A lot of concern has been raised about the so called ‘Granny Tax’ in George Osborne’s latest budget , but also slipped in to the speech was:
“I’ve also said that we would consider proposals to manage future increases in the state pension age, beyond the increases already announced.
I can confirm today that there will be an automatic review of the state pension age to ensure it keeps pace with increases in longevity.”
So will we be expected to work beyond the 66 in 2020 and 67 in 2008 already announced –it will be unclear until the summer. Depending on the nature of the work we do, is it realistic to expect us to work beyond this? Even with the skills and health to work we need to change mindsets in the workplace to have employers be more open to hiring a mature workforce. I am personally concerned by growing grumbles from the young, who see older workers retiring later as effectively taking jobs from them. This is a situation that needs to be addressed. Yes we are having to work longer, but mostly through necessity and not choice ! We should not be blamed for jobs that are not there.
We recognise that we are living longer
We all recognise that we are living longer, when the retirement ages were set back in 1948 , life expectancy was somewhere in the region of only 66 for men – not many years to actually draw a pension!
We recognise that life expectancy has increased without the pension age being raised for decades. But it seems that the adjustment in retirement is particularly harsh on a relatively small group, particularly women, who are having to cope with a huge adjustment in one foul swoop
Traditionally ,we babyboomers have tended to marry men several years older and with staggered retirement ages had anticipated spending a happy retirement together. Now as retirement ages are delayed, and with men and women retiring at the same age and later in life, dreams of enjoying retirement together may no longer be a reality for many couples.
We are having to make huge adjustments to our future plans .
Any feedback or thoughts?