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Lower the pension age
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Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. |
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. "
Ridiculous |
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Pretty sure the state pension has been pushed back on affordability, the state wants people paying longer before they get their pension..
I think there needs to be a structural review, that some working families are in poverty and then having to claim benefits looks skewed ..
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. "
Never going to happen , pension age will now probably rise quicker than what was outlined
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By (user no longer on site)
over a year ago
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. "
Definately, being as the 18-25 year olds have a million unemployed now, no more lock-downs, the over 60s could have a choice as to the life-style they want, and cheaper for the state in the long-term |
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. "
and pay them there full wage until they are 70 as they might have a mortgage
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By (user no longer on site)
over a year ago
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. "
A nice idea however the pension age went up pre pandemic due to being financially unable to support it and there is even less money available for it. |
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By *9alMan
over a year ago
Bridgend |
60 would be a sensible retirement age. I am 61 just returned to work after a heart attack cant afford to retire without a state pension, loads of older workers in a similar situation & young people out of work |
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It’s is not that long ago that people used to die on average 13 years after retirement. Due to advances in healthcare etc it’s now more like 25 years. This is why the pension age has gone up, will keep going up and will also be adversely affected by Covid lockdowns. People living longer costs more, the money has to come from taxes therefore people have to work longer. |
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By (user no longer on site)
over a year ago
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Pensions take a massive slice of the national budget. I would scrap it completely and keep National Insurance payments but increase benefits for those who need it on a means test basis and make social care free for everybody. |
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. "
Funniest thing I've read for ages. There won't be any pensions soon. If you haven't worked out yet that stopping the world economy for a year is going to cause economic devastation there really is no hope.
More than 2 Trillion in debt and rising whilst people sit at home. Time to wake up and smell the coffee. It isn't going to be pleasant. |
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By (user no longer on site)
over a year ago
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"It’s is not that long ago that people used to die on average 13 years after retirement. Due to advances in healthcare etc it’s now more like 25 years. This is why the pension age has gone up, will keep going up and will also be adversely affected by Covid lockdowns. People living longer costs more, the money has to come from taxes therefore people have to work longer. "
Does it not come from the taxes they have paid?
Also I note that you posted they are living for 25 years after retirement...why do some feel they can be sacrificed after all the toil they have done and paid into the system so some can bugger off on holiday and get back to shagging...astonishing.. |
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By (user no longer on site)
over a year ago
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it makes me laugh, people calling for all these things from the goverment, so who pays for it all, yes it would be great to retire at 60, pay for it yourself then, free this, free that, it cant happen, look after yourself and save, there wont be any money left in the coverment pot soon at this rate, well there isnt now anyway, take some responsability for your own life, its the only way |
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"Pretty sure the state pension has been pushed back on affordability, the state wants people paying longer before they get their pension..
I think there needs to be a structural review, that some working families are in poverty and then having to claim benefits looks skewed ..
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In work poverty is an absolute scandal. Millions of people on minimum wage having to claim benefits because their corporate employers like Amazon are not forced to pay a market wage rate, all the while dodging every tax in the book.
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"it makes me laugh, people calling for all these things from the goverment, so who pays for it all, yes it would be great to retire at 60, pay for it yourself then, free this, free that, it cant happen, look after yourself and save, there wont be any money left in the coverment pot soon at this rate, well there isnt now anyway, take some responsability for your own life, its the only way"
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"It’s is not that long ago that people used to die on average 13 years after retirement. Due to advances in healthcare etc it’s now more like 25 years. This is why the pension age has gone up, will keep going up and will also be adversely affected by Covid lockdowns. People living longer costs more, the money has to come from taxes therefore people have to work longer.
Does it not come from the taxes they have paid?
Also I note that you posted they are living for 25 years after retirement...why do some feel they can be sacrificed after all the toil they have done and paid into the system so some can bugger off on holiday and get back to shagging...astonishing.."
State retirement is now 66 , UK average life expectancy is 81 so on a average we draw our pensions 15 years |
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"It’s is not that long ago that people used to die on average 13 years after retirement. Due to advances in healthcare etc it’s now more like 25 years. This is why the pension age has gone up, will keep going up and will also be adversely affected by Covid lockdowns. People living longer costs more, the money has to come from taxes therefore people have to work longer.
Does it not come from the taxes they have paid?
Also I note that you posted they are living for 25 years after retirement...why do some feel they can be sacrificed after all the toil they have done and paid into the system so some can bugger off on holiday and get back to shagging...astonishing.. State retirement is now 66 , UK average life expectancy is 81 so on a average we draw our pensions 15 years"
So we draw about £135k each, equivalent to £3,400 for every year worked... |
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"it makes me laugh, people calling for all these things from the goverment, so who pays for it all, yes it would be great to retire at 60, pay for it yourself then, free this, free that, it cant happen, look after yourself and save, there wont be any money left in the coverment pot soon at this rate, well there isnt now anyway, take some responsability for your own life, its the only way"
I agree with the sentiment and we have been very fortunate ourselves however when we have working families who are classed as being 'in poverty' how do we expect them to be able to start saving for something 40+ years away when they're struggling today and tomorrow?
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I would think it anything it will get pushed to the right, 75 may be the next/ final milestone. People are living longer due to the advances in technology and medicine. Average UK life expectancy is around 81.
I no longer think retiring in your 60s is financially viable if you are depending on the state. Also people are far more capable of working past this age, many choose to do so. If you can retire without the state, fill your boots, if not continue I say. |
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By *arkus1812Man
over a year ago
Lifes departure lounge NN9 Northamptonshire East not West MidlandsMidlands |
I do think the pensions should be means tested, My Sister and her Husband were both main board directors of Footsie 100 companies and received what is known as Final Salary Pensions, however as they were not contracted out of the pension element of the N.I. contribution they were both entitled to the State pension when they reached the respective age, at the time it was 60 for women and 65 for men. He is now 87 and she is 74 and both still drawing all their pensions.
The state pension age will go up to 70 for both men and women as a way of government saving money, however this deprives younger generations of jobs and the government has to pay them benefits out of the money saved by not having to pay pensions, |
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By * Plus ECouple
over a year ago
The South |
The money being paid into the pension pot is less than the money paid out, and the gap is widening.
Huge part of the reason why the retirement age gets raised, to collect more money for the pot.
Also a huge part of the reason we're encouraged to take out our own pensions.
E |
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. "
That would be great but will never happen.x |
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people.
That would be great but will never happen.x"
Besides i need to work until i am 67 cos that is when my mortgage will be paid off. |
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"It’s is not that long ago that people used to die on average 13 years after retirement. Due to advances in healthcare etc it’s now more like 25 years. This is why the pension age has gone up, will keep going up and will also be adversely affected by Covid lockdowns. People living longer costs more, the money has to come from taxes therefore people have to work longer.
Does it not come from the taxes they have paid?
Also I note that you posted they are living for 25 years after retirement...why do some feel they can be sacrificed after all the toil they have done and paid into the system so some can bugger off on holiday and get back to shagging...astonishing.."
I don’t understand your comment. Pensions do come from the taxes everyone pays. That’s why if people live longer and therefore require more pension they need to pay more tax so can’t retire as early.
What do you mean people being sacrificed so people can go on holiday? This seems completely unrelated to the discussion. People are going to have to work longer in future because there is less tax being paid during lockdown and young people’s education is being delayed so they have less years earning.
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"The money being paid into the pension pot is less than the money paid out, and the gap is widening.
Huge part of the reason why the retirement age gets raised, to collect more money for the pot.
Also a huge part of the reason we're encouraged to take out our own pensions.
E"
There is no pension pot as such just the Tax collected on today’s Taxpayer |
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By * Plus ECouple
over a year ago
The South |
"The money being paid into the pension pot is less than the money paid out, and the gap is widening.
Huge part of the reason why the retirement age gets raised, to collect more money for the pot.
Also a huge part of the reason we're encouraged to take out our own pensions.
E
There is no pension pot as such just the Tax collected on today’s Taxpayer"
Yes, I get that there's no actual pot. It would be huge, require a massive pile of clay and a huge oven to fire it.
This is what we refer to as "figuratively speaking"
E |
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"The money being paid into the pension pot is less than the money paid out, and the gap is widening.
Huge part of the reason why the retirement age gets raised, to collect more money for the pot.
Also a huge part of the reason we're encouraged to take out our own pensions.
E
There is no pension pot as such just the Tax collected on today’s Taxpayer
Yes, I get that there's no actual pot. It would be huge, require a massive pile of clay and a huge oven to fire it.
This is what we refer to as "figuratively speaking"
E"
what we meant is there is no money from the past set aside it’s all paid with current tax take |
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By * Plus ECouple
over a year ago
The South |
"The money being paid into the pension pot is less than the money paid out, and the gap is widening.
Huge part of the reason why the retirement age gets raised, to collect more money for the pot.
Also a huge part of the reason we're encouraged to take out our own pensions.
E
There is no pension pot as such just the Tax collected on today’s Taxpayer
Yes, I get that there's no actual pot. It would be huge, require a massive pile of clay and a huge oven to fire it.
This is what we refer to as "figuratively speaking"
E
what we meant is there is no money from the past set aside it’s all paid with current tax take "
I didn't say there was money from the past set aside.
E |
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By (user no longer on site)
over a year ago
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the want you dead so you dont get a pension the willnever lower it . it will go up to 70 or 75 . if the can get it there . for all the other generations . |
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By * Plus ECouple
over a year ago
The South |
"the want you dead so you dont get a pension the willnever lower it . it will go up to 70 or 75 . if the can get it there . for all the other generations . "
You're saying successive governments of all party's are actually planning that we die before our pensionable age?
Because you know, that just sounds daft.
E |
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"The money being paid into the pension pot is less than the money paid out, and the gap is widening.
Huge part of the reason why the retirement age gets raised, to collect more money for the pot.
Also a huge part of the reason we're encouraged to take out our own pensions.
E"
But you do mention the pension pot |
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By * Plus ECouple
over a year ago
The South |
"The money being paid into the pension pot is less than the money paid out, and the gap is widening.
Huge part of the reason why the retirement age gets raised, to collect more money for the pot.
Also a huge part of the reason we're encouraged to take out our own pensions.
E
But you do mention the pension pot "
I'm pretty sure I've already covered that.
E |
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By *ookMan
over a year ago
london |
Never actually thought about what happens when you stop working... but my plan for coming years is to get the hell out of this country... sell up and go. Not quite sure where but starting to think about it seriously. Can’t see state pension or nhs being around in the current form... when they add up the cost of this it’s going to be a shocker! |
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By (user no longer on site)
over a year ago
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Yes, I fully agree .... state pension age should be lowered immediately to 51 years and 7 months AND the pension itself should be doubled for those with a christian name beginning with "R".... (this will help keep the overall cost increase down) |
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"Never actually thought about what happens when you stop working... but my plan for coming years is to get the hell out of this country... sell up and go. Not quite sure where but starting to think about it seriously. Can’t see state pension or nhs being around in the current form... when they add up the cost of this it’s going to be a shocker! "
Move to a country where you have paid no contributions towards their socialised healthcare systems? Good luck.
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By *lan157Man
over a year ago
a village near Haywards Heath in East Sussex |
The sad fact is state pensions paid today are paid from taxes collected today ( supplemented by state borrowing) .NI contributions were never saved and invested for the future by any government. Two things could happen .Firstly governments push up the age from when you receive it ( you may have actually stopped work at a prior date through exhaustion) or you ask today's younger people to pay more tax. Get the message wrong and younger people are going to start complaining. |
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"Never actually thought about what happens when you stop working... but my plan for coming years is to get the hell out of this country... sell up and go. Not quite sure where but starting to think about it seriously. Can’t see state pension or nhs being around in the current form... when they add up the cost of this it’s going to be a shocker! Move to a country where you have paid no contributions towards their socialised healthcare systems? Good luck."
That's a huge assumption to make .You can buy healthcare anywhere in the world. |
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If we continue to have agrowing gig job economy, with very rich companies not paying employee National Insurance, there won't be enough income to pay for more pension payouts. If they closed the loophole, it would help to reduce the age level for pensions. |
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By *mmabluTV/TS
over a year ago
upton wirral |
"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. "
Lol very funny
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By *lan157Man
over a year ago
a village near Haywards Heath in East Sussex |
"The government relaying on people being dead before they have to pay out what you have spent years paying into . Oh yes economics ."
The point is you have not "paid into " anything . It gets spent on the NHS, current pensions in payment etc. The " pot " for you to draw out of does not exist when it comes to state pensions . Your state pension will be paid by the tax paying public at that time. |
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"Never actually thought about what happens when you stop working... but my plan for coming years is to get the hell out of this country... sell up and go. Not quite sure where but starting to think about it seriously. Can’t see state pension or nhs being around in the current form... when they add up the cost of this it’s going to be a shocker! Move to a country where you have paid no contributions towards their socialised healthcare systems? Good luck.
That's a huge assumption to make .You can buy healthcare anywhere in the world."
What's the assumption? Of course you can buy it. but that obviously costs extra. And given the view is to leg it because they won't enough money here... |
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. "
Or raise the school leaving age in the hope that a few more would leave with at least some intelligence. |
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By *9alMan
over a year ago
Bridgend |
"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people.
Or raise the school leaving age in the hope that a few more would leave with at least some intelligence."
I used to work at a FE college I was amazed that students had spent 11 years at school & could not read a tape measure |
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By *arry247Couple
over a year ago
Wakefield |
"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. "
With all the money being handed out at present it won't be long before retirement age is upped to 80 to help pay for it. |
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. "
Because not only is that not economically viable pensions generally are. It's actually an elephant in the room in UK. Pensions were setup with the idea you'd live 5 years max after retirement people now live a lot longer. If you're currently middle aged then it's likely there will be no pension when you get old or at least nothing like enough to live on. |
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By (user no longer on site)
over a year ago
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people.
Ridiculous"
.Maybe not
former pensions Minister R.Alltman has suggested just this,reducing the pension age AND the amounts paid.I think if it was optional ( age 60,reduced amount) some would take this ,some of course would prefer working.It would free up some jobs for younger people..
Also around a year ago I recall a private memo was released from one job centre manager to another saying "how are we supposed to find work for people over 60 ".(and that was before covid )
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By *lan157Man
over a year ago
a village near Haywards Heath in East Sussex |
"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people.
Ridiculous
.Maybe not
former pensions Minister R.Alltman has suggested just this,reducing the pension age AND the amounts paid.I think if it was optional ( age 60,reduced amount) some would take this ,some of course would prefer working.It would free up some jobs for younger people..
Also around a year ago I recall a private memo was released from one job centre manager to another saying "how are we supposed to find work for people over 60 ".(and that was before covid )
"
I think that is very relevant . It seems that unless you are retained in a job until you reach state pension age then your chances of obtaining other employment after 55 are much reduced.Ageism is rife in employment departments and agencies even though they deny it . |
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people.
Ridiculous"
Unfortunately it doesn't work like that.
I expected my state pension at 60: I won't get it til I'm 67. I've worked from the age of 17, with only 18 months maternity leave for my first child when I was 22 my only break. I had to sign on to keep up my national insurance contributions but I never received a penny because I was married.
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By *eah BabyCouple
over a year ago
Cheshire, Windermere ,Cumbria |
"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people.
Ridiculous
.Maybe not
former pensions Minister R.Alltman has suggested just this,reducing the pension age AND the amounts paid.I think if it was optional ( age 60,reduced amount) some would take this ,some of course would prefer working.It would free up some jobs for younger people..
Also around a year ago I recall a private memo was released from one job centre manager to another saying "how are we supposed to find work for people over 60 ".(and that was before covid )
"
Agree with you, you only have to do 35 years to get full state pension so should be like private pensions that allow you to take early at a lower rate if you wish. |
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By (user no longer on site)
over a year ago
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I think many would be surprised how low the state pension amount is. Suggesting that it can be reduced by taking it earlier, wouldn't give people enough to live on |
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By (user no longer on site)
over a year ago
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"I think many would be surprised how low the state pension amount is. Suggesting that it can be reduced by taking it earlier, wouldn't give people enough to live on"
.
Not all people.and full time jobs becoming a thing of the past..many older on part time work would see the pension ( currently around £175 I believe)as an increase, if reduced there is also help available for housing etc,but some people have saved something,as an example,you may get someone 62 with savings and arthritis,working part time,who would welcome early pension at reduced rate |
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By *eah BabyCouple
over a year ago
Cheshire, Windermere ,Cumbria |
Most of both our families have passed away before state pension age so would be nice to think we may get a few years back what we have paid in but can more or less guarantee we won’t the way things are going, luckily we have good personal pensions lined up that we can take early and owned houses rental so not the end of the world but like I say would be nice to have a little back on pension having both worked since we were 16 non stop. |
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"Not sure if this belongs here or in the politics section? Given the current crisis and the knock on effect on jobs, why not reduce the pension age to sixty? Taking a chunk of people out of the job pool, freeing up jobs for younger people. "
Maybe that is the plan.
After reducing the over 60 population by restricting access to the NHS obviously. |
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"Never actually thought about what happens when you stop working... but my plan for coming years is to get the hell out of this country... sell up and go. Not quite sure where but starting to think about it seriously. Can’t see state pension or nhs being around in the current form... when they add up the cost of this it’s going to be a shocker! Move to a country where you have paid no contributions towards their socialised healthcare systems? Good luck.
That's a huge assumption to make .You can buy healthcare anywhere in the world.
What's the assumption? Of course you can buy it. but that obviously costs extra. And given the view is to leg it because they won't enough money here..."
Your " Good luck " comment ...why would he need luck ? |
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You can retire at any time you wish and live off your investments.
You can draw your own pension at 55
The only thing that you don’t get until you are 65-67 is your state pension.
Those who chose to save into a pension or otherwise rather that living above their means have the choice.
Takeaways today or work until you get a state pension |
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By (user no longer on site)
over a year ago
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im living of my pension savings now, ive had to, no work this year due to covid, and no hand outs for me as i have savings, what they dont realise is that when they are gone, and that wont be long, i will have to go on job seekers, a little help now would go along way, we arent all eligable for furlough |
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"You can retire at any time you wish and live off your investments.
You can draw your own pension at 55
The only thing that you don’t get until you are 65-67 is your state pension.
Those who chose to save into a pension or otherwise rather that living above their means have the choice.
Takeaways today or work until you get a state pension "
I'm not sure how many people living on minimum wage have investments |
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Sod that for an idea, I am 60 and more than happy to work, well at least till I have paid my mortgage and the state pension is not going to do that for me.
There are a few people over 60 where I work and we do as much, sometimes more than some of the younger ones.
Maybe its silly, maybe its a work ethic who knows, but I don't want pensioning off just yet thank you.
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By (user no longer on site)
over a year ago
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Reducing the pension age to 60 would probably be a benefit all round as those then retired would indeed free up jobs for younger people plus they are likely to go out and spend the money thus creating revenue.
The retired are the ones driving the daytime economy in the week by spending n shops, cafes, restaurants, garden centres, etc. (Pre lockdown) |
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By (user no longer on site)
over a year ago
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So, in summary as I understand it lower pension age down to 60 (or less) but don’t stop people working, just give the pensioners money. Ideally all mortgages have to be paid off by the time you reason the age to get your pension, but I think that if not they should just be wiped out so that people didn’t have to work freeing up the job market at the younger end. However at the older end people really could do with dying 12-15 years after they start to receive their pension (at whatever age we set it to!) in order to alleviate the financial burden the government has.
Hmmm maybe I should run for the PMs job with policy like that... |
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