The UK state pension has already steadily increased and it is soon to go up further to the age of 68.
In this video I go through the implications for the rise in the state pension and what it could mean for you.
We already have one of the highest and least generous state pensions in western economies and this is a further squeeze on people who have worked hard all their lives.
#pensions #retirement #ukstatepension
timestamps
0:00 intro
1:40 how UK compares
2:46 when will the changes come into force?
3:12 messed up retirement plans
3:50 how much you need for a comfortable retirement…(read more)
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The UK State Pension Age Will Rise to 68: What Does it Mean for You?
The UK government has announced that the State Pension age will rise to 68, affecting millions of individuals who are currently planning for their retirement. This decision has sparked debates and discussions among various age groups, as the increased pension age will have a significant impact on people’s financial plans and retirement aspirations.
Firstly, it is essential to understand what the State Pension age is and how it works. The State Pension is a regular payment made by the government to eligible individuals who have reached the qualifying age. Currently, the State Pension age stands at 66 for both men and women, but this new ruling will gradually increase it to 68. The change is expected to be implemented between 2044 and 2046, affecting those born between April 6th, 1970, and April 5th, 1978.
One of the key implications of the rise in the State Pension age is that individuals will have to work for longer before being eligible to claim their pension. This means that for the younger generations, retirement will become more delayed, and they will need to adapt their financial plans accordingly.
For those who were hoping to retire at 65 or 66, this change may come as a disappointment. It will force them to reassess their financial situation and consider whether they can sustain an extended working period. This may require reviewing savings, investments, and other retirement plans to ensure they can maintain their desired lifestyle until they reach the new pension age.
Moreover, individuals planning to retire before the new State Pension age will need to consider additional sources of income to bridge the gap. They might consider private pensions, workplace pensions, or personal savings to make up for their postponed state pension. The importance of saving for retirement and exploring various pension options becomes even more crucial for the younger generation.
It is important to note that the rise in the State Pension age is in response to increasing life expectancy. As people generally live longer, it puts additional pressure on the government to finance a more extended duration of retirement for its citizens. While extending the State Pension age seems reasonable from an economic perspective, it may have social consequences for those who are unable or unwilling to work until the new age.
Those who are physically unable to work may face financial challenges during this period of extended working life. Furthermore, individuals who have physically demanding jobs may find it increasingly difficult to continue working until the new State Pension age. This raises concerns about the impact on both physical and mental health, as working past traditional retirement ages may be strenuous for some individuals.
In conclusion, the UK government’s decision to raise the State Pension age to 68 will undoubtedly shape the retirement plans for millions of people. The younger generation will need to adjust their expectations, potentially work for longer, and explore alternative sources of income to sustain their lifestyles. The need to save for retirement becomes even more critical under this new ruling. However, it is essential for policymakers to consider the potential consequences and challenges faced by individuals who may find it difficult to work until the new pension age. Ultimately, it is crucial for individuals and society as a whole to adapt to this change in order to ensure financial security and well-being in retirement.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family..
For those of us who live overseas {Australia} but have continued to pay our National Insurance contributions, we look forward to a retirement pension that never gets indexed for inflation after we get it, so if you get get £185 per week, then that’s what you’ll be getting 15 years later.
Means testing the state pension….. I didn't have the opportunity myself to means test if I wanted to contribute into it for 35 years. it shall be a disaster for peoples finances, £185.00 PW is not a huge sum of money, but I will be gunning for all that I am owed. Born in the UK I live in France now, I feel the British people don't fight enough for what is there's, And so I bet They will passively except means testing if it comes in. God Help them Dianne. Great Content BTW
Hi Diane. I have been on the gov website to calculate my pension age. It states July 2026. I was born in May 1960. Are they raising it to 67? I am exhauzted and suffering from arthritis. Very worried.
5th and 6th of June. Will the UK Gov be made to give back the right to retire at 60 to all those women who worked and paid their National Insurance yet now have their pension payout delayed until 66. Judicial review – media black out. We all know that the pension age for women born in the sixties has been raised. Did you know a campaign called "Back to 60 movement "has won the right to a Judicial Review and is taking the DWP to the High Court ? On the 5th and 6th June they will attempt to get the 3.9 million women justice over non consultation in raising the pensionable to 67 and above. Michael Mansfield QC will lead the case and the argument for the movement. However there does not appear to be any media coverage regarding this significant event. That is why I am raising the awareness now. Let's hope and pray for justice rightly deserved PLEASE, PLEASE COPY AND PASTE
Seems to be a media blackout on this issue which suggests that the government have put a block on the media reporting it – this is exactly what social media is good at. so share the hell out of it please. Come on ladies this is worth a great deal to you.
You probably won’t get the option to share this for some reason so it’s important for everyone to copy and past, it could mean every woman that was robbed by the government of six years pension, could get the back pay they are entitled to,
How come they can spend 9million a day on imagrants but they can't pay us a decent pension
It's because they want us to die,before they have to pay us a pension,luvly coverment we have,not
Criminals robbers politicians,
What this government want is for us all to work all our lives and then drop dead a year or so before we are due to retire. That way they get to line their own pockets even more. Like the doddering old men who limp up to the house of Lords , collect their £323 per day,and then limp off home again. Apparently they don't get paid but are entitled to these "expenses ". You couldn't make it up
Classic British reaction….trousers down and bend over!
We need to follow the French and strongly protest.
Time people rise up and overthrow this government,petitions, marches don’t work. Organised direct action is needed.
The Uk has the lowest Life expectency in the G7 apart from the USA it was just annoinced They changed the age on the basis life expectancy was rising not fallng. Guess they will reverse the age increases to 67 now ? Not a cat in hells chance as the more inteligent & cynical knew it was just a shady Trick to weasel out of paying pensions.
The one of the biggest problems is that people have a younger age do not realise what is ahead of them unless you seem to be well educated or have got into depth about what you might need in retirement people just walk into it and then realise they haven't done enough one day, the people will wake up and realise they are being shafted and I also blame the unions for their part in letting the pension age in without a big fight to stop it, I cannot remember the ex-union guys name that Ford for pensions increases over a number of years, and that is why pensioners of today get more than they used to, but is still not enough to have a reasonable comfortable retirement for most people. What the government would like everyone to do it on the day of their retirement to enjoy it and die the following day, saving them a lot of money.
I am 41 and already worked for 20 yers of my life. To have to work another 27 years just to receive pitty money is just ridiculous… let's be honest, many of us will not live until retirement age.
We need a change in government
They are capitalising pensions
Hi, this is the first time I have seen this site and it will be my last.
The money they saved on people who died from covid the money saved money. grabbing baskets
Its not one more year tho is it ? women allwas retired at 60 in the past and this was the agreement with the goverment when they started work at 15 or 16 years old .Thats EIGHT years, about £77,287 that people have been ripped off not one . They will continue to ''move the goal posts ''untill the state pension is gone all together and no one seems to be doing anything about it .
Means, when you retire, you have to spend all your super, before you get any pension, most people will die before, leave children there super, but the government will tax this by 30 pc,
The reason is to many foreign people everything free
Craxy I retired at 62 enjoy 15years of enjoyment 68 die at 74 so 6 years your craxy I wouldn't
Sign on if you live in rented accommodation and you'll be better Off and take early retirement , because when you reach 60 your body starts falling apart im 68 now ,bad knees,bad hip,bad back, Emphysema,and my arteries are clogged,to think I would have to work the last 4yrs it would have killed me……
the government are stealing your pension Most of Europe retire at 62 but is now being increased to 64, only somebody who sits on their fat arse in an office Could come up with this nonsense you work in the building game you will knackered at 65
I was born in 1961 and singed up draw pension at age 60. I've worked since I left school at 18. First it was put up to 65 then to 66 and now I have to wait until 67. I have been robbed. I'm still working at 62. Robbing bastards.
Someone as to pay for the free lodgings and benefits of all the immigrants that Tony Blair invited. Isn't cultural enrichment wonderful.
I will not comply
It means our state pension will go to fund the iligal migrant invasion
State pension around 10k a year raising the age by 1 year millions will lose 10 grand each
The original state pension was for men over 70, when life expectancy was 50. Back to the good old days !
You know why they keep doing this, because they hope we all die before we reach retirement, then they have all the money we have paid in over the years. As well the savings making people work longer.
Sorry stop wasting tax payers money on migrants then we could retire early this government are currupt
This is not new it was announced at least 2 years ago that people born after I962 would have to work til 68.
They should allow people to draw state pension at 40 years contributions.
We all need to plan for what is a phased retirement plan. Put as much as you can away into a private scheme. Imagine people trying to do a heavy manual job at 67 never mind 68. I've planned phased retirement (I`m 59 now) at 61 to work part time that when I get my private pension but it only pays at moment my household bills, but allows me after working 45 years contributing to do that option. I`ve had enough of working 50, 60 hr week, I want a life, something the government appears not wanting us to have and having a work until you drop dead philosophy.
The cool thing is if they keep raising the bar eventually, they will be able to keep all the pension money to share with their rich friends! Greedy Psychopaths are fun to watch in the movies but they are never good in Public Official positions!
You know what I mean?
were screwed as usual, bet MP's will be ok
Maybe if the uk government didn't keep handing out our hard earned money to everyone, apart from its own citizens who earned it we could retire at 56, everything is taxed and never given back
Move country…
Avenger age of Dying is 72 years old so how long do you pay in and how long do you get any support pension back?
working till 68 is ok for some one who works in an office but any one working in heavy industries it will break these people i know my back is knackered with working in the construction industry these idiots that have made these changes want to leave there air con office and try working for a living and these pricks have never done a days work in there lives
We all have to work into our seventies to keep the migrants in the manor they deserve.
as a millennial there will be no pensions for my generation, or if there is it will be a token only. Subsidizing a system we will never get to avail of is frustrating but such is the world