Could you still retire in your 60s if the state pension age rose to 71?
ฝัง
- เผยแพร่เมื่อ 16 ก.ย. 2024
- Today’s workers may have to wait longer for retirement - and it is bad news for those in their 30s and 40s.
But why has influential thinktank the International Longevity Centre said the state pension age may need to rise from 66 to 71?
On this episode of Lunch Money Helen Crane and Simon Lambert look at whether retirement is about to get further away, what state pension age rises are already due to rise and if this is a warning to people that they will need to save more if they want to retire in their 60s.
The also look at why do some many people say their property is their pension?
Oil giant BP revealed today that its profits had dropped but they still managed to beat expectations, leading shares to jump.
Richard Hunter, of interactive investor, looks at how BP is faring, whether it is still committed to its green revolution and how the market views its big dividend-yielding shares.
Why do you have to wait until 57 to get your PRIVATE pension? What has that to do with the government? Once you have enough to retire ... you should decide when, not the government!
It tends to track 10 years behind the state pension. Not sure why
There are lots of different private pensions. If you're in one, contact them to explain what its Normal Pension Age is, and what penalties you'd be hit with if you could take it out before it matures (it's close to 5% per year reduction for NHS pension).
@@LeanneWedley I hope the 10 year thing is not a rule, because then if my state pension age is extended to 71, I can only start using my private pension at 61 !!! As screamer said, what does my private pension have to do with the government. I saved up to retire, so leave me alone and let me retire with my private pension.
🥳👏👏
@@farab4391It's not a rule. There was talk about it becoming a rule a while back but nothing materialised.
Funny that when there’s not enough money for pensions they’re quick to cut it (by extending pension age), but when there’s not enough money for benefits they’re not being cut proportionally
What about all the pensioners who are still paying tax on there income. It’s not just younger people who are paying into the taxation system.
My husband is still paying Tax on his Land Rover pension. He payed management tear but he does not get it. ??
We checked and Land Rover said its correct ??? So I get more pension than him ?
01:54 "The state pension are is currently 66, due to rise to 67 between 2026 and 2028 (yet to be decided)".
--> It's already been decided - if you were born after 5th March 1961 your state pension age is already guaranteed to be 67, as confirmed by gov uk 'check your state pension age' website.
Food for thought: life expectancy is 72.9 in Glasgow, for example - meaning you'll 'enjoy' less than 6 years before you die. It's falling everywhere, though. The general population is NOT going to 'play ball' with obedient and meaningful pension contributions with that bombshell !!!
Just come over on a dingy get everything but can't afford pension
life expectancy is now declining in the UK. Problem?
@@mattyward1979 You are 100% true, unfortunately. There's a large trough of sand running from John O'Groats to Lands End, and virtually everyone (population and MP's) have their heads permanently buried in it. When the penny drops, it's going to be a painful fix...very painful. Of course, that's only pensions. The average Joe is still waiting on a fix for the 100% housing collapse. The state of care homes is beyond shocking. Etc etc etc. And all the while, every company is infested with a culture of rampant profiteering.
If the state pension age is raised to 70 years old then any person unable to work until they are 70 should qualify for state aid. (74 and still work full time. I am one of the lucky ones).
Why not invest the money into the UK... Instead of funding wars... 😊😊
12% of my Tax was spent on National Debt Interest
No no no I paid my stamp for my pension not younger paying for me. What’s going on with this belief
I'm in my late fifties, in my lifetime I've only known 9 people who have lived beyond the age of 70, my property isn't worth much, maybe £75000, i can't downsize anymore than I have
What pension? It’s going to be scrapped 😫
You COULD RETIRE at any time /age when you have secure the methods to continue FINANCE your LIFE. You have FAIL & made WRONG LIFE CHOICES if you have to depend on a.... SINGLE STATE PENSION. ...... I'm BETTER OFF [NOW IN RETIREMENT than in SLAVERY... IT WAS ALL PLANNED..✍🏿🇻🇨🇬🇧
Heres an idea, peg state pension to 10 years under the national average life expectancy. Years ago people didnt live near as long when state pension was first introduced. I think as (hopefully) more people have private and workplace pensions in the future, we can quite safely make state pension less generous. We still have the benefits system for people really stuggling.
...and we'll ultimately head to a means-tested state pension, where if your private pension pays out more that the state pension per year, you get no state pension. THAT would be a pill no national insurance payer would EVER swallow.
@ChrisM541 I wouldn't be against means tested. Scrap NI all together and merge it with income tax. Even better, the government could invest let's say 5,000 on your birth, and that can be in a global world tracker that you can't access until you're at retirement age, then phase out statw pension all together. We still have a benefits system to those that need it.
@@simplydividends I'm all for the government mandating that everyone 'pull their weight' by strictly enforcing work pensions on every worker right through to retiral. There are waaay too many that opt out of work pensions and instead, either squander their money, or hide it, meaning additional state handouts, paid by honest tax payers, when they retire.
Whether you merge the state pension with something else doesn't matter, because in the end, that state pension needs to be paid for by the tax payer. It is good in principal since most need it to top up an equally average/poor work pension.
However, we have equally bid issues to fix. Housing is, effectively, 100% destroyed for the vast majority who earn 'the average' wage. Care homes are equally fkd, with that standard of care truly shocking. Etc etc. More and more couples are choosing to have fewer and fewer kids. That's a huge issue, and means the government taking in more and more foreigners to build up the workforce.
We're certainly on a ticking time bomb!
Benefits should be cut as well. Their isn’t the money anymore to continue paying benefits as we are now either