80 will be the new retirement age

[OwlHoot]

Are you seriously asking that question?

I know - My trousers still haven't dried

[alreadypacked]

That's probably the plan. Keep raising it so less people are likely to live to retirement so they don't have to worry about finding the shortfall.

If someone dies before retirement age, or early into retirement does their state pension get inherited via probate or is it lost to the state?

You do know that a pension is like insurance in reverse, you have to be alive to collect it. Once you die it's gone.

When the pension age was set at 65 most people died before that, so only a small % lived to collect it.

As only a small % collected, most people didn't want to pay into the pension, so it was taken from you pay like tax.

[MrMark]

Retirement age to be 50 for many in London

'Silver scrapheap' of over-fifties who may never find work again | News

An army of over-fifties in London has been thrown onto a "silver scrapheap" and may never work again, the Standard reveals today.

The latest stark figures on the jobless crisis show 10,860 Londoners aged 50 and over have been out of work for more than a year.

That far outstrips the number of long-term unemployed young people in the capital, which stands at 2,945.

Experts warned that the "forgotten generation" might never return to the workplace - effectively forcing them to retire early and live the rest of their lives on pensions and benefits. Unemployment figures yesterday showed more than a million young people are out of work in Britain - laying bare the extent of the jobs crisis at both ends of the age scale.

[Jeff Maginty]

..

[escapeUK]

Doesnt topics like this make you really glad you arent paying any NI?

[SimonMac]

Good luck finding a job when you are 79 and have alzheimer's, etc, unless you work in the public sector.

Good luck finding a job when you are 79 and have alzheimer's, etc, unless you work in the public sector.

[escapeUK]

Good luck finding a job when you are 79 and have alzheimer's, etc, unless you work in the public sector.

Lets hope there wont be one in the future.

Considering the national obsession with owning property and the resulting house price bubble, it's not surprising that many people feel they can't afford to contribute to a pension. Add in the short-termist attitudes prevalent nowadays (got to have that huge LCD/Plasma screen tv now and not wait to save up), and it's pretty obvious what will happen...

People will get to retirement age and suddenly realise they can't live on what little (if any) pension they have built up. Since they will probably be either unwilling or unable to work, their only option will be to sell equity in their home in exchange for a lump sum which they will then fritter away on everyday living expenses. Ultimately they will end up as mere tenants in the home they were so proud to own for all those years during the 1998 - 20?? UK property boom. Of course there will be feck-all left for their kids to inherit when they eventually snuff it. Sad really, but quite predictable. The folly of "house-price Britain"!!

All you do it just go on benefits to top you up to the income *they* think you need to live on. I saw this with my two grans. One no pension, so free home, free council tax and money for everything else. Other gran good pension, she owned her own home, so paid for everything herself.

Very little difference between the two.

[MarillionFan]

So 'retirement' is not all about pensions. It's about having enough passive income as to not to work.

The question should be. How much do you feel you need as a passive income each year for you to 'retire'?

So right now(assuming it will rise with inflation). £30k p/a? £50k? £100k????

[escapeUK]

So 'retirement' is not all about pensions. It's about having enough passive income as to not to work.

The question should be. How much do you feel you need as a passive income each year for you to 'retire'?

So right now(assuming it will rise with inflation). £30k p/a? £50k? £100k????

With property paid for (no rent or mortgage), £10k would be an easy comfortable life.

[MarillionFan]

With property paid for (no rent or mortgage), £10k would be an easy comfortable life.

Nonsense.

Fuel bill per year £2k
Council tax per year £2k
Food £50 per week - £2600 per year
Clothes etc £1k per year

Rethink your numbers.