Penson Gripe

[Peter]

OK

I have known for a while due to my age that State pension will not be paid to me until I'm 68. (So where are the people protesting at the 3 years of swindling going on?)

At present rates it is costing me about 16K.

I'm type 2 diabetic,I no longer drink alcohol or smoke a Cuban apart from special occasions.

Since being self employed over 100k in corp tax paid in 8 years.

Mrs Peter has recently lost her pin money job so I suggested Job seekers allowance....not available.

So if I stop trying to work it will be nil £ plus we are not insured...nil £.

Rant over.There are loads more issues. bah humbag.

I will just get back to my coins.

[declanwmagee]

I will just get back to my coins.

I wouldn't be surprised if it turns out that there's no safer pension than coins, Peter!

I know I'm completely reliant on it...

Edited December 5, 2013 by declanwmagee

[Geordie582]

Perhaps if you look on this as a percentage of life expectancy things would look different. Most of my contemporaries are dead. Makes you think. Most of my fathers' work mates only had a couple of years, including my Dad.

[Coinery]

I will just get back to my coins.

I wouldn't be surprised if it turns out that there's no safer pension than coins, Peter!

I know I'm completely reliant on it...

It's certainly our long-term plan!

[Peckris]

Perhaps if you look on this as a percentage of life expectancy things would look different. Most of my contemporaries are dead. Makes you think. Most of my fathers' work mates only had a couple of years, including my Dad.

My grandfather consulted insurance actuaries before deciding whether to retire at 60 (he was a teacher). They told him "Retire at 60, you can expect a further 18 years. Retire at 65, it will be three." So he retired at 60, and died aged 78. Spookily accurate...

(Mind you, that was decades ago - 70 is the new 60, and all that.)

[Gary1000]

I'm waiting for the insurance companies to start kicking up, As you increase the retirement age more and more people will be dying in employment, it's going to cost them a fortune.

[scottishmoney]

One of my grandmother's brothers retired at 65, and passed away two weeks later. His wife had been on him to retire at 60 - he should have listened to her.

[Rob]

I'm waiting for the insurance companies to start kicking up, As you increase the retirement age more and more people will be dying in employment, it's going to cost them a fortune.

Hmm. Not sure here. As the average life expectancy increases, this should also delay the demise of those who are below the mean. Unless all the increase is taken up by those who are already healthy but live longer due to advances in medicine, the same advances must also affect the bottom end of the distribution curve. The average life expectancy over the last generation has increased by at least half that number of years, so a 5 year increase in the retirement age shouldn't result in more people dying in employment. Given the acknowledged difference between the life expectancies of those at opposite ends of the social spectrum, it is more likely that those dying younger will be unemployed in the years leading up to the age of 70 - so probably irrelevant to insurance companies paying out for those dying whilst in companies' employment.

[bagerap]

I spent a few years as a publican and know personally of four cases of pub landlords snuffing it the day after they retired.

[Accumulator]

I'm waiting for the insurance companies to start kicking up, As you increase the retirement age more and more people will be dying in employment, it's going to cost them a fortune.

Hmm. Not sure here. As the average life expectancy increases, this should also delay the demise of those who are below the mean. Unless all the increase is taken up by those who are already healthy but live longer due to advances in medicine, the same advances must also affect the bottom end of the distribution curve. The average life expectancy over the last generation has increased by at least half that number of years, so a 5 year increase in the retirement age shouldn't result in more people dying in employment. Given the acknowledged difference between the life expectancies of those at opposite ends of the social spectrum, it is more likely that those dying younger will be unemployed in the years leading up to the age of 70 - so probably irrelevant to insurance companies paying out for those dying whilst in companies' employment.

With the announcement of increases in the retirement age, an MP was on the radio complaining of 'geographical discrimination' as, apparently, people living in Wales, Scotland and the north of England have a lower life expectancy. Then there are those claiming that young people are being discriminated against as they will most likely have to work until 70+ before claiming their pension, while funding older people who were able to retire earlier. They forget, of course, that the advances in medicine which offer them a greater life expectancy were funded by those very same retirees. I fear it's a conversation that will never end!

[josie]

Maybe pensioners saving can have a stock in government owned and newly privatized company and have their reprsentative elect, pensioner and all their savings dont know what will be the rate of interest per day,maybe they can acqire one hospital etc.

Penson and health insrance in one with yearly medical general consltation or medical test.

Edited December 20, 2013 by josie

[Peckris]

Maybe pensioners saving can have a stock in government owned and newly privatized company and have their reprsentative elect, pensioner and all their savings dont know what will be the rate of interest per day,maybe they can acqire one hospital etc.

Penson and health insrance in one with yearly medical general consltation or medical test.

Good to see you again Josie - have a happy Christmas.

[geoffhobson]

I worked for the same company for 33 years. I decided when I was 58 I had had enough, but could not afford at the time to retire. However I did retire two years later when I reached 60. Sold my house and bought down, paid off the morthahe and all other debts, I did struggle a bit for the next five years, could not have a holiday or a new car, but once I received the state pension I was well off. No mortgage new car I can do most of what I want to do. Gold coins are out of my reach though,

Geoff.

[Peckris]

I worked for the same company for 33 years. I decided when I was 58 I had had enough, but could not afford at the time to retire. However I did retire two years later when I reached 60. Sold my house and bought down, paid off the morthahe and all other debts, I did struggle a bit for the next five years, could not have a holiday or a new car, but once I received the state pension I was well off. No mortgage new car I can do most of what I want to do. Gold coins are out of my reach though,

Geoff.

Being disabled, when I cashed in my personal pensions I was surprised to get as much as I did - I'd always regarded my 'pot' as a bit on the weedy side, but it matches my disability benefit each month, so I'm not complaining! Like you, I wouldn't buy gold, but I'm not attracted to gold coins anyway; there's no toning variation.