 25 years..iam thrilled too having to pay ni to prop up more retirees on state pension that retire early..
And again early retirees don't get the state pension until state retirement age."
Yes but, someone like my mother in law never worked more than 3 hrs a day at a local school and claimed her pension at 60yrs old - she was always a lazy cow. |
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"If David Cameron says he expects to work up to the age of 70 why shouldn't we all ?
What utter bollocks !!!!!!"
That is because he has never done a real job in his life, never had to regularly get up early, work night shifts in the great outdoors during winter, when the temperature drops well below freezing. Besides, if he were to work outside in the cold, that Silver Spoon may just freeze firmly onto his tongue!!!! |
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By *van ArdenMan
over a year ago
Coleford, Forest of Dean, Gloucestershire. |
Absolutely marky. Like all these politicians Cameron and the rest of those gravy train b******s will retire at 50 with huge golden handshakes and paid directorships and consultancy work.
And they are ALL at it whatever their political persuasion.
I come from mining stock and my father and grandad worked in grave danger every single day of their working lives.
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"If David Cameron says he expects to work up to the age of 70 why shouldn't we all ?
What utter bollocks !!!!!!
That is because he has never done a real job in his life, never had to regularly get up early, work night shifts in the great outdoors during winter, when the temperature drops well below freezing. Besides, if he were to work outside in the cold, that Silver Spoon may just freeze firmly onto his tongue!!!!"
. I think you will find that David Cameron has to work a lot harder than most people . You can hardly become a Prime Minister without being exceptionally talented and determined . In addition you have to do a top class job to stay in office .
The reality is that the current government pension scheme is unsustainable and people will have to accept a higher retirement age and loser pensions .
We can hardly blame the government for people having a higher standard of living and living longer . |
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It all seems inappropriate when technology is going to make many careers obsolete and it's likely better to have younger people working than ever more aged people at the other ends of their lives.
Change tax laws so that businesses can't shield their profits from paying appropriate taxes. This could help fund retention of the current retirement age. |
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I was thinking around the age of 60 for me to retire.
I think it depends as long as my health holds out.
My job is quite hard going/physical at times, so will keep me active.
Hopefully even if I just worked a basic 20-25 hrs a week (no overtime etc) in the last few years before i retired, Would suit me. |
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"It all seems inappropriate when technology is going to make many careers obsolete and it's likely better to have younger people working than ever more aged people at the other ends of their lives.
Change tax laws so that businesses can't shield their profits from paying appropriate taxes. This could help fund retention of the current retirement age. "
The companies might just move to another Country and we would then have even less jobs in the UK. |
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"This topic was debated on radio 2 Jeremy vine today (Wednesday 2nd)
It appears George Osborne is today in talks regarding raising retirement age from 67 (which he raised a couple of years back) and now has intention of raising retirement age to 75 years.
If you go to BBC radio2 iplayer you
should be able to listen to the whole debate on Jeremy Vine"
Aye very good of G. Osborne to raise it again to 75.
Very much doubt him and his toffee nosed pals would never do that if they had a regular Job on crappy pay.
They lot get big golden handshakes, given a knighthood/lordship for knackering this country up, what a liberty. |
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By (user no longer on site)
over a year ago
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"Oh that's but a distant dream. I've certainly got considerably left in my working life than I've been alive so far. The days of being able to retire at 55 with a comfortable income are going to largely die with this generation. I'll be working away while I'm 70 to pay for the pensions of the 100 year olds who retired in their fifties. And obviously I'm thrilled that I'm paying £50 a month more national insurance contributions from April because of the end of contracting out, to a state pension I will never, ever see.
Same here working for another 25 years..iam thrilled too having to pay ni to prop up more retirees on state pension that retire early..
And again early retirees don't get the state pension until state retirement age.
Yes but, someone like my mother in law never worked more than 3 hrs a day at a local school and claimed her pension at 60yrs old - she was always a lazy cow."
.
I'm not sure she would get full state pension having only worked 3 hours a day? |
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"Oh that's but a distant dream. I've certainly got considerably left in my working life than I've been alive so far. The days of being able to retire at 55 with a comfortable income are going to largely die with this generation. I'll be working away while I'm 70 to pay for the pensions of the 100 year olds who retired in their fifties. And obviously I'm thrilled that I'm paying £50 a month more national insurance contributions from April because of the end of contracting out, to a state pension I will never, ever see.
Same here working for another 25 years..iam thrilled too having to pay ni to prop up more retirees on state pension that retire early..
And again early retirees don't get the state pension until state retirement age.
Yes but, someone like my mother in law never worked more than 3 hrs a day at a local school and claimed her pension at 60yrs old - she was always a lazy cow..
I'm not sure she would get full state pension having only worked 3 hours a day?"
No she won't .
It will be reduced to equivalent years of full NI |
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By (user no longer on site)
over a year ago
|
"This topic was debated on radio 2 Jeremy vine today (Wednesday 2nd)
It appears George Osborne is today in talks regarding raising retirement age from 67 (which he raised a couple of years back) and now has intention of raising retirement age to 75 years.
If you go to BBC radio2 iplayer you
should be able to listen to the whole debate on Jeremy Vine
Aye very good of G. Osborne to raise it again to 75.
Very much doubt him and his toffee nosed pals would never do that if they had a regular Job on crappy pay.
They lot get big golden handshakes, given a knighthood/lordship for knackering this country up, what a liberty. "
If this was to happen in the USA - assassinations would be on-going, angry people ready to take them out |
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