‘I’ll be working when I’m 70’: Less than a third of Generation X are on track for retirement
https://www.thisismoney.co.uk/money/pensions/article-14408627/Ill-working-Im-70-Generation-X-track-retirement.html
Posted by JayR_97
‘I’ll be working when I’m 70’: Less than a third of Generation X are on track for retirement
https://www.thisismoney.co.uk/money/pensions/article-14408627/Ill-working-Im-70-Generation-X-track-retirement.html
Posted by JayR_97
23 Comments
Maybe they should just get rid of their generational equivalent of Netflix and Avocado on Toast ?
Meanwhile we have people demanding compensation because they couldn’t retire at 60.
Sorry but how?
The generation that had both the absolute nadir of house prices in the 90s AND the very low interest rates of 2009-20? How have they managed to put so little away?
Pretty sure retirement age will be 68 for him then anyhow? I know I can’t draw my state pension until then as a Gen X.
It always amuses me.
The people who claim to be against the “culture wars”, are the first to charge in on any generational culture war issue.
Try not to tread on the heels of the guy in front as you rush to the generational culture war.
Anyway. Carry on.
YouTube is a great source for understanding pension complexity. I did a search for ‘can I retire at 55’ and by the time I surfaced I knew all about annuities, drawdown, crystallisation, tax fee lump sums and prioritising income sources like ISAs.
Some great demos of retirement risk modelling too for different pension pots.
Generationally the easiest period to become financially set pretty much. Best availability of public services and social mobility. Easiest period within which to own a home.
If they can’t manage it during that period, it’s going to be a hell of a lot worse in 40 years
What wrong with working until 70? I’m 60 in a few weeks. The idea of hanging around the house all week is enough to make me scream!
50 years ago you worked until 65 typically and dropped dead at 69 if male.
I’m on track to be retired albeit at 67 and I thought that was terrible but at least I won’t have to work at 70!
I’ll have just finished paying my mortgage when I’m 70. I’ll be dead before I get to retire.
I do get so fed of these things because whats the point of having a life if all you do is work work work and never get any actual time to enjoy things. There has to be more to life than working and there has to be a better way.
and the person they dig out to prove their point is a man whose career is the epitome of solid financial returns – a freelance writer.
He cashed in his first pension and then went years without having a pension as he waited for his writing to hit the big time…….
I’d also be interested to see how it splits out age wise amongst the gen x group as there can be a big change between your early 40’s and your late 50’s in terms of pension savings. At 57 im a lot more comfortable with my retirement plans than i was at 45 (and another 12 years of compound interest plays its part)
Also the whole ‘gap’ between Final Salary and autoenrolment thing is crap. The final salary pensions at the companies i worked for were closed but they were replaced with DC pensions unless you opted out completely…..
And there’s always been private pensions if you worked for a company that had neither a DC or a final salary but I guess that’d mean people taking responsibility for their own life instead of depending on someone else to do for them.
I worked to 70, not a big deal. My choice boosted my pension what you have to do. Is deal with your future government? Do you disagre
Anyone born around the 80’s can not even guarentee there will be state pension and even if there was it would not be worth very much becuase everyones personal inflation has been 14%/15% for the last 5 years while the state pension has been rising on average 4.4% under the triple lock.
None of the financial instiutions in the uk can shield the effects of multi polarity, the more the united states looses control over the trade routes, the more it will be unable to keep other countries curruncies artifically low.
The lower security net will not be around for much longer at this rate.
Pretty much every young person will be working at that age. Because the average lifespan will have increased to compensate.
Average age of death is what, 80? Retire at 70 on 220 quid a week.
10 glorious years of agonising old age.
Lovely.
57 and I don’t want to retire. I left school at 16 and have worked my whole life. I can’t imagine being retired and I don’t really want to if I can still be productive.
people live much longer today
when 65 was made the retirement age, the average life expectancy was like 62
so if it had stayed about the same retirement would be about 75 today
At some point in the future, some brave foolish politician is gunna have to means test the state pension. The current system isn’t gunna withstand the upcoming demographic crunch without very high levels of migration
I think a lot just bury their head in the sand and hope it goes away.
I know that is exactly what my sister is doing, she is 57, has no savings, no private pension and works part time in a minimum wage job (part time for no reason other than laziness). I try and tell her that her retirement is going to be very painful unless she sorts herself out, she just gives me some variation of “I’ll worry about it when the time comes”
Well my plan is to move abroad.
Likely the Caribbean, my dad did. I can’t even afford a house at 28 in the UK. I’ve not even started to make proper pension contributions due to really low pay and only having one salaried role.
I’ll be one of those homeless pensioners if I stay in the UK.
Let’s be honest. Who’s going to be hiring all these 70 year olds? It seems in most industries people seem to age out in their 50s it not before
Great jumper on that bloke in the thumbnail honestly.