Director of public affairs at PensionBee Becky O’Connor explains what the Government considering plans to raise retirement age to 68, by 2035, could mean for people.
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Government Considers Plans to Raise Retirement Age to 68 by 2035
In a move that is likely to raise eyebrows amongst the working population, the government is considering proposals to raise the retirement age to 68 by the year 2035. Pension expert Becky O’Connor has recently shared her thoughts on this potential change and its implications for people planning their retirement.
The idea behind this proposal is rooted in the increased life expectancy of the population. With people living longer, the idea is to align retirement ages with longer life expectancies and to ensure the sustainability of pensions. While this may seem logical from an economic standpoint, it poses several challenges for individuals who have been planning their retirement based on the current expected age of 67.
Becky O’Connor warns that this change could leave many people feeling unfairly penalized. It is important to remember that while people may be living longer, this does not necessarily mean they are healthy enough to continue working until their late 60s. Health and physical capability decline with age, and pushing the retirement age further back could have a significant impact on the quality of life for older workers.
The proposed change also has implications for pension planning. Many individuals base their retirement plans on specific ages, and delaying the retirement age could mean having to save for a longer period of time. This could potentially be a challenge for those who have not saved enough or have other financial commitments.
Furthermore, the proposal raises concerns about age discrimination in the workplace. With a higher retirement age, older workers may find it increasingly difficult to secure employment or may face pushback from employers who prefer to hire younger individuals. This could have a detrimental impact on older workers’ financial situations and job prospects.
A potential solution to address the challenges raised by this proposal is to ensure that the option for early retirement remains available. O’Connor suggests that the government introduces flexibility into the pensions system, allowing individuals to retire earlier if they choose to, without being penalized. This could serve as a compromise that takes into account individual circumstances and preferences while also addressing the economic concerns surrounding pensions.
Ultimately, the government’s consideration to raise the retirement age to 68 by 2035 is a controversial move that requires careful consideration. While it may be necessary to address the financial sustainability of pensions in light of longer life expectancies, it is also important to recognize the potential impact on individuals and the need for flexibility. As this proposal is debated and potential changes are discussed, it is crucial that the voices and concerns of workers and pensioners are taken into account to ensure a fair and effective solution for all parties involved.
Pension companies will love it, they can rob even more of our pension funds like pensionbee have done. Nothing but liars, i shoukd know, they've lost a fortune investing my funds.
VOTE this SH.T TORY government OUT they don't look after there own SIX MILLION a day on illegal MIGRANTS voters say enough enough
Here's the thing, the government are raising the pension age as they are useless with finance. How comes businesses make billions in profits but all our governments have ever done is sell anything that might bring in money, like the electric and gas and water companies all originally state owned. Now they want extra money to give to Ukraine. I think it's time for us British people to do a french number on them.
What an insult, the French have gone mad with their pension going up to 64, while in the uk your corrupt government are forcing you to work an extra 3 years to pay tax while they are all guaranteed to live in luxury when only working a maximum of 20 years or less ? Wake up FFS
The amount of money this government is wasting keeping illegals in hotels, and duff ppe during the Covid, and they want me to work longer.. bollox
I think it should go off what you do for a living if you're working in an office I think you should work longer if you work outside manual labour you should retire earlier more chances of getting arthritis etc
Bet Rishi wont be working at 68. His got 730 million reasons why he doesn't care. Try being a ground worker or a tree surgeon or a scaffolder at 68. Ok for some one who the heaviest thing they lift is a pen
This Government is completely out of touch with reality, I'm a manual worker, how the hell am I going to stay working till 68? The sooner we vote these clowns out the better.
So we can work our arses off to keep the illegals in 5*star hotels
They're rioting in France over this very subject
Who doest belive politicians havent made special rules for themselves . You are all slaves, wake up.
Raising the age servers 1 purpose. Dont bother saving for retirement. If you had build up a nice stash of cash to have a comfortable retirement, you would have gotten a pension and had your cash ontop. Now you have to goto the unemployment office at 60, they will see your bank acount and freeze it, then spoon feed you your own savings till your 70. Person B who blew it on good times, will get the same for free. Whos the mug.
I think you'll find the plan is to push the date out beyond death. The pension scheme is a pyramid selling scam and there aren't enough new suckers with a falling birth rate to fund it. So the pyramid is reversing. Its mathematically impossible to pay people what's been promised. Poor people with no money tend to destabilise society specially if you lie to them and rob them. Its apparently not illegal if the goverment does it.
I'm 39 and believe this is the right move even if it's not great personally. Reality and the UK population pyramid all but demand this. Yes, lifespan isn't increasing now at the same rate, which only proves this inevitable move should have been done a decade ago. Put another way, if this isn't done, other comments below that state pension will be worthless will absolutely be true. This move offers a glimpse of hope beyond the current demographic and economic reality.
Raising the retirement age is indicative of failed economic policies brought in by failed politicians and public servants. A successful country with successful policies lowers its retirement age. Better policy and law makers needed…
Excess deaths will save pension payouts.
Look at some of the jobs that people do and do you think that they can keep on going for 70 in a factory those I know barely get on in it.
Why when there is more productivity then we should retire at the same age and some for longer as we are a rich enough country to afford the basics.
No way they can not keep moving goal posts . People should be able to retire at 65
Whats point being healthy if were just gunna live longer to work… Only reason I go to work is to live life
Disgusting but people will no doubt bend over and take it.
Ponzi scheme by any other name.
Not a chance if I hit 60 I won't be doing another day I've already done 37 years and that's plenty for me .
Absolute joke
This will backfire. Who will employ a 65 year old?
Won't be a pension soon for anyone
Is that for the real workers or the thirty five million who seem to have retired at twenty to fifty five?
Keep working folks, well someone has to pay my pension…..
British idiots let the government make people work until they die. The French retire at 62. They would have heads on spikes and call for revolution for this crap. But us Brits, just let the Tories take the piss.
Why not 80 hopefully reducing the pension payout .Good old victorian England. Slaves till the end.
Government ramps up killing off pensioners from exhaustion so they don’t have to pay out what has been paid in all their adult life. Genocide! They’re literally working us to death!
Let's have a referendum
Outrageous!!
Welcome to victorian Britain work until you drop when are they reopening the poor house's?
I'm 35, being paying into my workplace pension for 13 years and am now convinced I am shooting myself in the foot, despite the nice employer contributions.
The first thing that will happen is means testing will come in and people with private pensions will get nothing back from the state, regardless of tax paid over decades.