What’s your pension age?

[Beebo]

I’m currently set to get a state pension at 67.
Rumours are this is about to go up again.

When I started work it was 65 for me and 60 for my wife.

So we have already lost 7 years of state pension since we started work, which is about £70k at current prices.

If it goes up to 68 we will be £90k down plus the extra tax we will pay which probably makes it a £150k net gain to the government.

You can see the numbers are huge but I do feel rather let down with the constant movement of goal posts.

 

[Fab Foodie]

I’m currently set to get a state pension at 67.
Rumours are this is about to go up again.

When I started work it was 65 for me and 60 for my wife.

So we have already lost 7 years of state pension since we started work, which is about £70k at current prices.

If it goes up to 68 we will be £90k down plus the extra tax we will pay which probably makes it a £150k net gain to the government.

You can see the numbers are huge but I do feel rather let down with the constant movement of goal posts.

Am in the same boat....
In Denmark there's a big fight at the moment as their govt. is also planning to raise the retirement age to 70.

People are living longer and there's less and less money on the pot to go around....

 

[jowwy]

I’m currently set to get a state pension at 67.
Rumours are this is about to go up again.

When I started work it was 65 for me and 60 for my wife.

So we have already lost 7 years of state pension since we started work, which is about £70k at current prices.

If it goes up to 68 we will be £90k down plus the extra tax we will pay which probably makes it a £150k net gain to the government.

You can see the numbers are huge but I do feel rather let down with the constant movement of goal posts.

But how many extra years of wages have you received, therefore negating the pension losses???

i mean if you say your going to pay around £60k in taxes in that time, you must be earning a decent wage……between you and the wife.

 

[Beebo]

But how many extra years of wages have you received, therefore negating the pension losses???

i mean if you say your going to pay around £60k in taxes in that time, you must be earning a decent wage……between you and the wife.

That’s less than £10k a year in tax. Plus it’s irrelevant how much I will earn, because I would get a state pension whether I continued to worked or not.

 

[jowwy]

That’s less than £10k a year in tax. Plus it’s irrelevant how much I will earn, because I would get a state pension whether I continued to worked or not.

Would you have wanted to carry on working though???

 

[Bromptonaut]

But how many extra years of wages have you received, therefore negating the pension losses???

That, I think, misses the point as it assumes one has the opportunity to remain in well paid tenured employment until state pension age.

Mrs B and I are in the pension at 66 cohort. For her that's a whole six years after planned retirement. While occupational pension as a Teacher kicked in at 60 we'd neglected paying into that when kids were young as there were other priorities like nursery fees and a mortgage at 12%. But never mind, she'd get the State Pension at 60.

Based on a pension of around £155 that's eight grand a year we've lost; all but £50k over six years.

 

[jowwy]

That, I think, misses the point as it assumes one has the opportunity to remain in well paid tenured employment until state pension age.

Mrs B and I are in the pension at 66 cohort. For her that's a whole six years after planned retirement. While occupational pension as a Teacher kicked in at 60 we'd neglected paying into that when kids were young as there were other priorities like nursery fees and a mortgage at 12%. But never mind, she'd get the State Pension at 60.

Based on a pension of around £155 that's eight grand a year we've lost; all but £50k over six years.

I may not get to retire til im 70 if the rules change……but hey, thats the rules innit. Some you win, some you lose. Only 2 guarantees in life. Thats life and death itself, the rest they say is a bonus. I would never base my life on someone else's rule setting.

 

[oldwheels]

I took my state pension at age 65 which was a long time ago. I continued to work but gradually tapered off until age 70 which made the transition much easier I think.
It did mean that I could get some decent cycle touring as my work was flexible enough to allow this. I enjoyed working then being self employed and combined some business trips with paid holidays.

 

[ebikeerwidnes]

when my wife and I started looking at future finances a few years ago we checked again and it is now 66 for both of us

which was a relief - we were born 13 days apart and if I got my pension a year before she did them due a deadline being in those 13 days then I would be in trouble!!!


BTW she lied about her age

when we mat I am sure she told me she was younger than she actually is

she claimed to be 2 weeks younger than me!!

I think she is starting to get annoyed at me telling people that

 

[shep]

That's equality for you!

 

[ebikeerwidnes]

Just a note
There is a movement towards extra help for women who grew up - and worked etc - on the knowledge that they would get their pension at 60
Then it all got changed to 'equality' with men so everyone at 65 - which is now increasing

So men got an increase from 65 to - in my case - 66 - my wife's pensions age changed from 60 to 66

It has been mentioned several times in Parliament

 

[mudsticks]

Just a note
There is a movement towards extra help for women who grew up - and worked etc - on the knowledge that they would get their pension at 60
Then it all got changed to 'equality' with men so everyone at 65 - which is now increasing

So men got an increase from 65 to - in my case - 66 - my wife's pensions age changed from 60 to 66

It has been mentioned several times in Parliament

There's even a campaign to get involved in.
https://www.waspi.co.uk/

We could also talk about the gender pay gap.
(Which will of course cause a pension gap too)

https://www.tuc.org.uk/news/gender-pay-gap-means-women-work-free-nearly-two-months-year

By someone's calculation women started working for 'free' early in November.


I think I'm I'll probs start on getting state pension at 67 if the goalposts haven't moved by then
I think its unlikely that I'll quit working altogether though..

 

[PaulB]

My wife's sister missed out on being able to retire at 60 by the seven weeks her birth date would have saved her the seven years she's currently having to find her way through. We know this because she's told us about 478 times. But it makes me laugh since nobody can stand her and she's a lazy mare so, swings and roundabouts and all that.

 

[Ian H]

My wife's sister missed out on being able to retire at 60 by the seven weeks her birth date would have saved her the seven years she's currently having to find her way through. We know this because she's told us about 478 times. But it makes me laugh since nobody can stand her and she's a lazy mare so, swings and roundabouts and all that.

Yebbut, gross injustice is still gross injustice, even if it happens to someone you dislike.

 

[BoldonLad]

My wife's sister missed out on being able to retire at 60 by the seven weeks her birth date would have saved her the seven years she's currently having to find her way through. We know this because she's told us about 478 times. But it makes me laugh since nobody can stand her and she's a lazy mare so, swings and roundabouts and all that.

If she missed out by only 7 weeks, on being eligible for state pension at 60, then, wouldn't she have been eligible at some age between age 60 and 66?. If I recall, "retirement age" for women, increased in stages, from 60 to 65, between 2010 and 2018. It is now, increasing in stages (as in men's), heading for 68 at present.