work until you die, now its 75.

A brief rational thought about this idea. Since your state pension isn't a pot of money sat in investments waiting for you like your personal pension it will have to be paid for by taxation at the time you receive it. So do you want to pay more tax, some of which will fund your pension and some of which will fund the pension of someone else worse off than you, or are you happy to keep going on your personal pension and kick the tax rise down the road.
 

Spec-op1989

On ROPS
On ROPs
A brief rational thought about this idea. Since your state pension isn't a pot of money sat in investments waiting for you like your personal pension it will have to be paid for by taxation at the time you receive it. So do you want to pay more tax, some of which will fund your pension and some of which will fund the pension of someone else worse off than you, or are you happy to keep going on your personal pension and kick the tax rise down the road.
...which raises a good question, or rather, discussion point.

If my NI contributions (not personal pension) had been set aside, by a rough calculation the pot with my name on would have £500k in it by the time i retire.

The State pension would represent a scandalously low return on that, were it a private pension.

Please note, I'm 50 and i only just started thinking about the whole "pension" thing.
 
I intend to retire at 65 and become a burden on the tax payer & claim benefits.
Perhaps have some illness that stops me working but enable's me to enjoy life still.
Drink and women is the way forward and the odd job on the side for cash £.
 
I'm amazed the state pension (and the NHS in its current guise) still exists to be honest (obviously doing away with either will kill off whichever political party manages it eventually). We should be grateful to our lords and masters for allowing us the level of lifestyle we currently enjoy compared to 30/40+ years ago.

Day off work, sat here in my under crackers in front of a 4-figure sum PC drinking fancy coffee, listening to three shitty little pedigree dogs yapping away at the binmen outside, deciding how best to spend £50+ on cheese waste products in the retarded belief that it's superior to having some eggs on toast. We have never had it so good.

Just because I chuck a few grand each year to the government in tax I don't see how that then entitles me to a pension or claiming tens or hundreds of thousands of pounds worth of medical treatment in my latter years. My meagre tax contributions are trivially funding the infrastructure I currently rely on rather than for my old age.

I pay a decent chunk in to a workplace pension (that my employer matches), crunching the numbers knowing that it's ultimately worth dogshit as well even after 20-30 years' of contributions.

We're all fucked awaiting some inevitable Orwellian dystopian future, so go nuts and spend now :grin:.
 
Iirc, the pension age was originally come up with by working out the average life expectancy and subtracting a year.

100% expect that calculation to once more drive the State Pension Age.


It was a good gig while it lasted, the boomers really were the last winners, the millennials will work Until they drop - fukkem’, I’m buying a Hymer motor caravan and going to live it large in retirement
 
Iirc, the pension age was originally come up with by working out the average life expectancy and subtracting a year.

100% expect that calculation to once more drive the State Pension Age.


It was a good gig while it lasted, the boomers really were the last winners, the millennials will work Until they drop - fukkem’, I’m buying a Hymer motor caravan and going to live it large in retirement
I think Bismarck came up with retiring at 65 because the average german male died at 66.
This gave him a year to sort out his paperwork etc.
BTW I retired at 65 22 months ago.
Army pension, state pension and 2 private pensions. I'm fine unless Corbin gets in.
 
I think Bismarck came up with retiring at 65 because the average german male died at 66.
This gave him a year to sort out his paperwork etc.
BTW I retired at 65 22 months ago.
Army pension, state pension and 2 private pensions. I'm fine unless Corbin gets in.

House I paid £60k for now worth north of £300k
CS pension, (private pension started at 18 rolled over into CS scheme), state pension, equity release the feck out of the house...should be good too baring Comrade Corbin..

Je suis don't intend to be the richest man in the graveyard.
 
Our pension plan consists of completing the build of our third house ( to retire in) without owing any money, sell off the other two houses + 2 x army pensions + state pension. No dependants so the aim is to spend it all before we kick the bucket. Neither of us will be going into a care home or will suffer from dementia.
 
...which raises a good question, or rather, discussion point.

If my NI contributions (not personal pension) had been set aside, by a rough calculation the pot with my name on would have £500k in it by the time i retire.

The State pension would represent a scandalously low return on that, were it a private pension.
Ah, but even in theory your NI is also paying for the NHS and any unemployment benefits you need to claim so not all of it would get into your pension pot, however theoretical. In reality it's pointless making these comparisons, you are taxed for NI based on what you earn and you get a state pension that is not based on what you earn so there is no link/comparison between the two sums.
 

Spec-op1989

On ROPS
On ROPs
Ah, but even in theory your NI is also paying for the NHS and any unemployment benefits you need to claim so not all of it would get into your pension pot, however theoretical. In reality it's pointless making these comparisons, you are taxed for NI based on what you earn and you get a state pension that is not based on what you earn so there is no link/comparison between the two sums.

I seem to recall the NI money, in the early days, was meant to build a fund but it got raided for general expenditure and pensions have been out of general taxation ever since.

NI is income tax in all but name anyhow.
 

Spec-op1989

On ROPS
On ROPs
I think Bismarck came up with retiring at 65 because the average german male died at 66.
This gave him a year to sort out his paperwork etc.
BTW I retired at 65 22 months ago.
Army pension, state pension and 2 private pensions. I'm fine unless Corbin gets in.

Hmm... i rolled my Army pension in to CS when i joined, ended up with appx. 23 years at Senior Executive Officer grade. Just checked. It's worth feck all. But given my health conditions i think the Government will have done very, very well out of me, ill be dead before 70.
 
You can retire any time you like. My generations cut off point was 65, now its 67, if you wish to carry on, its your choice, as was pointed out to me, if I work an extra year over 65, I get an Enhanced pension, I lasted 6 months, Now they are thinking of upping it from 67 to 75, that's one hell of a jump. As one poster pointed out, he thinks it all a scam, wind up, a political move to discredit other politicians, it well may be, but from little acorns big fcukups grow. You should never, under any circumstances, put ideas into the heads of politicians, they have a habit of turning it into a 3 ring circus.p
More to the point it's the kind of thing thing the Unions lurve to big up and then do nothing;)
 
if your a builders Labourer at 70, you're probably dead.
Totally different situation but in the falklands I was watching a bloke in his 50's breaking in a horse.
I was talking to the Under manager and mentioned he will be up for retirement soon/
'No he'll work till he dies.'
'How old is he?'
'I don't know but he was born last century.'
This was in 1982. The nearest pollution was 400 miles away.
 

Bollox

War Hero
Me, 61 too. Well read, well travelled, qualified in a couple of things.

The education system in the UK allowed me to drop the kids off at school and do property renovation in the hours available. All were happy.

The last 9 years in the US have been a bit of a pain in the arrse as the school system is not as good as the european sytem so I have had to devote time to child management and supplementary child education. The youngest one is now in his final year of school*, can transport himself to and from in his own wheels so I am free once more.

I have two choices of plan moving forward, both involve me setting up my own little business. I honestly have no intention of working to set something up for the next 3 or 4 years and then retiring at 65. I have had pretty much free time for the last 9 years, travelled when I can and if not zotting about, or on the range it can get pretty fcuking boring. And, I ain't a multi-millionaire so the option of constant travel, or building a house with a 1000 metre range is not realistic. I do not mind working, so why not carry on as long as I can go and play when I want to.

Note: * He will have finished all his academics a year early so he is allowed to graduate. He would have finished 2 years early but we moved to a different school district with slightly different requirements. Proud parent moment: His IT teacher told us that basically there was nothing she could teach him and that as for the final exam it would be a waste of time for him - could she instead get him to set the final exam and marking schedule for the other students, which he did.
Out of interest how much would a house with enough land to build a 1000m range cost in your part of the woods. Not looking at a mansion but an average sized 3 bed.
 
Anyone earning over £50K per annum pays their taxes so they are entitled to NHS care and state pension on the basis that they've paid for it. Indeed they could make the case they are more entitled to them than someone who has been on social welfare for years.
I earned a lot more than that in my 8 years or years working in the UK, went to the docs maybe 4 or 5 times (while having private - apart from the last few months) for minor stuff and somehow people here consider me a dole sponger just because of the fact that I was not working for about 5 months, while actually not taking any benefits.

Anyway, back on the topic, I have to find out how much I'd already paid for my pension plan (and get it out or leave it here) through Standard Life (?) for the duration...I am not even sure where I have the forms anymore..it was a 3% contribution from my side and a 5% contribution from the firm's side. Never kept track of it.
 
Our pension plan consists of completing the build of our third house ( to retire in) without owing any money, sell off the other two houses + 2 x army pensions + state pension. No dependants so the aim is to spend it all before we kick the bucket. Neither of us will be going into a care home or will suffer from dementia.
You folks and this property buying gig. I don’t imagine trying to do the rental bullshit, or owning multiple places.

In theory I will have 4 sources of income, after I get to leave the workforce permanently. The wife will have two. If all else fails I will just raise the Black... My biggest concern will be health insurance and inflation. The money I am putting away now will be worth SFA in real greenbacks in 2049...
 
Totally different situation but in the falklands I was watching a bloke in his 50's breaking in a horse.
I was talking to the Under manager and mentioned he will be up for retirement soon/
'No he'll work till he dies.'
'How old is he?'
'I don't know but he was born last century.'
This was in 1982. The nearest pollution was 400 miles away.
My SIL started as a Builders Labourer he’s now the general manager of company. But I can quite believe that an Eighty three year old still working is quite believable
 
It's not the 'statuary retirement age' as you've put it, OP but the age that one will receive the state pension. The current retirement age (for personal pensions) is 55 although I also recall that this used to be 50 so it may see a bump as well.

It's a de facto statutory retirement age for those who have made little to no provision for themselves. As @dogmeat mentions up there^, if you've made no provision then it's probably worth blaming your own life decisions. A rise in the age has always been coming.
WTF!

Life decisions...?

Another over-educated t0sser pontificating on the real life of millions of ordinary folk.
 

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