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Thread: Officially old now
Posted 13 February 2017 at 10:30:56 UK time
W Bretherton, South Gloucestershire, United Kingdom

I've finally reached that age where they give you more money (in UK, 65 I mean). I'm not big on birthdays and don't usually have major celebrations but will eat out later with family. Don't feel any older really but it makes you aware that time is starting to run out........ So, better get the Frog finished so I can actually drive it!

Bill

Posted 13 February 2017 at 10:41:17 UK time
GuyW, Cumbria, UK

Happy Birthday Bill.
The only problem with a birthday at this time of the year is all the cards have pink hearts on them. But maybe you like that!

Posted 13 February 2017 at 10:58:38 UK time
William Revit, Tasmania, Australia

Happy Birthday Bill
Look at it this way mate--
The rest of your life starts now, It's not the beginning of the end , It's just the start of the rest of your long life--Go for it flat out
Cheers
willy

Posted 13 February 2017 at 12:15:30 UK time
MG Moneypit, Cheshire, United Kingdom

Happy birthday Bill. I beat you to that milestone by a few days. 6th Feb in my case but I was in Lanzarote at the time so it was a pleasant experience.

I'm looking forward to my biggest pay rise ever - when I stop paying National Insurance Contribution!!!!

I also decided to go to a 4 day week, which started this week. Yippeeeeeeeeeeeeeeeee

Rob

Posted 13 February 2017 at 14:07:53 UK time
davidsmith, Wokingham UK

better news is that your cohort life expectancy is around another 25 years :-) so plenty of time to wear the Frog out.

Posted 13 February 2017 at 16:46:27 UK time
Jeremy T2, England , United Kingdom

Congrats Bill, hope it's a good one for you and enjoy your retirement pension, you'll have paid in more than enough so now's the time to reap those rewards!

Posted 13 February 2017 at 17:05:48 UK time
Martin , Washington, USA

Happy birthday Bill and welcome to the club. I hit that landmark 4 years ago and retired a year later. It's a tough job being retired. You have to get up sometime during the day and do whatever you want (baring the SWMBO jobs) and I'm forced to drive my Frog for everything. So get her done and enjoy.

Posted 13 February 2017 at 17:06:02 UK time
C Ravenwood, Ontario, Canada

Congratulations on being "officially" old. Age is but a number......

Like the fellow who retired and his wife asked what he was going to do today.
Nothing, he replied.
You did that yesterday, she said.
I'm not finished from yesterday, he said.

Enjoy and a lot more years ahead.

Clare

Posted 13 February 2017 at 17:21:47 UK time
W Bretherton, South Gloucestershire, United Kingdom

Thanks for all the messages, much appreciated. I was fortunate to retire from full time work at 60 1/2 but continued with part-time now and then. Now fully retired. Brian Blessed once said "It's not how old you are but how you are old". I guess anyone with a classic sports car is doing the right thing even if others think we're crazy!
Bill

Posted 13 February 2017 at 17:26:09 UK time
Nick and Cherry Scoop, Hereford, top left corner

Happy birthday, Bill. I envy you young things.

Posted 13 February 2017 at 17:42:44 UK time
davidsmith, Wokingham UK

the fact that some - most? - of us can still lie on a garage floor and do something useful and gain enjoyment from it speaks volumes about our approach to retirement.

Posted 13 February 2017 at 23:24:07 UK time
William Revit, Tasmania, Australia

Interesting you guys talk of getting a pay rise when you retire- They've clamped down on the pension here and are making it more assets based--excluding your home everything else is counted and the more you have, the less you get
It's ok but there's no pay rise anywhere
cheers
willy

Posted 13 February 2017 at 23:32:36 UK time
C Ravenwood, Ontario, Canada

My pension just went up a few dollars but when I turn 65, and my government pension kicks in, my provincial one gets cut back a lot!! I do not understand why that is because I worked and paid into it so I get less because I start getting a few dollars more?

So much for free enterprise.

Cheers,
Clare

Posted 14 February 2017 at 01:15:00 UK time
Prop and the , Black hole midget

65...yepp thats definatly great great grandpa type of age there... your over the hill

Haha

I may still be just a kid in comparison but i sure feel the same as your age...im trying to slow down myself but it isnt easy to do.

Happy birthday 65 is a milestone so enjoy the day and a great evening meal with family and good friends

Prop

Posted 14 February 2017 at 11:28:11 UK time
Mike Howlett, Strathclyde, United Kingdom

I retired at 60 on my NHS pension, which was half my final salary, and I managed fine. My National Insurance and Superannuation payments ceased, and my income tax liability dropped dramatically. Then at 65 the state pension kicked in, but of course it puts up your gross income so I paid more income tax. They give it to you with one hand and take it away with the other. Still, musn't grumble. We are in the fortunate position of owning our own property and not having any real money worries as I approach 70. Don't worry about the numbers. You're as old as you feel. After 70 is only 21 in celsius!

Posted 14 February 2017 at 19:33:12 UK time
W Bretherton, South Gloucestershire, United Kingdom

Willy, Clare
As things stand the standard "old age pension" in the UK is not means tested so everyone receives it. It can be reduced if you haven't paid in enough years of National Insurance over your working life. Also the pension starts at 65 for men at present but that is going to rise to 66, then 67 and probably higher. Women used to receive it at 60 but that is now rising gradually to be in line with the male age.

Also, final salary or career average based company pension schemes are rapidly disappearing. I was fortunate that mine paid from 60 (well 55 if you accepted a reduction). The alternative is an "annuity" which is much worse value now as interest rates are low (unless you made a few million of course....)
Bill

Posted 14 February 2017 at 23:50:32 UK time
Dave O'Neill 2, West Midlands, United Kingdom

Apparently, the average Eurocrat pension is 67,000 p.a.

Posted 15 February 2017 at 10:52:54 UK time
William Revit, Tasmania, Australia

Bill
Sounds about the same as here with the creeping up age part of it- but we have the assets component as well
Also male-female both 65 at the moment but is going to gradually creep up
One weird part of it here is there is the single pension or the couple pension which is like one and two thirds roughly compared to a single
If you happen to be a couple with one at say 66 and the other at say 61 you don't get a couple pension till the spouse hits 65----You don't even get a single pension
They assess you as a couple and then pay half which ends up less than a single, so it can be a bit of a struggle with two living on less than a single pension
Cheers
willy

Posted 15 February 2017 at 11:40:51 UK time
C Ravenwood, Ontario, Canada

The government encourages old people to "live in sin" here. (lol)

If you are a married couple, you get less pension each month in total as opposed to two people living together then each gets the maximum pension amount.

Strange ways of dishing out the benefits, but if you get off an aeroplane with no papers and yell the magic word REFUGEE to get into Canada ahead of everyone trying to get in here legally, you get more benefits in total than a person who worked all their lives here!

No papers? The flight back to XXXXXX leaves in XX hours and you are on it pal. Explain to the people at the flight's point of origin why you have no papers when you got here.

Cheers,
Clare

Posted 15 February 2017 at 12:23:08 UK time
T Mason, United Kingdom

What I always find interesting is that most couples seem to think that a person on their own can live on half as much money. While things like food will obviously cost less most things cost exactly the same. It costs the same to heat a house whether one or two people live in it and it takes the same amount of energy to cook for one or two etc.

Trev

Posted 15 February 2017 at 16:38:47 UK time
davidsmith, Wokingham UK

Not always true Trevor - my wife went to Oz for a month and the bills were noticably less. Phone - way down on usage. Heating - way less as I closed off 3 rooms. Weekly shop - way less than half. Blokes on their own can be remarkably efficient....

Posted 15 February 2017 at 19:19:18 UK time
GuyW, Cumbria, UK

Dangerous talk David! Let her know and she will claim she should get more than half of your joint income!

Oh, she already thinks that?

Posted 15 February 2017 at 20:17:53 UK time
Jeremy T2, England , United Kingdom

The 'transitional' Pension system here in the UK is a complete dog's breakfast and grossly unfair to women.
I think just everyone accepts we all have to work/wait longer for our pension but whilst I have 'only' to wait an extra 8 months and 17 days, my wife has wait 6 years! It means I actually receive mine at a younger age then Mrs T will yet I am only 9 months older. It is IMO indefensible and smacks of a political lash up, for want of a better phrase!
Rant over and if you have been, thanks for listening :)

Posted 16 February 2017 at 00:22:15 UK time
William Revit, Tasmania, Australia

Jeremy
Same applies here
65 for now but if born after 1954 it will be 66 and slowly ramping older and older after that
Cheers
willy

Posted 16 February 2017 at 00:57:06 UK time
davidsmith, Wokingham UK

The increase in women's SP age from 60 to 65 was announced over 20 years ago so it really shouldn't be a surprise to anyone. 20 years to make extra provision to fund yourself if you still want to retire at 60 is not unreasonable.

Posted 16 February 2017 at 01:23:11 UK time
Martin , Washington, USA

>20 years to make extra provision to fund yourself if you still want to retire at 60 is not unreasonable.<

But we all know what human nature is like. "Twenty years! that's plenty of time. I'll start tomorrow." But then, tomorrow never comes.

Posted 16 February 2017 at 08:52:07 UK time
Nick and Cherry Scoop, Hereford, top left corner

Jeremy, it was inevitable, as soon as that chap brought his case against his pension provider, asking to retire on the same terms as women. Fat chance. The 'equalisation' was always going to go the other way.

But as David says, we're talking about a 1990s judgement. Lots of time to get used to it.

But, pension rules where one has to work beyond 65 have been poorly drawn up, I think. Plenty of cause for grievance there.

Posted 16 February 2017 at 16:00:57 UK time
c j ciaffone, North Carolina, USA

Think I retired at age 57 and then worked
several "contracts" for another 2-3 years
before fully retiring and living on US
Social Security, my IBM pension, and an
assortment of Muni-bonds and stock
dividends. Doing OK now, but do NOT
really need a major Medical incident.

Later years at IBM became a drudge, but
contracts at Cisco were a blast!

Posted 16 February 2017 at 19:03:40 UK time
Jeremy T2, England , United Kingdom

David,
yes the original timetable (1995) was deliberately relaxed but I was referring to the 2010 and subsequent 2011 changes which accelerated and resulted in a significant number of women being unfairly, in my opinion, penalised - some like my wife having to wait an additional 6 years. I remain to be convinced how that can be seen as anything other than punitive.
BTW the original timetable was to equalise the pension arrangements from 2020 and not any earlier.

Posted 16 February 2017 at 19:21:07 UK time
Mike Howlett, Strathclyde, United Kingdom

CJ said "Doing OK now, but do NOT really need a major Medical incident."

For all it's faults, thank God for the NHS! Major medical incidents are covered automatically.

Posted 16 February 2017 at 19:46:42 UK time
Nick and Cherry Scoop, Hereford, top left corner

Jeremy - you're talking about 6 years, but presumably that's from age 60, because I haven't yet heard that anybody has to go to 71.

So, what is her retirement age? 66? Better than my wife's present projection.

Posted 16 February 2017 at 20:35:51 UK time
Jeremy T2, England , United Kingdom

Nick,

You can't possibly expect me to reveal Mrs T's age! :) but yes it will be 66. What I'm most pi##ed about is the deliberate reduction of time scale by the previous Govnt and the shabby 'transitional' arrangements they/IDS put into place. It can't be right for a couple of months in birth dates to have such a disproportionate effect on the retirement date.

Posted 16 February 2017 at 21:30:35 UK time
c j ciaffone, North Carolina, USA

Mike, thanks but no NHS over here.

Posted 16 February 2017 at 22:01:24 UK time
Martin , Washington, USA

Jeremy,

You have to remember that the people making all of these decisions for us are the ones who don't need to worry about where their retirement income will be coming from. They've got money and even though they say that they are representing us they're really only representing themselves. Many of them have no idea how difficult it can be to make ends meet on a small fixed income. And as far as fixing dates that don't make sense, well, that's not their problem that you were born after a certain arbitrary date.

And we all know that the lovely Mrs. T is only 39.

Posted 16 February 2017 at 22:14:35 UK time
Oggers, Aberdeenshire

Chaps

The elephant in both the UK's and the US's rooms is the unserviceable debt. Debt is fine provided you can repay it, but both countries are simply adding to it by maintaining a deficit month on month. I really do fear that one day it will all implode around us - in which case further debate is pointless - but at the moment, the huge state liability of pension provision will be increasingly curtailed by whatever devious and increasingly uncivilized means possible, as will all other state funded services.





Posted 16 February 2017 at 23:26:57 UK time
W Bretherton, South Gloucestershire, United Kingdom

My wife will have to wait until 66 for her state pension but, fortunately, is able to receive her teacher's pension. But the age for that is now set to rise.

We are probably the last generation who are able to retire in our 60's (should we choose to).

Posted 17 February 2017 at 00:05:45 UK time
davidsmith, Wokingham UK

I am unapologetic in disagreeing Bill.
Plenty of people now in their 20s, 30s and 40s are actively planning to retire in their 50s and/or early 60s. Simply by starting early, foregoing the consumer crap of today and instead saving and investing for their older age. Everybody has choices.

Posted 17 February 2017 at 00:34:50 UK time
Dave O'Neill 2, West Midlands, United Kingdom

"Mike, thanks but no NHS over here."

CJ, you could always come over here. The NHS has been renamed IHS - I for international.

It seems the UK is a popular destination for health tourists.

Posted 17 February 2017 at 09:14:55 UK time
W Bretherton, South Gloucestershire, United Kingdom

David (Smith), I was alluding to the fact that there, most likely, won't be any final salary schemes (or none that will pay out from 60 or earlier) and it would require a considerable amount to retire on an annuity or other investments. Of course, there will be a few on very large salaries, who do have choices and who might invest in rental properties etc.

But the majority will have to work until 70 or beyond in my estimation. Many young people are struggling to get on the over-inflated property ladder and are then struggling to pay a huge mortgage. Surely they won't have much spare cash to invest.

Bill

Posted 17 February 2017 at 10:31:37 UK time
Jeremy T2, England , United Kingdom

Agreed Martin and that's the shame of the current administration on both sides of the Atlantic.
Maybe being naive but it seems to me HMG is operating an austerity programme for party political rather than purely economic reasons.

BTW how did you know Mrs T's age, she's most impressed!

Apologies Bill for thread drift, enjoy your retirement pension :)

Posted 17 February 2017 at 10:45:30 UK time
davidsmith, Wokingham UK

Bill it's a popular misconception that low wage earners cannot accumulate a decent pension pot.
1. they don't start early enough.
'Save from 21 to 30, then stop. You will have a bigger pension than a saver who starts at 30 and stop at 70. The miracle of compound interest,'
http://www.telegraph.co.uk/finance/personalfinance/investing/10742396/When-saving-for-10-years-pays-more-than-saving-for-40.html
2. The choices I'm talking about are that ordinary people spend extra-ordinary amounts on gadgets, smartphones, foreign holidays, weekends away, new cars on PCP, eating out frequently, clothes treated as disposables etc etc. The boomer generation tended to save first, and only spend what little was left over.

Posted 17 February 2017 at 11:45:25 UK time
T Mason, United Kingdom

David, that article assumes investing 50 a week. Anyone on or near the minimum wage has no chance of putting that amount away. It also assumes it making 7% which is a bit optimistic for the foreseeable future. I also note that it is three years old.

I think we have been lucky to be of a generation with final salary pensions and still retire around the mid sixties. None of that is ever going to happen again. With all that has happened I think most youngsters think that saving is a waste of time and that they will never retire and will have to work till they drop.

Trev

Posted 17 February 2017 at 12:20:43 UK time
davidsmith, Wokingham UK

'I think most youngsters think that saving is a waste of time and that they will never retire and will have to work till they drop.'

which is exactly why they need to be shown the other way. Lack of financial education and common sense - by parents as well as children - must not be allowed to make them a prisoner of poverty in old age.

Posted 17 February 2017 at 15:31:23 UK time
T Mason, United Kingdom

David, I tend to agree, but I think the problem is that there is currently little return on savings and youngsters are growing up with a deep mistrust of our financial institutions with good reason.

Even many people of our generation got caught out by the likes of endowment mortgages etc and an awful lot even fifteen years ago thought they would be getting state pension at sixty or even fifty five and be working a thirty five hour week by now. How times have changed.

Trev

Posted 17 February 2017 at 15:51:14 UK time
Oggers, Aberdeenshire

Trev

I don't think you can judge what the future should be by looking at the past as regards pensions. The life expectancy of both men and women has risen considerably over 20 or 30 years and pensionable age has simply not fallen in line with it. It is not the age that is important here, rather the time remaining over which a pension must be paid. Add to that the increasing population and it is very clear that either state pension provision must reduce and/or retirement age must rise - even further than it is now and even more so given our unserviceable debt.

David is correct. Younger folk must act now to save for their future as the pot may well be empty come the time they retire. I appreciate there is little return on savings but then most pension schemes invest in the stock market - which has been doing reasonably well over the past 20 years or so - though I appreciate that is no guarantee of future performance. Other investments could include gold, assets, and Spridgets or course!

Posted 17 February 2017 at 16:50:41 UK time
T Mason, United Kingdom

Oggers I agree with your first paragraph and although the stock market has done well over the time you specify, returns on all investments in more recent times have not been so good. That is the main reason pension funds found themselves in trouble with final salary pension schemes. I appreciate that over longer periods investment returns have tended to give better returns but there is no gaurentee of that.

Trev

Posted 17 February 2017 at 17:15:34 UK time
Oggers, Aberdeenshire

Trev

My point was that a simple low cost tracker pension fund following the FTSE 100 will do better than simply sticking money in the bank as well as offering minimal risk. Also don't forget the tax rebate of at least 20% if this is a pension fund. Indeed, such funds tend to outperform many "managed" funds - for which one pays more for the privilege of seeing your managed fund perform worse than that of the market tracker.

This con-trick of (actually mis!) managed funds is the main reason why pension funds have not done so well, rather than the stock market itself. That said, if you do a little research, there are some managed funds out there that do manage to beat the tracker - though they do present a higher risk.

Posted 17 February 2017 at 22:13:31 UK time
W Bretherton, South Gloucestershire, United Kingdom

It's interesting the thread had turned into a pensions discussion but it was, perhaps, inevitable. I guess I've tapped into the right demographic (clearly not Prop though...)!

Posted 17 February 2017 at 22:21:17 UK time
Dave O'Neill 2, West Midlands, United Kingdom

Talking of Prop, has anything been seen of him since his other thread was pulled?

Posted 17 February 2017 at 22:23:49 UK time
Oggers, Aberdeenshire

Bill

All elderly relatives of mine advise to do stuff whilst you are still able. Sound advise I feel...

Posted 18 February 2017 at 01:41:22 UK time
Martin , Washington, USA

Maybe Prop is trying to join "He-Who-Must-Not-Be-Named" by getting banned from the site.

Posted 19 February 2017 at 16:18:53 UK time
Jeremy T2, England , United Kingdom

Bill.
your elderly relatives have you advised well believe I!

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