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[TD]

Hah. Retirement. A luxury only the generation before me can afford 

It is your duty to pay for  the social care needed by STMO and his like.

Keeping coffin dodgers alive is an expensive business.

I agree, Opti. I get my state pension next year, it's only about £700 a month but it should keep me in horlicks.

Ive got wait another 15years (used to be 13years) 

[LC0112G]

Ten years ago my advice to the tunnie class was to either enjoy yourself to the hilt and arrive at 65 with not much and have the state " look after you" OR to invest every spare penny in a private pension or similar . Now I amnot so sure what Iwould advise. I have a horrible feeling that the only way out of national debts is swingeing inheritance tax and tax on windfalls like private pensions that have done too well. The argument being you dont need it.

That's already here. It's called the Lifetime Allowance, meaning that if your private pension pot exceeds £1M the excess is taxed at up to 55%.

Yes £1M sounds (and is) a lot, but it's "only" enough to provide a yearly income of around £35-£40K per annum. Ok £35-40K is more than average wage, but it's hardly going to have you living in luxury.

[Field Marshal Dr. Opti]

Talking of being past their sell by date......

I avoid the old women on the tills at the supermarket like the plague. Half of them can't see properly and most are so slow all the frozen food has defrosted by the time I get back to the car. Why they are employed is a mystery to me.

I always head for the young women with the biggest tits and a friendly smile. Much better than listening to the old women telling me about their hip operation when I make the mistake of asking "how are you today"

[Migv6 le Frog Fan]

Working until 68 is a long way off working until you die. People are living longer then ever these days, so are likely to have as long, or longer in retirement than people did in days gone by.
If my health holds out to a reasonable degree (probably unlikely) I have no plans to retire ever. Whats so good about sitting around the house bored, when I can do that at work and get paid for it. 
Cant se a problem with a 68 year old teacher or nurse as long as they are still capable and competent, which I'm sure most 69 year olds are.

[Varche]

Never could get my head around folk who have no intention of retiring. Sure if you really enjoy your job then maybe.  My uncle is a good example of this. He works long hours 7 days a week , self employed heavy vehicle contractor. 82 i think.

So  so many things out there you can do if you are not stuck in the daily grind.

[STEMO]

This just about catches my missus, she's 47 now. Of course, she has no intention of working till she's 68.......possibly 63..... probably 60-61.

[Migv6 le Frog Fan]

Never could get my head around folk who have no intention of retiring. Sure if you really enjoy your job then maybe.  My uncle is a good example of this. He works long hours 7 days a week , self employed heavy vehicle contractor. 82 i think.

So  so many things out there you can do if you are not stuck in the daily grind.

All true, if you have plenty of money, youthful enthusiasm for life, and good health. I have none of these things and I'm only 57. 

[Lizzie Zoom]

Working until 68 is a long way off working until you die. People are living longer then ever these days, so are likely to have as long, or longer in retirement than people did in days gone by.
If my health holds out to a reasonable degree (probably unlikely) I have no plans to retire ever. Whats so good about sitting around the house bored, when I can do that at work and get paid for it. 
Cant se a problem with a 68 year old teacher or nurse as long as they are still capable and competent, which I'm sure most 69 year olds are.

I agree

When I was 21 I knew the state pension was small so I made sure I paid into my company's pension scheme from then on (I could not join it before being 21).  A lot of my contemparies were spending their spare cash on good living, but I invested in the future. At 60 I was able to retire on a comfortable pension, and now as a "1950s born women, at 63 I started to enjoy the extra income of the state pension.

Back in day when I was 21 many people retired at 60 for women and 65 for men, but died within a few years of retiring. Now people are living much longer, but regardless of the state pension situation I would highly recommend the young to do what I did; invest in a company or private pension, and save as much as possible.  So many won't though, and will complain when they cannot receive enough pension when they want it from the state.

The welfare state is dead; for so long those that complained of the "nanny state" will get their wish.  It will no longer exist!

As for "old" teachers; I had a number of teachers who were well past 65, but they knew their stuff and outshone the younger educational staff. As a youngster I found them great, and so now cannot see the problem of older staff in this profession or many others.

The state has not got the money to pay for it all without raising taxes, so get used to it

[Doctor Gollum]

A chap at work is 74 this year... Still holds a valid HGV and psv licence if only to get a decent health check every year

[STEMO]

We should all work till we're 100, f**k the young 'uns, they can languish on benefits and zero hour contracts.

[raywilb]

a lot depends on what job one does . a person with a strenuous heavy lifting involved job, or even a stressful occupation may not be able or fit enough to carry on

[Rods2]

Never could get my head around folk who have no intention of retiring. Sure if you really enjoy your job then maybe.  My uncle is a good example of this. He works long hours 7 days a week , self employed heavy vehicle contractor. 82 i think.

So  so many things out there you can do if you are not stuck in the daily grind.

My great-uncle was still working at 80 and fitter than most 50yo at the time. Then he emigrated with his wife to the US to be with their daughter and family and he built their own granny annex. He came back to this country in his late 80's, where they could no longer afford the medical insurance and refurbished a run-down house and then retired as he was beginning to feel his age, but he did live until he was 98.

Like most things in life, your life, your personal adventure, you decide what suits you and your circumstances to decide when you want to retire. I enjoy working and likewise have no plans to retire while I'm enjoying myself and my health allows me to continue.

[Viral_Jim]

That's already here. It's called the Lifetime Allowance, meaning that if your private pension pot exceeds £1M the excess is taxed at up to 55%.

Yes £1M sounds (and is) a lot, but it's "only" enough to provide a yearly income of around £35-£40K per annum. Ok £35-40K is more than average wage, but it's hardly going to have you living in luxury.

I predict the LTA will only come down in the coming years, divorce is the only practical way to avoid this particular cash grab.  well, that and dying 

[LC0112G]

I predict the LTA will only come down in the coming years, divorce is the only practical way to avoid this particular cash grab.  well, that and dying 

It's possible, but I doubt it. If it comes down any more it'll start to hit lots of public sector workers like nurses, police, firemen etc. and that'll cause lots of fuss. Public sector defined benefit (final salary/career average) pensions have their 'notional pot' valued at 20 times the yearly pension payment. At times 20 it means a public sector pension of £50K p/a is possible without hitting the LTA.  If the LTA were reduced to say £500K, you'd start affecting people with £25K p/a pensions.

There are already cases of GP's and other senior doctors retiring early from the NHS because they are hitting the LTA.

The times 20 multiplier is a crazily low value - should be more like 30 to reflect defined contribution reality - but that would be seen as another attack on FS pensions so I can't see that happening either.

Reducing the annual allowance further is my bet. Currently £40K but I can see it dropping to as low as £20K.

[Viral_Jim]

I predict the LTA will only come down in the coming years, divorce is the only practical way to avoid this particular cash grab.  well, that and dying 

It's possible, but I doubt it. If it comes down any more it'll start to hit lots of public sector workers like nurses, police, firemen etc. and that'll cause lots of fuss. Public sector defined benefit (final salary/career average) pensions have their 'notional pot' valued at 20 times the yearly pension payment. At times 20 it means a public sector pension of £50K p/a is possible without hitting the LTA.  If the LTA were reduced to say £500K, you'd start affecting people with £25K p/a pensions.

There are already cases of GP's and other senior doctors retiring early from the NHS because they are hitting the LTA.

The times 20 multiplier is a crazily low value - should be more like 30 to reflect defined contribution reality - but that would be seen as another attack on FS pensions so I can't see that happening either.

Reducing the annual allowance further is my bet. Currently £40K but I can see it dropping to as low as £20K.

I agree, lowering the annual limit us possible, but I think it was recently discussed earlier this year/last year and was dropped as an option because it attacks those 40 somethings who have spent time saving for a house deposit and have not built up a pension provision. No that what they said previously is any barrier to them doing it in the future.

In contrast, I could see them getting away with £750k and still arguing "well it only affects x% of the richest retirees". Not to mention that bashing gold plated diamond encrusted Final Salary pensions is flavour of the month atm. Not to mention the ability of the gov't to apply a fiddle factor to FS pensions (lower multiple for certain groups etc).