Let's talk about the true cost of ageing

[tzijlstra]

Equal opportunities for those of certain ages has to be a top-priority, it is changing (no longer can someone be forced to retire against their will, at least not in Universities, not sure whether that is national law?), but it is changing too slowly, we need to start finding it normal that the elderly work, Britain is already light-years ahead compared to the continent by the way, which is a bonus.

 

Yes, it is national law after introduction of the Employment Equality (Age) Regulations 2006, and Equality Act 2010.

 

I agree with most of what you say, but can't see that any party has, or ever will have, the political will to do anything about it. They would become unelectable (if they aren't already )

 

True, it is indicative of the failures of our system and one has to wonder what the merit of democracy is when unpopular decisions lead to unelectability.

 

Of course, I believe that this discussion is eminently understandable and clear for all the voters if only the governing parties would strive to inform WHY these changes are needed.

[Gormenghast]

True, it is indicative of the failures of our system and one has to wonder what the merit of democracy is when unpopular decisions lead to unelectability.

 

Of course, I believe that this discussion is eminently understandable and clear for all the voters if only the governing parties would strive to inform WHY these changes are needed.

 

I was on another place recently and the need for people to work longer came up. In spite of putting the case in a reasonable manner I met with utter outrage that the "fascist scum" government dared to increase the pension age.

 

Most people wouldn't (or wouldn't want to) understand why, even if it was explained in words of one syllable. It's not only the governing parties that need to man up and bite the bullet, it's also the electorate that need to get a better understanding of the economic disaster that is looming if we don't do something soon.

 

(By the way, I enjoyed the amazing technicolor posts. )

[tzijlstra]

I was on another place recently and the need for people to work longer came up. In spite of putting the case in a reasonable manner I met with utter outrage that the "fascist scum" government dared to increase the pension age.

 

Most people wouldn't (or wouldn't want to) understand why, even if it was explained in words of one syllable. It's not only the governing parties that need to man up and bite the bullet, it's also the electorate that need to get a better understanding of the economic disaster that is looming if we don't do something soon.

 

(By the way, I enjoyed the amazing technicolor posts. )

 

A democracy is as successful as the voters. There are too many people happy to ignorantly chew up populist party politics, unforgiveable in this information age.

 

 

Yes, the colours were great haha!

[mikebatty]

One of the biggest issues facing the budget of the UK is pensions. They are rising at an almost unsustainable level, for the coming two years they are expected to go up with 5 billion pounds a year. It is by far the biggest increasing source of expenditure in the social welfare budget, expected to go from 130 billion in 2012 to 155 billion in 2016.

 

George Osborne does not talk about this a lot, it is a factor he seemingly has no control over. The fact is though that this rise is set to continue well into the second half of this century. Projections have it that pensions as a percentage of GDP are about to inflate from 8,9% to 10,8% whilst simultaneously the cost of healthcare is set to inflate from 6,8 to 9,1% by 2061/2062.

 

These might seem like small numbers, but in real terms this is a rather devastating impact. In real terms that means pensions are going to quadruple in cost to the state by 2063. Quadruple. This leaves the state with a decreased ability to pay for anything other than pensions and we haven't even mentioned the consequent costs of healthcare which will follow a similar trajectory.

 

The reason for this increase is encouraging though: we are all living longer, children who enter primary school now will live to be 100 on average. Life is to be celebrated, but it is time that we face the reality of the enormous costs facing us and adjust our expectations to meet them.

 

Much of your statistical discourse is quite valid . There are however ,other aspects which have to be taken into consideration also .

Yes, we should celebrate longevity , and that can be attributed to the many advances in both medical and sociological advances - in both the survival rate

of new born children as well as treatment and care of our older people .

It is true to say that increased costs in pensions is an increased cost on our national budget. However, as a pensioner who has paid into a pension system all my working life which, to all intents and purposes , has been an investment to which millions have contributed , is only a return on that investment for older age . Having said that , it also worth mentioning that , I also pay tax on my pension and,I am receipt of no other benefit from the state .

That having been said, I am a member of a society to which I am more than willing to contribute , hopefully , to the benefit of our future generations.

[lily may]

That expense can be cut by increasing the pension age, and cutting excessive public sector pensions. More money can be raised by getting the people on benefits into work.

 

Agree with this

[tzijlstra]

Much of your statistical discourse is quite valid . There are however ,other aspects which have to be taken into consideration also .

Yes, we should celebrate longevity , and that can be attributed to the many advances in both medical and sociological advances - in both the survival rate

of new born children as well as treatment and care of our older people .

It is true to say that increased costs in pensions is an increased cost on our national budget. However, as a pensioner who has paid into a pension system all my working life which, to all intents and purposes , has been an investment to which millions have contributed , is only a return on that investment for older age . Having said that , it also worth mentioning that , I also pay tax on my pension and,I am receipt of no other benefit from the state .

That having been said, I am a member of a society to which I am more than willing to contribute , hopefully , to the benefit of our future generations.

 

Hi Mike, thanks for your contribution, as a current pensioner you are lucky! You are also right, you did your bit and a resolution to this mess has to be found by making it as fair as possible to all those that already contributed.

 

Unfortunately the harsh truth is that we have to take steps to afford the cost of ageing.

[lily may]

Been there and I know different, payed more for doing less work, hence the reason public sector jobs are in high demand. Everyone I know that works in the public sector have managed to easily absorb the work that others used to do before the cuts. And they are all paid more than their private sector counterparts and have more perks.

 

Too true been there and know exactly what you mean. I have to admit I was paid extremely well for the job I did, and if I'm totally honest I was over paid.

[natjack]

http://money.aol.co.uk/2013/11/28/uk-state-pension-is-lowest-in-europe/

http://www.dailymail.co.uk/news/article-2514232/Britains-pension-shame-State-packages-worst-world-study-shows.html

 

The worst in Europe? What's it like in Holland in comparison, age of retirement and amount of pension, etc?

 

When you retire will you get your pension from your own country or will you be paid by UK?

[tzijlstra]

http://money.aol.co.uk/2013/11/28/uk-state-pension-is-lowest-in-europe/

http://www.dailymail.co.uk/news/article-2514232/Britains-pension-shame-State-packages-worst-world-study-shows.html

 

The worst in Europe? What's it like in Holland in comparison, age of retirement and amount of pension, etc?

 

When you retire will you get your pension from your own country or will you be paid by UK?

 

The age of retirement is going up in the Netherlands, the way it works there is that the elderly that have not saved up for pension get standard benefits, which work different from here. There is no state pension as such but there is a legal requirement to pay into your pension funds.

 

My pension is a long way off and I am building it up myself, I don't like relying on the state as it goes in against my political views. But yes, I would be eligible for state pension in the country where I live.

[mikebatty]

Hi Mike, thanks for your contribution, as a current pensioner you are lucky! You are also right, you did your bit and a resolution to this mess has to be found by making it as fair as possible to all those that already contributed.

 

Unfortunately the harsh truth is that we have to take steps to afford the cost of ageing.

 

How right you are .

Unfortunately, the ability of our nation to afford for the future has been taken away from the upcoming generations by the sad demise of our manufacturing industries . All they are left with is sevice , check out and shelf filling and general mundane jobs .

The limited scope for profiteering is left to the big multinational moneymaking organisations which , as the recent increase in " billionairs" and " multi-billionairs " attests to .

Our ability as a "nation" ,to progress in manufacturing competition has been sadly diminished and , to say that it is the fault of the working man or by the trade unions is just a load of " Bull ----".

Even now , it is being suggested that new house buyers are to be told to save a higher deposit . How on earth can a young couple on such low paid wages afford to do that .

The fault of the country's failure is not of the pensioners , youngsters nor the working man , for if they had the opportunity and the means to earn a "decent" wage they would do so .