Work until you drop!

nurseawful



Joined: 06/02/2009
Posts: 5934

Message Posted:
30/07/2010 07:27

http://uk.news.yahoo.com/5/20100729/tuk-retirement-and-the-benefits-of-grey-45dbed5.html



UK government say you now have the option from next year to work until you feel ready to retire!



What happens to the ones who have never worked do they start at 65?



Chris

flowerfairy


Joined: 17/09/2008
Posts: 1277

Message Posted:
30/07/2010 07:54

Chris, I think you and I are on the same wavelenght.

Blimin' cheek is the fact that I started work at just 15years old, was never out of work, now they've decided to make me wait for another two years to get my pension!!!! What happens to that if I (God forbid) snuff it while I'm waiting for it ?

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
30/07/2010 08:50

I was talking to a turkish friend yesterday about pensions and she said in Turkey when you die the government continues paying your pension to your family, she was really shocked when i said in the uk your pension dies with you. Perhaps they keep extending the retirement age in the hopes that no one will be claiming their pension after some years Money in the government pocket then.

Gramps


Joined: 21/03/2010
Posts: 18

Message Posted:
30/07/2010 08:58

msg. 3 u r correct the government just keep it

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
30/07/2010 09:12

There is some good thinking by increasing the retirment age. It is a proven fact that people are living longer in the UK and therefore they are claiming from the pension pot for a lot longer.



By increasing the retirment age they will win both ways. First you do not start claiming until the new retirment age and you pay into NI contributions for extra years. Second because you will be knackered by the time you retire your life expectancy will be shorter. ie the amount of years you are to be paid a pension is decreased dramatically. Government quids in!!!!!!!

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
30/07/2010 09:52

Actuaries have a formulae that for every year under sixty you retire you live "X" years longer & for every year over60 you work you die "X" years sooner

In fact the number of people that pop off just after or before retirement is quite high so move theretirement age up and increase your pop rate

All this "crap" is about is looking as if we are reducing the financial black hole largely created by Mr brown robbing the private pension pots when he first became chancellor

MarkVPiazza


Joined: 14/08/2008
Posts: 530

Message Posted:
30/07/2010 10:54

In 1960 the average life expectancy was 71, today it is 80

To maintain the same number of years pensions to be paid, and allowing for extra contributions paid for in a longer working lifetime, I guess the retirement age should increase by say 7-8 years, so 72-73 would be today's equivalent.



http://www.google.com/publicdata?ds=wb-wdi&met=sp_dyn_le00_in&idim=country:GBR&dl=en&hl=en&q=average+life+expectancy#met=sp_dyn_le00_in&idim=country:GBR



Animal Farm anybody?



Mark

CarrieRBag



Joined: 23/12/2008
Posts: 1374

Message Posted:
30/07/2010 11:10

http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/Basicstatepension/DG_10026707

Ballyboffin


Joined: 25/08/2007
Posts: 903

Message Posted:
30/07/2010 11:44

And when all the over 65's continue to work, where are the jobs for the school leavers going to come from ? I can see an increase in Jobseekers allowance payments.

japeal



Joined: 12/09/2008
Posts: 1052

Message Posted:
30/07/2010 11:54

Just a thought if everyone continues to work after 65, no jobs for school leavers, cost of living will go up. If employers have to continue to employ workers of 65+ they will be being paid more than a school leaver, therefore the wages of companies stay higher so cost of items being manufactured will cost more. Higher wages + higher material costs = higher manufacturing cost. For years now production of many things are made in places like china/tiawan etc were labour costs are low. Not saying uk wages should be that low, but most companies do not pay 17/18 year old the same wages that a 65year old long time employee would get.

Ballyboffin


Joined: 25/08/2007
Posts: 903

Message Posted:
30/07/2010 12:12

Something else to worry about for employers as well. The over 60's will now have 'civil rights' and have the choice whether to retire or not. Employers will no longer have any say in the matter.



Forgive me for saying this, I will wait for the flak. As an ex owner of a very busy convenience store I would say that because of the heavy physical work involved in such a business, older people would not have the energy and would be a drain on the employer.



Something else to think about as well. How many people are made redundant over the age of 50 and find it hard enough already to find another job at that age ? I don't think many people would employ them if they would have the right to work until they are in their 70's or above.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
30/07/2010 12:27

msg 11



No doubt the answer will be that people now live longer because they are fitter and healthier so at 70 they will be fitter than 70 year old's a generation ago and therefore capable of doing the job.



Only time will tell and as it does not affect me I do not care!!!! lol

Jenny76



Joined: 01/06/2010
Posts: 33

Message Posted:
30/07/2010 12:36

I confirm message 6

and it's quite unsettling when you see the formulaes (which pension funds are greatly calculated upon) making your demographic life longer or shorter

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
30/07/2010 22:09

Employers will still have a SAY IN WHETHER A PERSON RETIRES AT 65. you have to take into considerationthe job that person is doing.Police,fire fighters ,airline pilots,train drivers but to name a few will still retire a the normal age for that that job,in some cases it is 55. I would not like to think I was getting on a plane with some half blind arthritic codger in control. If you go into B&Q or ASDA the older people are doing the light jobs i.e. on the check out or retrieving trolleys.Not many youngsters would be interested in that sort of job. Its not so open and shut a case as it is being portayed.After working 60 plus hrs a week for nearly 40 years I was glad to retire at 65 and i have enjoyed every morning lying in bed till 8am or so instead of having to get up at 4am to start work. Some people seem to think they are going to drop down dead the day after they retire. It will be up to every individual and employer to make the decision whether you carry on or not......

gooligan


Joined: 30/01/2007
Posts: 1591

Message Posted:
30/07/2010 22:23

I was fortunate enough to retire at the age of 32,(depending on how you look on it)

I figured I had worked half my life so was due a rest to enjoy life and I also have the added bonus that Japeal's daughter pays my pension

cyprusairsoft



Joined: 22/06/2009
Posts: 2066

Message Posted:
31/07/2010 10:06

coachies right only light jobs for the over 65s imagine the health and safety issues that could happen!

when you get older as we all know admit it or not reflex brain and stuff all functions less could be a disaster waiting to happen say a train signal controller etc.



what i object to is the sexist equality thing having women retire earlier then men surley the ages should be the same.

i know women live longer but its not the point everyone should have a fair and happy retirment.



ps hello coachie where have you been ?

japeal



Joined: 12/09/2008
Posts: 1052

Message Posted:
31/07/2010 10:10

Hi Gooligan, must say my daughter only works for the company that pays your pension, if she was that well off that she could pay you she herself would retire! See ya soon.

Whistler


Joined: 28/07/2008
Posts: 1332

Message Posted:
31/07/2010 11:19

Message 2. Flowerfairy. That`s what they are hoping for!!!!!!

Whistler


Joined: 28/07/2008
Posts: 1332

Message Posted:
31/07/2010 11:23

Message 2. Flowerfairy. That`s what they are hoping for!!!!!!

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
31/07/2010 14:17

cyprusairsoft..Iwas under the impression that they were going to make the retirement age the same for both sexes.

As for my absence,I went on holiday for couple of weeks,then went into hospital for a week to have a knee replacement op,but all is ok now so You will probably be wishing in a few weeks time that I had stayed away permanently. Nice of you to enquire about my well being though...