U.K. pension age set to rise to 66 sooner than expected

marketwatch.com/story/uk-pension-age-rising-to-66-sooner-than-expected-2010-06-24?siteid=YAHOOB

Don't be surprised if this happens here. 66 or maybe even 70 within a few years. Pension funds aren't making it these days in this economic climate.

People are now healthier and are living longer so I don’t really see a problem with this increase. Although over here in Europe it’s got more to do with plummeting birth rates and a corresponding aging population profile coupled with a massive social welfare state system.

[quote="ProVobis, post:1, topic:203086"]
marketwatch.com/story/uk-pension-age-rising-to-66-sooner-than-expected-2010-06-24?siteid=YAHOOB

Don't be surprised if this happens here. 66 or maybe even 70 within a few years. Pension funds aren't making it these days in this economic climate.

[/quote]

Well it ought to happen here and the sooner the better. For folks in my generation (I'm fifty-two) 65 should be early retirement and 68 for full benefits with the numbers revised up for those born in later generations.

When Social Security was enacted the avg life expectancy was 64 years.

heh i bet they will rise it to 70. I'm thinking of start my own business and try retiring early.

[quote="didymus, post:3, topic:203086"]
Well it ought to happen here and the sooner the better. For folks in my generation (I'm fifty-two) 65 should be early retirement and 68 for full benefits with the numbers revised up for those born in later generations.

When Social Security was enacted the avg life expectancy was 64 years.

[/quote]

Raising the age requirements would disenfranchise many African-Americans and Latinos, who have shorter life expectancies then their white counterparts. Many would pay into the system and never see a dime.

census.gov/compendia/statab/2011/tables/11s0103.xls

census.gov/compendia/statab/cats/births_deaths_marriages_divorces/life_expectancy.html

I would suggest that while the retirement age may need to be raised for fiscal reasons, the rise in life expectancy alone is no justification. Shouldn't some of the benefit of better medical care be that people get to retire for longer periods of time? I mean, the purpose of living longer isn't just to work more.

I must admit to a level of cynicism about this.

In a society where job security is pretty low and where the chances of getting a new job at 50, never mind 60, are pretty slim, the main advantage is that Job Seeker's Allowance (unemployment benefit) is about half the State Pension. Keeping unemployed older people on Job Seeker's Allowance (which is eliminated or reduced by savings or any other income - like private pension payments) has considerable advantages.

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