One in six of people alive today in UK will live to be a hundred

[HeadingNorth]

If 1 in 6 get's to 100 how many will get to 80+, 3 out of 6? There are enormous implications for society and how we fund this.

 

 

It's been very clear for a long time that "we" cannot fund this. We have no option to but to switch to a system where people provide for their own futures, instead of paying for the ones already retired, who paid while they were working for the ones retired at that time, etc.

 

How to make the switch is a far thornier problem. The politicians of the early 20th century were too short-sighted to see that the Ponzi scheme they set up for pensions would, inevitably, collapse into bankruptcy - well, it's going to happen fairly shortly unless we buckle down and get rid of it first.

[wednesday1]

It's been very clear for a long time that "we" cannot fund this. We have no option to but to switch to a system where people provide for their own futures, instead of paying for the ones already retired, who paid while they were working for the ones retired at that time, etc.

 

How to make the switch is a far thornier problem. The politicians of the early 20th century were too short-sighted to see that the Ponzi scheme they set up for pensions would, inevitably, collapse into bankruptcy - well, it's going to happen fairly shortly unless we buckle down and get rid of it first.

 

 

One of the problems with private schemes is that so much of money paid in goes in fee's of one type of another with not enough reaching the pensioner, there was a report recently which said as much.

[Mecky]

The point I was making is that most people, I suspect, would like to save, but poxy wages prohibit saving anything near the required level.

[HeadingNorth]

One of the problems with private schemes is that so much of money paid in goes in fee's of one type of another with not enough reaching the pensioner, there was a report recently which said as much.

 

Admittedly, the solution - whatever it is - must also include the assumption that people have enough intelligence to choose a policy with lower costs instead of a policy with higher costs. For myself, I like to think people do have that much intelligence.

[wednesday1]

Admittedly, the solution - whatever it is - must also include the assumption that people have enough intelligence to choose a policy with lower costs instead of a policy with higher costs. For myself, I like to think people do have that much intelligence.

 

 

Well sadly I think your confidence is misplaced. Some people do not research things perhaps as they should and can easily make mistakes. We have had the endowment mis-selling scam and all the recent financial sector chaos.

The same people selling these types of financial product probably are the same one's selling pension plans. Dracula and bloodbanks spring to mind!

[Greybeard]

Heck...you don't have to live to be a hundred if you don't want to, there's nothing compulsory about it.

 

If you become bored to death or utterly impoverished just find a comfortable and painless way to opt out

[pattricia]

There are worse things in life than death. Think of death as cutting down on your expenses.

[JFKvsNixon]

And if not?

 

Make sure you have sold your house and spent your savings ......... sorry kids it looks like you're on your own .......... just think I could have ******* it all up against a wall and be no worse off.

 

The funny thing about growing old is that it serves as a filter for people with health problems, so the people who get close to a hundred tend to have fit and healthy bodies.

[Gordonb]

And if it happens here then it will be everywhere in the world. China is struggling to cope with its population as it is. How long before we use up every available bit of earth on this planet. Maybe in years to come we will have to turn into cannibals as there will be nowhere left to grow crops. Maybe the thought of living to over 100 is not that appealing after all.

[chem1st]

When the pension was first introduced, the age you began claiming was 70.

 

The average life expectancy was much lower.

 

Now the life expectancy is far higher, and the pension age recently dropped to 60. It is slowly rising again to 65 and then will rise to 69. Further rises will no doubt occur, particularly for the +9% tax for life generation.

 

Euthanasia will no doubt be legalised at some point.

 

High immigration will continue to try and keep the worker to pensioner ratio above 2:1