BPX073: A Good Day to Die

[Neon Ignition]

The Tories are reportedly considering raising the pension age significantly ahead of schedule, an unpopular move from a Government eager to rebalance the books and keep as many aging workers in post as possible. The discussion has already raised the debate again surrounding the sustainability of the state pensions scheme as well.

Increasingly older people are finding that the costs of living are beyond the money their state pensions are bringing in. Likewise, those who have private pensions that they consider to be healthy are discovering that the amount is not enough as they outlive the number of years they anticipated that they would have.

All of this is as costs spiral out of control, the growing number of older people bears its own weight on the health system and the amount of money coming in to the pensions system falls further and further behind what is required.

The issue is another perfect storm reflection of a national system overlooked by a Government that doesn't care about events that stretch beyond the current term of office.

Without a reasonable income, pensions face an inability to keep a roof over their heads or food in their mouths. This bears more impact on the health system that has to look after them and even if that basic level of income comes in, the affordable housing for the numbers the coming decades will need doesn't exist.

Whilst early retirees are being targeted to get back into work, it's impractical to expect 70's and higher to remain in active employment either making this an unavoidable crisis point. The lack of funding means that the state pension could feasibly no longer exist by the time many of us retire ourselves and find any savings and private funds aren't close to what is needed to last the years beyond working life.

What outlook for your post-working life do you anticipate?

What is the solution to this growing issue?

[charlesr]

What is the solution to this growing issue?

There is no solution. Pensions rely on economic growth to provide profit to shareholders, but economic growth requires increasing population. Population increases are slowing. It's approximated that 10billion will be max before it starts falling globally for the first time in history. Capitalism will have a bit of a wobble, but the huge wealth in the system will be shared among fewer heads if there isn't a full system collapse.

[fishbowlhead]

There is no answer, an ever aging population that's living longer all the time, a pension system that's already mismanaged, its all going to collapse and soon.

[Neon Ignition]

Basically full circle within 100 years back to this:

[Lebowski]

The answer is what our parents generation have, The older generation being the largest class of voters they will be looked after, the younger generation will be given the bill to keep things as they are, all the policy's that governments push through seem to favor the grey vote so i doubt our generation will be cast aside when we get their as it will be political suicide to do so.

The situation My 70 year old father is in is crazy when you look at how things are for most retiring now, we grew up in a single income house hold he had a final salary pension and was an electrical engineer for the post office no degree aprentiship and trained on the job. He took early retirement at 55ish when they shut his site down, massive lump sum and early pension.


My mom worked as a teacher for about 20 years when we where old enough and retired in her 60s. My parents divorced soon after this and his post office pension was split in two, its enough for two people to live independently and comfortably for a long time there house they bought for ten grand sold for about 400 thousand and was enough too buy two bungalows.

i doubt we will get situations as good as the above but i doubt we will be 4 to a bed like lazy grandpa joe.

[QualityChimp]

I'll be dead before I get to retire, which is a total crock of ****.

[Anpanman]

The answer is what our parents generation have, The older generation being the largest class of voters they will be looked after, the younger generation will be given the bill to keep things as they are, all the policy's that governments push through seem to favor the grey vote so i doubt our generation will be cast aside when we get their as it will be political suicide to do so.

This is essentially what I continually bang on about, it's not the fault of the older people, everyone is a product of their upbringing and today's pensioners - those with final salaries or any type of private pension have paid into the system.

It's continually been the fault of successive governments in mis-managing our taxes and you can see it now with the current lot, do you really think Starmer will change things, will he bollocks.

The French are up in arms because their retirement age is going up to SIXTY-TWO! They and the Spanish pay in less than us but get a better state pension.
The biggest issue for me isn't so much the age being put back it's the changes the government put in a few years ago, heralding the increase but not being up-front in how we have to pay for it.

I'm one of the lucky ones I could have taken my final salary three years ago but I'll probably wait until I'm sixty. Our kids won't be so lucky they are all going to have a ****ty time of it.

[Asura]

It's continually been the fault of successive governments in mis-managing our taxes and you can see it now with the current lot, do you really think Starmer will change things, will he bollocks.

Important reminder though, he might be seen as a red-tie Tory but given what the Tories have done recently, it's no longer reasonable to throw up your hands and say "they're all the same". I'll be voting for him, even though I'm not a fan, because angels fly out of his arse compared to Reese-Mogg.

[Blobcat]

I foresee I will be working in some capacity till past 70, be it part time or full. I only just started earning £25k a year last year and unless I take on a second job or completely change my career, its not likely to hit further than £32k in my lifetime as dental nurse pay is pish. I will likely move into reception work (which I hate as a passion) or perhaps training if there is money in that with my experience if I stay in what I am doing life long.

The bulk of any money I have near retirement will likely come from inheritance from my boomer age mother. She's even offered to invest in my pension rather than as her estate when she dies and I said TBH I may never get to retire the way things are going with raising the age of it!!!

Seriously would not be surprised if retirement age is 72 by the time I get there if someone hasn't nabbed the pension pots by then. For reference I'm just past halfway there.

[Neon Ignition]

I can't remember the last time I didn't pretty much consider 70 to be the minimum retirement age. The idea doesn't hugely bother me as frankly it seems all to common that people finally finish working and are dead within a small number of years because the switch to inactivity finishes them off. The availability of work in older age is a big concern especially since automation is likely going to wipe out many roles as well. To be honest, universal basic income feels inevitable

[Lebowski]

I can't remember the last time I didn't pretty much consider 70 to be the minimum retirement age. The idea doesn't hugely bother me as frankly it seems all to common that people finally finish working and are dead within a small number of years because the switch to inactivity finishes them off. The availability of work in older age is a big concern especially since automation is likely going to wipe out many roles as well. To be honest, universal basic income feels inevitable

A guy at our place didn't even last 3 months, he was 65 had worked for the same company all his life, was really surprised when we got the email round work saying he'd Died suddenly. Things like that are a huge windfall for pension company's he'd paid in all his life to our company pension and the state and got 3 months out of it.

[Neon Ignition]

Yep, it sounds terrible but my parents are counting down to their retirement in the next 2-3 years and frankly I don't fancy their long term chances once they reach it. Work is pretty much the only activity in their lives and they've no drive for hobbies, going out etc.

[fishbowlhead]

Pretty much sums up Britain now.

https://vm.tiktok.com/ZMY8PXrwT/

[wakka]

Yep, it sounds terrible but my parents are counting down to their retirement in the next 2-3 years and frankly I don't fancy their long term chances once they reach it. Work is pretty much the only activity in their lives and they've no drive for hobbies, going out etc.

Yeah, it's a massive worry for me. My Dad has been retired for a couple of years now and has really struggled with it.

[Blobcat]

One of my mother's best friends retired a bit early and had a big nervous/ mental breakdown after maybe 3 years. She did all she wanted to do and, I don't know the full details here but something just snapped and she one day had a meltdown visiting my mum who somehow managed to get her with a GP that weekend. She got better only to decend years later which we suspect she may have had an early Alzheimer's diagnosis or something and the lack of a routine threw her out. My mum barely hears from her and her friend's husband (who until the breakdown was always a bit weird but a nice guy) has become overly protective of her to the point of rarely letting anyone speak or visit her, hence our suspicions.

My mother is the exact opposite though. She retired a couple of years early (was almost pushed to from work with a nice leaving grant 10 years after they tried to make her redundant illegally). My mother is a bit of a battle axe and an overachiever and has never been so busy since she retired, its only in the last couple of years her health has deteriorated enough to slow her down a little bit (she struggles travelling on the underground in London and steps are hitting her hard when not her own house).

Since retiring she has started an allotment which she kept well for over 4 years (still has it but has fallen back on it a bit since health issues), a very keen gardener, moved house and redecorated and planned a pile of dirt into a beautiful garden that keeps her busy every day. She has taken up playing Bridge again and won some championships, still flies abroad about 5 times a year, researched her family tree and tracked down graves of relatives in Jersey, stopped a new housing development making a busy road connect to their quiet neighbourhood by gathering the community and getting the decision overturned, raised a puppy, helped plan my wedding and move my sister into her first new home which of course she is trying to help her with her garden. She did revamping of furniture for a few years, sews her own curtains and cushions when she decides on a change and often cooks for the neighbours for special events. She bought a villa abroad which she had for 10 years and only just sold to fund a caravan in Northumberland where she loves to take the dog and do photography and has recently started looking for mushrooms. She loves fashion and has made quite a bit of money selling her old and unworn bargains on Ebay.

She is literally a superwoman, its just so sad her sudden decline in health is holding her back slightly but it doesn't stop her! I honestly am surprised she hasn't gotten into volunteering or politics as she does loads for other people and is quick to help fight other peoples causes, but as she says she always too busy to plan more! She only turned 70 a few months ago so this has all been done in less than 10 years! For reference my mother was a secondary school teacher who later moved up into a more senior role in school for her last 16+ years

There won't ever be another woman like her, I guarantee that!