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Retirement

The Great Soprendo said:
I like the idea but the reality is we need people to work for longer, not less.
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Fair point but thinking about people on long term sick or struggling physically to work. Surely better for them to access a state pension than be on the sick. They cant work so asking them to work longer is pointless. Would need some other income to make shortfall but for some with small psnsions might be enough. Take a 63 year old, needing hip replacement, on benefits but has a small private pension pot obviously needs state pension to survive. However, a reduced state pension down 200quid a month at 63 might work. If you can take a personal pension at reduced rate why not state pension. Even 65 to take people back to when people did retire, well men anyway.
 
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mackem35 said:
Fair point but thinking about people on long term sick or struggling physically to work. Surely better for them to access a state pension than be on the sick. They cant work so asking them to work longer is pointless. Would need some other income to make shortfall but for some with small psnsions might be enough. Take a 63 year old, needing hip replacement, on benefits but has a small private pension pot obviously needs state pension to survive. However, a reduced state pension down 200quid a month at 63 might work. If you can take a personal pension at reduced rate why not state pension. Even 65 to take people back to when people did retire, well men anyway.
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It's especially difficult for those who do physical work but paying people a state pension early won't help in the long run either. Ultimately those who can afford it need to pay more tax to support those who can't, or to sort the NHS out so the person needing the hip replacement gets it sooner and can work again.
 
Chalks said:
Are all our state “pots” are also invested , so taking that money earlier will mean less investment return and the pots smaller ?
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Pretty sure the state pension comes out of general taxation. Think other countries do put the money into "pots". If money had been invested over the years prob have money to leave the retirement age but successive governments would rather spend than invest. Saying that, if we did have a state pension pot, any surplus would be creamed off instead of being left for rainy days.
 
70s traveller said:
Naaah, if you're not done with work it means you have to go in on Monday. On a Monday you can sit back & think about all the poor souls at work as the drink heads down your neck. Sundays are always clogged with weekenders.
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Good point, but if go out late on a Sunday, say about 5 ish, weekenders are on way home to have their weekly bath and polish their shoes.
 
Darlo1973 said:
The rise to 58 isn't planned until 2034 but of course a future government could bring it sooner.

For most people (as some exemptions apply) the current key date is 6 April 2028.

People born before 6 April 1971 will be unaffected as they will have reached age 57 before the 6 April 2028

People born after 5 April 1973 will have the earliest date they can access their pension benefits delayed by two years

People born between 5 April 1971 and 5 April 1973 will have a window from their 55th birthday to 6 April 2028 to take benefits before the minimum age increases to 57. If they don't access their pension during this time, they will need to wait until their 57th birthday

That final group includes me - which give me from now until 2028 to do some thinking.
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Thanks mate, never knew that. SMB to the rescue again.
 
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