Raising the retirement age

  oresome 09:49 07 Oct 2009

It's generally accepted that with an ageing population living longer, something has to be done to manage the cost of the state pension.

But is introducing changes in the time scales the Conservatives are proposing on? Pensions require long term planning on the part of the individual and many in their fifties may well feel that the rug has been pulled from under their feet with this latest proposal.

  dagnammit 10:34 07 Oct 2009

Well I'm 26 and according to the pension age calculator I will be 68 years old when I retire in 2050. Whoop! 41 years, 1 month and 23 days to go.

click here

  dagnammit 10:36 07 Oct 2009

No doubt the goalposts will move before I get there.

  Grey Goo 10:55 07 Oct 2009

If you have not arranged any private pension by your fifties then you are up the creek anyway. You need to start them at birth these days. Are these proposals only for the State Pension.

  carver 11:20 07 Oct 2009

On the downside if you raise the retirement age then you are denying that job to another person, how long before you work till you die.

I've paid into state pensions, private pensions and seen the value of all of them decrease, God Bless his Soul GB saw fit to rob the pension funds all those years ago and now people are paying the price.

But it's heartwarming to see that the people most at risk will still get a decent pension, well after serving as an MP you need a decent pension.

  interzone55 11:29 07 Oct 2009

I fully agree that the pension age needs to be increased, but I think George Gideon Oliver Osbourne (no, he's not a toff at all) is guilty of a major knee-jerk reaction here.

There are two processes already in place for pension reform, the first is a gradual increase in the female retirement age to match the male age of 65 by 2020.

Then the retirement age for everyone will be increased to 66 in 2026.

Now the Tories have decided to change the age to 66 in 2016 this means females will jump from retiring at 63 to 66 in 2016...

  donki 11:48 07 Oct 2009

Well I wonder if high ranking bankers, MP's and other people of grand stature will still be working at 66. I am going out on a limb here by saying they probably wont be.

  I am Spartacus 11:52 07 Oct 2009

It's been a while since I read the Pension Reform Act but I seem to recall that from 2030 to 2040 the retirement age will be increasing as years go by to (I think) 68.

  wids001 11:52 07 Oct 2009

That's it! The Tories had my vote at the next election ... Until Osborne's speech yesterday.

Now I'm sticking with Labour and Gordon Brown, still the best of a bad bunch!

  Snec 12:02 07 Oct 2009

There can be little doubt that most of our current problems started with Blair. My problem with the Conservatives is that there is something decidedly Blairish about Cameron. Now it looks as if Blair will be taking over the EU, leaving a Tory government powerless in any case.

Raise retirement age, remove people from benefit.... where are all the extra jobs going to come from?

God help us!

  Quickbeam 12:38 07 Oct 2009

Jus' work 'til you drop an' spend it along the way... they've killed the idea of the good in retirement.

This thread is now locked and can not be replied to.

Elsewhere on IDG sites

WPA2 hack: How secure is your Wi-Fi?

HP’s new Surface Pro rival is designed specifically for Adobe-using designers and artists

Best kids apps for iPhone & iPad

Que faire si son iPhone ou iPad est tombé dans de l'eau ?