Strands #247 “More Than Just...
Quizzes & Puzzles2 mins ago
Retirement Age
If 50% of babies born today are destined to reach 100 what should the retirement
age be set at?
age be set at?
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It should not be set at all. Individuals should be free to retire at any age they wish, provided they can finance their lifestyle.
Pension schemes (both private and state) need a “normal” retirement age upon which to base their calculations, but that is all. The schemes should be flexible enough (and most are, except the state scheme) to allow retirement at an earlier or later date.
The state scheme falls down because there is no direct link between contributions made and benefits paid; it provides benefits for large numbers of people who have paid insufficient funds to finance the benefits they receive; it is not financed in the commercial way, with contributions being invested to be paid out later, instead relying on current contributions to pay current benefits.
When considering “retirement age” the state pension requirements (and the problems I have outlined above) override all other considerations. With increasing numbers of people being less dependent on the state pension this link needs to be broken.
Pension schemes (both private and state) need a “normal” retirement age upon which to base their calculations, but that is all. The schemes should be flexible enough (and most are, except the state scheme) to allow retirement at an earlier or later date.
The state scheme falls down because there is no direct link between contributions made and benefits paid; it provides benefits for large numbers of people who have paid insufficient funds to finance the benefits they receive; it is not financed in the commercial way, with contributions being invested to be paid out later, instead relying on current contributions to pay current benefits.
When considering “retirement age” the state pension requirements (and the problems I have outlined above) override all other considerations. With increasing numbers of people being less dependent on the state pension this link needs to be broken.
>Retirement age should be set at 55 years
If this is a serious answer, who funds the person for the rest of their life?
The government cannot afford to give everyone a pension from 55 till they die, particulalry as the number of people over 55 is going to grow over the next couple of decades.
Many dont have a pension so canot afford to retire at 55.
If this is a serious answer, who funds the person for the rest of their life?
The government cannot afford to give everyone a pension from 55 till they die, particulalry as the number of people over 55 is going to grow over the next couple of decades.
Many dont have a pension so canot afford to retire at 55.
You can work out the date you will get your state pension on this web site
http://www.direct.gov.uk/en/Diol1/DoItOnline/DG_4017967
My 19 year old son will not get his till he is 68 (assuming it does not change before then)
http://www.direct.gov.uk/en/Diol1/DoItOnline/DG_4017967
My 19 year old son will not get his till he is 68 (assuming it does not change before then)
I used to work in pensions in my younger days. I said then that the pension age would rise and eventually the state pension concept would stop. In years to come I believe that we will all work until we drop (if we don't have a personal pension).
After all why should we simply stop working because we have reached a certain age. I would put the current oap's to work now. Cleaning jobs even very remedial jobs a few pounds. If they are alive to do it, make them work!
After all why should we simply stop working because we have reached a certain age. I would put the current oap's to work now. Cleaning jobs even very remedial jobs a few pounds. If they are alive to do it, make them work!
Just some intersting facts to chew the fat over.
People over 100
1952-------42
2000-------7000
2009-------11.000
At the present growth rate
2035-------39.000
2060-------95.000
People over 80 in 2009,-------3 Million.
Latest statistics regarding Life expectancy
Men--------80
Women----83.
The other fact is that for the first time Men are living longer than women (younger generation), and thats mainly to do with womens lifestyle, work, drinking, smoking etc.
People over 100
1952-------42
2000-------7000
2009-------11.000
At the present growth rate
2035-------39.000
2060-------95.000
People over 80 in 2009,-------3 Million.
Latest statistics regarding Life expectancy
Men--------80
Women----83.
The other fact is that for the first time Men are living longer than women (younger generation), and thats mainly to do with womens lifestyle, work, drinking, smoking etc.
How accurate is this study?
In my drink addled state I can still recall that recent reports in the media stated quite clearly that because of the obesity epedemic this generation was going to be the first to be buried by their parents.
But now we're all living longer, so which one is correct?
I think they just make these things up as they go along.
In my drink addled state I can still recall that recent reports in the media stated quite clearly that because of the obesity epedemic this generation was going to be the first to be buried by their parents.
But now we're all living longer, so which one is correct?
I think they just make these things up as they go along.
Latest statistics regarding Life expectancy
Men--------80
Women----83.
The other fact is that for the first time Men are living longer than women (younger generation), and thats mainly to do with womens lifestyle, work, drinking, smoking etc.
Is it just me, or does this not make sense? How are men living longer than women when they are expected to die 3 years younger?
Men--------80
Women----83.
The other fact is that for the first time Men are living longer than women (younger generation), and thats mainly to do with womens lifestyle, work, drinking, smoking etc.
Is it just me, or does this not make sense? How are men living longer than women when they are expected to die 3 years younger?
Oneeyedvic, your right, taken at face value, but I did say younger generation, meaning that women who were born approx 1960 onwards are the ones that are generally dying before men of the same age, apologies for not making that clear.
123everton, I don't know exactly how accurate those figures are, but I was on a Pre-Retirement Seminar in August, and that the figures that we were given.
123everton, I don't know exactly how accurate those figures are, but I was on a Pre-Retirement Seminar in August, and that the figures that we were given.
As this is a serious question and many of those working today will be affected.
Just take the current situation. A man retires at 65 and can probably expected on average to live another 10 years and draw his government pension.
If in future the average age reached is beyond 100 then using current figures he would retire at 90. So someone who is in his 40's and below would be affected..
Just take the current situation. A man retires at 65 and can probably expected on average to live another 10 years and draw his government pension.
If in future the average age reached is beyond 100 then using current figures he would retire at 90. So someone who is in his 40's and below would be affected..
You also have to remember along with the increased longevity birth rates are falling.
Britain is however alone in Europe in having an increasing population due to the difference being made up by immigration.
If you cut back hard on immigration you will have this large group of elderly people who will not be supportable by a smaller younger population.
This is why it is imperative that we get the right sort of immigration (Young settlers) now and not the wrong sort (Transient workers who come for a few years send their earnings hope and leg it back as soon as the economy turns)
Britain is however alone in Europe in having an increasing population due to the difference being made up by immigration.
If you cut back hard on immigration you will have this large group of elderly people who will not be supportable by a smaller younger population.
This is why it is imperative that we get the right sort of immigration (Young settlers) now and not the wrong sort (Transient workers who come for a few years send their earnings hope and leg it back as soon as the economy turns)
Yes, as I say the UK is the only place with a rising population, much of the difference is of these are from young immigrants.
The average UK born woman has 1.84 children
Those born abroard 2.25
This is good news - providing they stay!
But certain people will have to make an adjustment to a different racial mix in the UK
The average UK born woman has 1.84 children
Those born abroard 2.25
This is good news - providing they stay!
But certain people will have to make an adjustment to a different racial mix in the UK
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