Posted on 03/06/2023 4:16:43 AM PST by Cronos
The UK state retirement age could rise to 68 by the end of the 2030s, reports this week have claimed – prompting headlines about millions having to work longer and many being condemned to “misery and poverty”.
...the UK state pension age (SPA) is likely to rise to 68 sooner than many had expected. At the moment, nothing has been confirmed, but we should know more within a few months, possibly weeks.
The government is duty-bound to regularly review the SPA, and it is understood it must publish the results of the latest review by 7 May this year – but the Sun reported that the chancellor, Jeremy Hunt, was looking at announcing the move as early as the 15 March budget.
It claimed the Treasury wanted the change to 68 to come in as early as 2035 – affecting those who are 54 and under today. Some have talked about the change possibly taking effect in 2034.
What is the SPA exactly? It is the earliest age at which an individual can start getting the state pension. It may be different from the point you can start receiving other pensions, such as any workplace-related entitlement.
For people reaching SPA now, it will be 66 for women and men. For those born after 5 April 1960, there will be a phased increase in SPA to 67, and eventually 68.
The SPA is due to rise from 66 to 67 by 2028. The next increase, to 68, is not due to happen until between 2044 and 2046, affecting those born after April 1977.
(Excerpt) Read more at theguardian.com ...
In Ukraine it’s upon reaching age 60 for men and 58.5 for women, and we pay for that. Here? Not so fast….
The end goal and this includes the US is to raise the age tp a point where most will never live long enough to get anything to paid to the government.
Ultimately the elite just want the money for their lavish lifestyles. There eternal reward will be much different however.
Scam!
That’s how it started out in Germany, when they first introduced the idea of pensions.
It’s just gone full circle.
In the US now its 62 earliest 67 for full; for those 50 years old raise it to 63/68, 40 years old 64/69, 30 years old 65/70 and continue to add one year every decade.
Not quite right. Socialism: the unequal distribution of poverty.
Correct. And those most actively promoting it see themselves as the elite who will rightfully rule over the rest of us.
I wonder how the UK pension system is set up?
Funded the same way as the US system - workers ss taxes pay the benefits of the pensioners? Works only as long as there are sufficient (large!) numbers paying in vs taking out.
I have the same question about the original German (Bismarkian) system!
That reminds me of that old Russian joke. In capitalism, man exploits man. In communism, it’s the other way around.
Our SSI problem would be solved by raising the minimum age to 65 and full retirement age to 68. It is almost there anyway.
The chicken will be about ready to exit the snake by the time this current crisis in SSI ends anyway. Right now we are at peak chicken.
I feel like I’m doing my part and trying to die as soon as possible.
I think every country except Singapore has a system of “current workers pay for past workers”
note “I think” - I don’t know that for certain.
Makes sense - easiest for politicians to do; a swindle!
What about Chile? The Chicago School (Friedman) came in and set up their version of ‘universal pensions’ without harming the benefits of those already receiving them. However, I saw from a book review that Chilean politicians monkeyed with it and now it’s in trouble. Anyone know the facts on that?
Don’t know much about Chile’s economy besides “the Chicago boys”
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