Posted on 06/20/2004 2:51:20 PM PDT by qam1
THE Government is set to raise or abolish the retirement age of 65. People who choose to carry on working until they are 70 will be given full employment rights as Britain falls into line with a European Union directive.
The decision, in a leaked Cabinet paper reported in Sunday newspapers, could be announced within weeks.
The change will take effect in 2006. Some say it is a back-door way to force people to work longer and save the Government money in the face of a pensions crisis.
Business leaders are against scrapping the 65 retirement age.
CBI director Susan Anderson said: 'We don't see any need for change, although we do recognise that in the future we will need more people to work longer.'
Trade union leaders have warned that raising it to 70 could mean that more than 20% of people - and almost one third of men - will die before they receive their occupational pensions.
Research has shown that one in six people in England and Wales died before they reached 65 and a further 7% died before the age of 70.
Londoners, followed by those in the North West and the North would be the biggest losers.
Economists claim that ageing populations will bankrupt Western countries as a wave of post-war baby boomers reach retirement.
TUC general secretary Brendan Barber said: 'Many commentators tell us that we can solve the pensions crisis if we all work longer before we retire. But these figures show that many will have to work until they literally drop if the retirement age is increased to 70.
Ping list for the discussion of the politics and social aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations (i.e. The Baby Boomers) are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
Back to the beginning ? Seem to remember reading that when Social Security started in US the magic age of 65 was about 5 yrs beyond normal life expectancy at that time. What a deal !
That's incentative enough to spur the average prudent and/or belligerant person, to begin eating right, drinking in moderation, excercising and living just as damn long as they can, in revenge!
Wich just goes to prove, my friend, that great minds think alike -- I thinking the same thing.
"Trade union leaders have warned that raising it to 70 could mean that more than 20% of people - and almost one third of men - will die before they receive their occupational pensions.
Research has shown that one in six people in England and Wales died before they reached 65 and a further 7% died before the age of 70. "
This is the PLAN.
Hasn't the US already done something like that in our Social Security if you are born after a certain date???? I do believe I have read about it.
Just look at the actuary tables by race/enthnic background.
So what happens to the young people entering the job market when the older generation doesn't leave the work force? Unemployment will sky rocket. As for me.... I'm hoping to bail from the work force in my mid 50's.
Plan B is to marry someone that can support me with the lifestyle I'd like to become accustomed to. Plan A is more realistic.
Glad this is about England!
Plan B is to marry someone that can support me with the lifestyle I'd like to become accustomed to. Plan A is more realistic.
If Plan B works out, let me know if she has a sister.
Where did we get the age 65 from? Bismarck, who used that year in his (first in Industrial Europe) pension plan for old-age pensioners in the 1880s.
Time to uptick.
Not in the USA where the population is doubling in 50 years --- due to extremely high immigration rates. Plenty of jobs if immigration had any kind of control placed on it and that doesn't include the flood of jobs from the countries because of NAFTA and free trade.
Ending the retirement age or raising it somewhere over 70 would be the best thing they could do for us. Early retirement and sitting around doing nothing when you're still healthy and able-minded are the worst things you can do. Being productive keeps you young.
That's the problem with social programs. People started living longer so they could collect. You can raise it, but people are going to figure out beat the system, if they have to live to 100.
Scary. I need to start playing the Lotto, because Teddy flotation device, et al, will vote to raise our retirement age also.
Trusting the government with your retirement money is like hiring Michael Jackson as a babysitter.
Expensive and dangerous.
I made it by age 54, you can do it too
Retirement age is already being boosted here. Tote that barge . . .
I hope you're not assuming that retirement means "sitting around doing nothing". Early retirees are the travellers; the people who volunteer (much needed now that most wives work); the people who can afford to take lower paying jobs such as social work; the people who are starting their own consultant businesses (and providing jobs for others); etc.
Early retirement is really a bridge between different stages of life. It's not the retirement our grandparents had (if they lived long enough to retire, that is)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.