gagzus 23,416 Posted July 15 Share Posted July 15 This is most likely due to the continuing Triple Pension Lock. It’s most likely to rise again to 69 in the next 20 years. 5 Quote Link to post Share on other sites More sharing options...
Hydrangea 7,942 Posted July 15 Share Posted July 15 It doesn’t even matter. I know so many people over the age of 70 who are still working because they basically have to unless they want to live on bread and water in a freezing house during winter. Looking down at my $t loser misery 9 Quote Link to post Share on other sites More sharing options...
Bronco 25,834 Posted July 15 Share Posted July 15 We need to scrap the triple lock if we're to ever have the chance of fixing the UK economy. Its insane that the economy could collapse and the government would still have to increase the pension annually by 2.5% as a minimum The gays know how to party 1 1 Quote Link to post Share on other sites More sharing options...
gagzus 23,416 Posted July 15 Author Share Posted July 15 2 minutes ago, Bronco said: We need to scrap the triple lock if we're to ever have the chance of fixing the UK economy. Its insane that the economy could collapse and the government would still have to increase the pension annually by 2.5% as a minimum At this point we’re just gonna work till we’re dead 1 Quote Link to post Share on other sites More sharing options...
Bronco 25,834 Posted July 15 Share Posted July 15 4 minutes ago, gagzus said: At this point we’re just gonna work till we’re dead Tbf the workplace pension scheme the tories introduced that forces everyone over 21 into a mandatory private scheme will likely be used to scrap the national pension within the next 20 years. The gays know how to party 1 Quote Link to post Share on other sites More sharing options...
gagzus 23,416 Posted July 15 Author Share Posted July 15 6 minutes ago, Bronco said: Tbf the workplace pension scheme the tories introduced that forces everyone over 21 into a mandatory private scheme will likely be used to scrap the national pension within the next 20 years. Yeah, I have a private pension but after 10 years there’s only like £25k which is like barely enough for a whole year to live RIP 3 2 Quote Link to post Share on other sites More sharing options...
Bronco 25,834 Posted July 15 Share Posted July 15 2 minutes ago, gagzus said: Yeah, I have a private pension but after 10 years there’s only like £25k which is like barely enough for a whole year to live RIP They are sadly worthless so long as the economy stagnates The gays know how to party Quote Link to post Share on other sites More sharing options...
onTheBrink 1,381 Posted July 15 Share Posted July 15 (edited) The fact I'm 30 and have 38 more years of working before I can claim what will be, by that time, my piss weak state pension I literally have more years left in work than I have been alive so far Edited July 15 by onTheBrink 5 Quote Link to post Share on other sites More sharing options...
gagzus 23,416 Posted July 15 Author Share Posted July 15 16 minutes ago, onTheBrink said: The fact I'm 30 and have 38 more years of working before I can claim what will be, by that time, my piss weak state pension I literally have more years left in work than I have been alive so far Most likely it’ll move up into the 70s by the time we retire and sadly the triple lock won’t be scrapped because Pensions arent explained properly because people don’t understand state pensions arent personal they’re shared. Our taxes pay for the currently retired generation and only when they die do our taxes start funding our own, and then our children’s will fund ours. The reason the age keeps moving is because people who had a certain amount of money every year, thanks to the triple lock now have their pensions increased up 2.5% minimum every year minimum, so more of our money goes to them from us now and the longer they live the more ours is pushed back because then the money has to fund them for longer. For example there are people who retired 10-15 years ago now at 60 years old and their state pension has increased roughly by a minimum of 25% since they retired and on the top end about 50%. So some people now actually get more per year in pension than someone working a 5 day a week full time decent job gets. And the longer they continue to live, the better off they become. It’s something that only really benefits Boomers. 2 Quote Link to post Share on other sites More sharing options...
Grissem 102 Posted July 15 Share Posted July 15 It’s kind of comforting to know that retirement plans set by governments are ****ed everywhere, no matter which country you live in 1 Quote Link to post Share on other sites More sharing options...
gagzus 23,416 Posted July 15 Author Share Posted July 15 10 minutes ago, Grissem said: It’s kind of comforting to know that retirement plans set by governments are ****ed everywhere, no matter which country you live in Yeah sadly, it shows it’s not a continental problem it’s a generational one. Private pensions seem to be the way forward sadly. 1 Quote Link to post Share on other sites More sharing options...
SavetheEarthNow 154 Posted July 15 Share Posted July 15 In Canada we are also screwed 🫣😔. Financial advisors and banks say that seniors here need to have at least $1M saved by retirement to live comfortably. The average life expectancy in Canada is around 80 years old. Pension eligibility is 65. I can't imagine needing $1M to live for 15 years after retirement. Does getting old cost that much? The average pension payment in Canada is around $800/month plus lower income seniors can get a supplement that adds around $1000/month to that. So if a person has little to no savings when they retire, that's all they have to live on, $1800/month. If they don't own their own home and live in an apartment, $1800/month won't even cover rent. If I want to have $1M by retirement, I'd have to save around $25,000 every year for the next 40 years. With the cost of living, that isn't happening. Canada’s pension plan needs major increases to accommodate the rising cost of living. 1 Quote Link to post Share on other sites More sharing options...
Zedd 6,487 Posted July 15 Share Posted July 15 This is sick. I'm not from the UK, but I don't imagine myself working till I'm 60-something. I'd rather die than work so long just to get a pension that won't be enough for anything. The ARTPOP Zedd Quote Link to post Share on other sites More sharing options...
gagzus 23,416 Posted July 15 Author Share Posted July 15 30 minutes ago, Zedd said: This is sick. I'm not from the UK, but I don't imagine myself working till I'm 60-something. I'd rather die than work so long just to get a pension that won't be enough for anything. Most people in the UK could retire at 60 but over the last 20 years it’s gone up and up every few years. Most are predicting late millennials and early gen z might not be able to retire till 75 and the generation after may never be able to. This is of course JUST for the state pension and since the early 2010s there’s been a push and encouragement for Private Pensions to help up people’s annual income in retirement. Currently the state pension sits at £12k a year, which if you don’t own your own house means you’re screwed basically. For example rent prices in the UK go between £500-£2000+ depending on where you live. A decent family home also costs about £250k - £1m+ depending on the place you live too. Mortgage payments are also not cheaper than rent anymore either like they used to be for Boomers. Quote Link to post Share on other sites More sharing options...
nATAH 57,271 Posted July 15 Share Posted July 15 at this point, just resign, claim the money, go on a huge holiday and then kys as soon as the money runs out, whilst you still have full mobility mother, what must i do? 1 Quote Link to post Share on other sites More sharing options...
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