Pension age to be raised to 75

[KDave]

12 minutes ago, Martlet said:

I assume that all those against this proposal are in favour of increasing taxes, thats the how we pay for state pension.  This is kite flying anyway, the increase will not be as much, as soon.  But is pension age will rise or else pensions become too small, or the alternative is higher tax. 

Yes its kite flying for sure, politically motivated with Boris in charge it won't do him any favours. 

I disagree the first action is to raise taxes, we pay more out in welfare than pensions that is just wrong for starters, then foreign aid can go next. Unless we all stop pretending and admit that the game is you retire when you can claim benefits - too knackered to work, you get disability doesn't matter how old you are. Only trouble is I know people who have been retired since 16. Its not really sustainable. Either we can have millions on benefits or we can let people retire not both.

Only 25% of the population actually produce enough to cover their own costs (including NHS, schools, ect) and carry the rest, and they are the vast majority of tax take in regards to income tax and NI, business and corporation tax are a third the size - there is only so much of a tax burden working people can carry before the tax take starts to go backwards from avoidance and falling productivity. People will either hide more of their income or stop earning, then we are in a worse position. I think we have been there for a while. Putting taxes up will not solve the pension problem, cuts need to be made. They should have been made in 2010.

[RoughDog]

8 hours ago, tallyhojim said:

I would advocate that 100% and without hesitation. Nobody has the right to demand access to someone else's earned wealth. If I were poor and you were rich I would never in a million years demand that politicians take from you to give to me.

Can we have our national insurance payments back plus interest?

[ilovesilverireallydo]

9 hours ago, RoughDog said:

What left was there to sell?  Thought most other stuff had already been sold, sorry I meant privatised.

Peoples rights and pensions. 

[tallyhojim]

3 hours ago, RoughDog said:

Can we have our national insurance payments back plus interest?

Why not? Theft is theft regardless of the mechanism used.

[vand]

16 hours ago, KDave said:

Just realised the bloody SIPP is tied to the pension age, isn't it? Pension age minus 10 years I think, so new SIPP access is at 65? 

No, it's currently set at 55. There is talk of them tying it to the S.P.A. but so far it is only talk...

[MikeG1978]

I have seen people at my work retire then pass in under 12 months as I am sure a lot of people on here will have too

I think if you are aware are of the issues you can prepare or at least try 

A lot of people on here will have got themselves prepared I personally want to sort/help my kids for this downward spiralling world 

 my company took the  final salary  from us  because they said the older generation never put enough in 

I woke up this year to precious metals and have a plan 

And want to thank all on here their help so far 

[KDave]

32 minutes ago, vand said:

No, it's currently set at 55. There is talk of them tying it to the S.P.A. but so far it is only talk...

The SIPP for me is access at 57, state pension will be 68 on the current plan but lets see. 

[5huggy]

10 minutes ago, KDave said:

The SIPP for me is access at 57, state pension will be 68 on the current plan but lets see. 

NOPE - ALL can access their "Pension" "Self invested or NOT" from the age of 55

Due to my Birth date - I was one of the very LAST to be able to access at the age of 50

and have been doing for a few years NOW thanks!  and I run MY OWN PENSION!

[KDave]

Very good @5huggy well done sir, glad you have escaped the tinkering and arbitrary changes. Interesting if access at 55 is still the case but this the spiel from Hargreaves Lansdown my SIPP provider;

Pensions are meant for your retirement, so you normally can’t access your money until any time after your 55th birthday (57 from 2028). Pension rules can change and tax reliefs depend on your circumstances.

If you are 55 before 2028 it looks like you are alright, otherwise they want another two years of income/NI tax out of you to pay for everyone else who couldn't be bothered. The second bit is the important part though, they can and will change the rules to suit them. I anticipate 65 being the age to access the SIPP to put people off from them, encourage folk to use the LISA for all its 'benefits', such as saving the state money on job seekers/disability payments and justifying means testing the state pension later on. No doubt this will happen in stages. I hope I am wrong.

[5huggy]

@Kdave  - ok buddy ! i need to apologise - "I was aware that these changes are in coming" but forgot because of our clear "AGE" difference that the younger's are being FUBAR'ed by regulation 

You and et al of your age group and "below" have my ABSOLUTE EMPATHY!

If the likes of Mr.Corbyn get into power "GAWD ALONE" can help the younger generation!

I will say this - - @KDave - just from my viewpoint  - - - THANK HEAVENS ABOVE - younger peeps like yourself have seen that "PM's" are a "HEDGE" against the "COMING"

Millions will not! - and I already feel "SICK" at that prospect!!!!!

btw -  I utilise H&L to my advantage too!

[MikeG1978]

I wish I could tell more people to invest in PM but unfortunately  the more people you mention it to the more you open yourself to people knowing your buying habits 

Have a plan and stick to it 

Come wintering will ramp up purchasing depending on spot price of course 🤞

[HighlandTiger]

20 years ago, when the pension was at 65, most guys died within 5 years of getting their pension. Today people could be collecting their pension for 20 years +. Unfortunately someone has to pay for it, and the younguns don't want to put their hands in their pockets as they hate us old brexiteers stealing their future.

But none of this stops anyone retiring younger, it just means you pay into a pension scheme, and don't rely on the government to keep you in your old age. I don't have a problem with that.

My mum was a nurse for over 40 years and only fully retired last year at the age of 74, my Dad still works part time, (driving posh cars off the docks) and he's 77.

75 is no age these days. 

[5huggy]

8 minutes ago, MikeG1978 said:

I wish I could tell more people to invest in PM but unfortunately  the more people you mention it to the more you open yourself to people knowing your buying habits 

Have a plan and stick to it 

Come wintering will ramp up purchasing depending on spot price of course 🤞

GOOD man - for the thoughts/sentiment  - I do similar sort of thinking and then come to the SAME CONCLUSIONS!!

[KDave]

8 minutes ago, 5huggy said:

You and et al of your age group and "below" have my ABSOLUTE EMPATHY!

If the likes of Mr.Corbyn get into power "GAWD ALONE" can help the younger generation!

I will say this - - @KDave - just from my viewpoint  - - - THANK HEAVENS ABOVE - younger peeps like yourself have seen that "PM's" are a "HEDGE" against the "COMING"

Millions will not! - and I already feel "SICK" at that prospect!!!!!

btw -  I utilise H&L to my advantage too!

I agree Labour would be a disaster especially for the people carrying the tax burden, fortunately I don't see Corbyn getting in this time but in ten years with demographic shifts who knows who we will get in power, probably someone worse. Populism and retesting of old ideas and ground (socialism, nationalism) is just getting started in modern politics in my opinion, echos of the 1930's I hope I am wrong. Politics is linked to economics; weak men create hard times, hard times create hard men.  

10 minutes ago, 5huggy said:

@Kdave  - ok buddy ! i need to apologise -

Not at all 

[5huggy]

7 minutes ago, HighlandTiger said:

But none of this stops anyone retiring younger, it just means you pay into a pension scheme, and don't rely on the government to keep you in your old age. I don't have a problem with that.

OH GOOD!

[vand]

The sensible thing to do is to spread your savings around. Utilize both a Pension/SIPP and an ISA and if you can a LISA too. They each have their strengths and weakness and can compliment one another.

Of course here on TSF we like Precious Metals, and the CGT-exemption on certain coins is a handy feature which, with a bit of planning, can easily be worked to your advantage in your overall wealth building plan.

[HighlandTiger]

4 minutes ago, vand said:

the CGT-exemption on certain coins is a handy feature which, with a bit of planning, can easily be worked to your advantage in your overall wealth building plan.

A very handy exception which I will be using to the full in a decades time.

[tallyhojim]

52 minutes ago, HighlandTiger said:

20 years ago, when the pension was at 65, most guys died within 5 years of getting their pension. Today people could be collecting their pension for 20 years +. Unfortunately someone has to pay for it, and the younguns don't want to put their hands in their pockets as they hate us old brexiteers stealing their future.

But none of this stops anyone retiring younger, it just means you pay into a pension scheme, and don't rely on the government to keep you in your old age. I don't have a problem with that.

My mum was a nurse for over 40 years and only fully retired last year at the age of 74, my Dad still works part time, (driving posh cars off the docks) and he's 77.

75 is no age these days. 

Why can't the individual pay for their own retirement instead of demanding future unborn generations be saddled with the bill? Why can't people take 100% responsibility and ownership for themselves? You say that we Brexiteers (I always think of the 3 Musketeers whenever I see that word) are accused of stealing their future (I believe Brexit has saved their future from a life of EU tyranny) whilst at the same time demanding that the older generations should be allowed to steal the future earnings of the younger generations via taxation.

[Xander]

6 minutes ago, tallyhojim said:

Why can't the individual pay for their own retirement instead of demanding future unborn generations be saddled with the bill?

Millions of retired people continue to work and pay taxes on their pension and earnings. They have paid for their state pension may times over and are entitled to what they have earned.

If you want people to "take 100% responsibility and ownership for themselves?" I suggest as by way of example you start with the younger generation.

[Martlet]

12 minutes ago, tallyhojim said:

Why can't the individual pay for their own retirement instead of demanding future unborn generations be saddled with the bill? Why can't people take 100% responsibility and ownership for themselves? You say that we Brexiteers (I always think of the 3 Musketeers whenever I see that word) are accused of stealing their future (I believe Brexit has saved their future from a life of EU tyranny) whilst at the same time demanding that the older generations should be allowed to steal the future earnings of the younger generations via taxation.

Because we decided a couple of generations ago that we didnt want to see old people destitute in the streets and socialise a small pension, as a public good. People have been paying into this for decade and so entitled their pension. 

[kimchi]

Haven't read the thread (soz!) but it all seems so obvious to me.

As things stand, any of us aged less than 50-60 as of now will probably never see a state pension whatsoever imvho, no matter how much NI we've paid. And there will be no jobs anyway, the big corps will have AI doing everything they can. Private pensions may be just as vulnerable at any time in the future imo.

Meanwhile we (or rather, 'they', supposedly on our behalf {does anyone remember voting for this?} - being so good with our tax money, and only ever doing things that are in 'the national interest') splurged an extra £4 billion last year on protective craft for our biggest warship. Thank heavens for that, because I'm sure we'll all agree that without that completely vital protection we'd have been invaded and easily taken over by just about any country in the world, such a dangerous world we live in and we are under such a threat from the likes of ... I guess Chad (?) etc.

I also think the £70m a year us British taxpayers give to Nigeria for their 'space program' should be upped substantially, because I haven't seen that many Nigerian spaceships even in orbit yet, they obviously need a huge amount more to get that going properly.

 

 

[tallyhojim]

1 hour ago, Xander said:

Millions of retired people continue to work and pay taxes on their pension and earnings. They have paid for their state pension may times over and are entitled to what they have earned.
Entitled to what they have earned, yes. But not someone else's. I'm not entitled to what you have earned just as you are not entitled to what I have earned.

If you want people to "take 100% responsibility and ownership for themselves?" I suggest as by way of example you start with the younger generation.
Why not start with existing generations and lead by example?

I've done the reply this way as it's easier than cutting up quotes.

[tallyhojim]

1 hour ago, Martlet said:

Because we decided a couple of generations ago that we didn't want to see old people destitute in the streets and socialise a small pension, as a public good. People have been paying into this for decade and so entitled their pension. 

Not an argument. You're entire quote is based on emotional manipulation. What evidence was/is there that would see old people destitute on the streets? And using the term "public good" is just a fluffy cuddly way of legitamising theft of someone else's property which in itself is not an argument.

[Xander]

40 minutes ago, tallyhojim said:

ntitled to what they have earned, yes. But not someone else's

Someone else got what I earned, probably your Granada, I bet you he wasn't complaining. 

 

[Martlet]

43 minutes ago, tallyhojim said:

Not an argument. You're entire quote is based on emotional manipulation. What evidence was/is there that would see old people destitute on the streets? And using the term "public good" is just a fluffy cuddly way of legitamising theft of someone else's property which in itself is not an argument.

Public good is an economics term for something provided to the benefit of all, that cannot be profitably provided. Adam Smith recognised and was in favour, good enough for me.  You can chose to accept there was widespread call for pensions or not, the point is now we have it, it would be unfair to stop pension for those that already paid in, and only very few are going to ask for no provision themselves in the future. Perhaps you'll give your's to charity?