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"In 1975 the pension age was 60 for woman and 65 for men with average life expectancy around 72 years. 50 years later the pension age is 66 (rising to 67 in 2036) but average life expectancy is around 80ish (slightly higher for women, slightly lower for men) In 1975 most people started work at 16, now it’s around half at 18 and most of the other half at 21. Although some of those going to uni will have part time work as well. So in simple terms people are paying into the pot for fewer years but withdrawing from the pot for longer. In fact the average lifespan after retirement is around double what it was in 1975. I personally think the pension age needs to be reflective these numbers. If the period people receive pension for was shorter, payments could be increased. Your thoughts?" Scrap the pension age it needs to be years worked to reflect different starting. So once you have worked say 50 years you can claim state pension. | |||
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"In 1975 the pension age was 60 for woman and 65 for men with average life expectancy around 72 years. 50 years later the pension age is 66 (rising to 67 in 2036) but average life expectancy is around 80ish (slightly higher for women, slightly lower for men) In 1975 most people started work at 16, now it’s around half at 18 and most of the other half at 21. Although some of those going to uni will have part time work as well. So in simple terms people are paying into the pot for fewer years but withdrawing from the pot for longer. In fact the average lifespan after retirement is around double what it was in 1975. I personally think the pension age needs to be reflective these numbers. If the period people receive pension for was shorter, payments could be increased. Your thoughts?" Pension is a benefit essentially paid by the current generation of workers to the previous one. If we want decent pensions then we need a strong economy with secure work and low unemployment. In the absence of a solid birth rate we need those numbers to come from immigration. We also need those workers to have access to homes, health services etc. Also as we are expected to work longer, we have ‘oldies’ taking up jobs that would once have been filled by school leavers. I’m glad I have a good final-salary pension scheme in work, because I fear there won’t be a state pension by the time I retire | |||
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" In 2025, 9.5 million people are claiming state benefits (exc state pension), which they weren’t in 1975 " How much of that is top-ups to people already in work? A key factor when considering benefits | |||
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"I have just semi retired at 66 , growing up in the 70s there was an expectation that the retirement age would come down as more work was mechanized & the country got richer. Not everyone lives longer a lot depends on genetics & luck. I am not happy with having to work an extra year & understand why the WASPI women are hopping mad about having to work 6 more years! " The figures are averages so yes some die before pension age and some live to be 100 WASPI? Be careful what you wish for. You either want equality or you don’t. You can’t pick and choose where you want it to apply. Men have always had work for more years, was that fair? They work 6 years more but claim for 16 years instead of the 12 it would have been in 1975. The bottom line is if the government don’t balance the books there won’t be any pension money. The average life expectancy has increased by 12 months every 5 years or so, although there are signs of a plateau. But in 25 years time people could be claiming a pension for over 20 years when the system was designed when that figure was around 5 years | |||
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" In 2025, 9.5 million people are claiming state benefits (exc state pension), which they weren’t in 1975 How much of that is top-ups to people already in work? A key factor when considering benefits " Exactly my point. We have created a society we’re in work benefits are needed | |||
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"There’s also changing work styles to take into account. You can’t be productive in some industries when you’re in your late 60’s. Throw in increasing automation and it muddies the situation further. " There’s not many jobs that require hard physical labour to the extent that a 65yo can manage but a 67yo can’t. Valid point about automation tho. In 10 years time the job of taxi driver probably won’t exist. Maybe bus drivers, train drivers, lorry drivers, pilots etc. AI is creating a brave new world. | |||
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" In 2025, 9.5 million people are claiming state benefits (exc state pension), which they weren’t in 1975 How much of that is top-ups to people already in work? A key factor when considering benefits Exactly my point. We have created a society we’re in work benefits are needed " If only companies paid proper wages. | |||
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"There’s also changing work styles to take into account. You can’t be productive in some industries when you’re in your late 60’s. Throw in increasing automation and it muddies the situation further. There’s not many jobs that require hard physical labour to the extent that a 65yo can manage but a 67yo can’t. Valid point about automation tho. In 10 years time the job of taxi driver probably won’t exist. Maybe bus drivers, train drivers, lorry drivers, pilots etc. AI is creating a brave new world. " A 65 year old is not going to be as productive in a manual job as a 50 year old or a 40 year old. We should be using technology to better our living standards and striving for lower retirement ages across the board, not discussing later retirement I’m planning on knocking it on the head at 62 which will be 40 years paid in to my scheme. A luxury that everyone should have . | |||
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" The bottom line is if the government don’t balance the books there won’t be any pension money. " The books do not balance. Country is £2.8trn in debt plus PFI; over £3trn £42,000 sovereign debt per capita in 2025 £7,000 per capita in 1997 | |||
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"In 1975 the pension age was 60 for woman and 65 for men with average life expectancy around 72 years. 50 years later the pension age is 66 (rising to 67 in 2036) but average life expectancy is around 80ish (slightly higher for women, slightly lower for men) In 1975 most people started work at 16, now it’s around half at 18 and most of the other half at 21. Although some of those going to uni will have part time work as well. So in simple terms people are paying into the pot for fewer years but withdrawing from the pot for longer. In fact the average lifespan after retirement is around double what it was in 1975. I personally think the pension age needs to be reflective these numbers. If the period people receive pension for was shorter, payments could be increased. Your thoughts?" Basically the government (and its one of those few subjects where there is consensus on all sides) look at it every 10 years… There is already age 67 and age 68 legislation in place… So those born after April 61 will retire at 67, and those born after April 78 will retire at 68 | |||
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"A first world, western nation’s debt is essentially irrelevant - Modern Monetary Theory. I don’t know enough about economics to justify that statement, but I do know that most countries run a deficit and always have. The U.K. is not unique, nor are we in a worse situation than many others" Servicing the debt, rather than the debt itself is the issue. Rich people the world over basically buy government bonds. The interest rate of these fluctuates, not because of the base rate but based on the stability of the countries economy. The markets basically decide how risky the bond is. A UK bond has historically been a safe bet. I understand some countries have declared bankrupt and left people with worthless bonds. Your statement is kinda true, but with the economy at close to zero growth, the debt becomes more expensive. Kinda like the interest on your credit card | |||
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"A first world, western nation’s debt is essentially irrelevant - Modern Monetary Theory. I don’t know enough about economics to justify that statement, but I do know that most countries run a deficit and always have. The U.K. is not unique, nor are we in a worse situation than many others Servicing the debt, rather than the debt itself is the issue. Rich people the world over basically buy government bonds. The interest rate of these fluctuates, not because of the base rate but based on the stability of the countries economy. The markets basically decide how risky the bond is. A UK bond has historically been a safe bet. I understand some countries have declared bankrupt and left people with worthless bonds. Your statement is kinda true, but with the economy at close to zero growth, the debt becomes more expensive. Kinda like the interest on your credit card " I disagree and think it does matter. Currently the interest payments are £319m a day / £9bn a month. While we are continually lectured how hard up the country is. Debt servicing costs are nearly two thirds the annual nhs budget. And one months interest is more than taken off the disabled, farmers and pensioners in a year | |||
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"A first world, western nation’s debt is essentially irrelevant - Modern Monetary Theory. I don’t know enough about economics to justify that statement, but I do know that most countries run a deficit and always have. The U.K. is not unique, nor are we in a worse situation than many others Servicing the debt, rather than the debt itself is the issue. Rich people the world over basically buy government bonds. The interest rate of these fluctuates, not because of the base rate but based on the stability of the countries economy. The markets basically decide how risky the bond is. A UK bond has historically been a safe bet. I understand some countries have declared bankrupt and left people with worthless bonds. Your statement is kinda true, but with the economy at close to zero growth, the debt becomes more expensive. Kinda like the interest on your credit card I disagree and think it does matter. Currently the interest payments are £319m a day / £9bn a month. While we are continually lectured how hard up the country is. Debt servicing costs are nearly two thirds the annual nhs budget. And one months interest is more than taken off the disabled, farmers and pensioners in a year " And we are far from the most indebted nation in the world. If things continue (and they will) it’ll be intriguing to see the outcome because the eastern world won’t accept austerity long-term (especially as the rich get richer and are immune to it) so there will have to be some kind of economic reset button waiting to pushed somewhere down the line | |||
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"If things continue (and they will) it’ll be intriguing to see the outcome because the eastern world won’t accept austerity long-term (especially as the rich get richer and are immune to it) so there will have to be some kind of economic reset button waiting to pushed somewhere down the line " Is it realistic to opine that such resets are often presaged by cataclysmic world events ? Eg, World War, World Viral Outbreak ? . | |||
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