Category Archives: retirement

State pension age to go to age 68

Teenagers and those in their twenties can expect to work to age 70 as the state pension age rises to cope with an ageing population and longer lifespans.

There are already a number of age increases planned, but that process is beginning to accelerate.

The Government has just announced that a planned increase to 68, due to happen between 2044 and 2046, will now take place between 2037 and 2039.

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Half price tickets for Gardeners World Live !

Entry to this event at NEC, Birmingham 16, 17 and 19th June is £25 per adult including pensioners at the gate, but you can get an afternoon ticket useable 1pm to 6pm for only £10 via Groupon For more info:

Click here

£10 for one afternoon ticket to BBC Gardeners’ World Live
When: Thursday 16, Friday 17 and Sunday 19 June, 1pm – 6pm
Where: NEC, Birmingham
Door time: 1pm
Children under five go free
Ticket values include all fees

Feelings mount on the Pension age controversy.

Most of the national newspapers carry stories of the unhappiness of many people with the way in which the pension age is being raised to age 67.

The Daily Telegraph says Women are being “shafted and short-changed” by a decision to accelerate the rate at which the state pension age.

The Sunday Times mentions the case of 2 sisters aged 19 months apart   where the elder of the 2 has to wait 4 1/2 years longer than he elder sister.

The Guardian says  :

Ministers accused of ‘mis-selling’ during debate over women’s pensions

MPs queued up to criticise government at Westminster Hall meeting to discuss pension-age increases that were described as ‘cruel and heartless’

The independant says Campaigners have claimed a major victory after MPs unanimously voted by 158 to 0 to help women hit by state pension age rises.

Our readers have been expressing their dissatisfaction with the raising the state pension age for a long time.  It is no wonder George Osborne likes the changes as it is saving the government a fortune

How much will these changes save?

The proposals in the Pensions Bill are estimated to save £30bn in benefit payments and make a further £8.1bn in tax and National Insurance receipts under the proposed timetable.

Record number of pensioners using homes as ‘cash machines’ to fund retirement

More pensioners than ever are treating their homes like “cash machines” by releasing equity to bolster income because retirement savings are failing to cover living costs, according to figures published today.

More than 5,400 over-55s used “equity release” to borrow a record £384m against their homes between April and June. This is up 18pc on the preceding three months and 11pc on last year.

Equity release is a loan that is repaid, capital plus interest, when the borrower sells their property, typically upon death or if they move to a care home.

• Creeping threat of ‘silver’ inflation masked by falling living costs

The most common type is a “lifetime mortgage” which allows homeowners to take a portion of their property’s value either as a lump sum or in smaller, regular amounts.

The loans can be hugely expensive because the longer you live, the more interest accumulates, and there are no repayments being made along the way to reduce the outstanding debt. Interest rates are also higher than for traditional home loans, at around 5pc to 7pc.
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£440 penalty for not paying online

Millions of Britons paying more because they choose to buy goods and services on the high street

  • Buying on the high street instead of online is more expensive
  • For some Brits the penalty of buying offline can be £2,040 a year
  • Food has ‘highest penalty’ with an extra £175-a-year for ‘offliners’

Millions of Britons are paying an average of £440 extra a year because they do not use the internet to buy goods and services, a report reveals today.

And for some the ‘offline penalty’ can be as much as £2,040 a year.

The report lays bare the extra cost that companies impose on customers who choose to pay bills by cheque, shop on the high street rather than online, or fail to take advantage of ‘online-only’ tariffs.

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Sign the petition on State Pension issues

Women’s Pension 60. Against Tax Allowance Loss 65 / Pension Loss Widows, Housewives, Poor Workers
During the election campaign politicians acknowledged again that the phasing back of the state pension age was making massive savings in public expenditure


To: Lord Freud Minister for Welfare Reform House of Lords, Lib Dem MP Steve Webb Minister of State for Pensions.
Women’s Pension 60. Against Tax Allowance Loss 65 / Pension Loss Widows, Housewives, Poor Workers

Dear Lord Freud and Mr Steve Webb MP

– Men and women reaching 65 from April 2013 lost higher age related tax allowance.

Immediately bring back state pension age at 60 to women, as permitted by the EU to France, so that women lose not one more pound of money rightfully theirs, lost in UK since 2013.


– All women born on or after 6 April 1953 and
every man born on or after 6 April 1951
as new claimants will be within The Flat Rate (Single Tier) Pension introduced from 6 April 2016.
– Men and Women reaching 80 years of age from April 2016,
– Women no state pension from 2016 – housewives / widows / divorcees,
– men and women less 10 years NI credits / low waged nil NI credits getting nil state pension for life.


Pensioners face a lifetime of paying off debts

One in five are in the red on the day they retire, with debts averaging £31,000. Many still owe hundreds of thousands of pounds on interest-only mortgages, caught between endowments that failed to deliver and lenders demanding repayment. We look at the options for Britain’s indebted pensioners.

Those approaching retirement are hitting the milestone in poor financial shape, with nearly one in five expecting to be in debt on the day they receive their gold carriage clock.

Figures from Prudential released this week show that the average owed by people retiring is more than £31,000, spread over a mixture of credit cards, bank loans, overdrafts and mortgages. Twelve per cent of them do not expect that they will ever clear the debt, while it will eat into the income of others for several years before they pay it off.

The charity StepChange, formerly known as the Consumer Credit Counselling Service, said it had seen a 44pc increase since 2009 in the number of over-sixties contacting it with problems paying their mortgages. “With many older people taking higher levels of debt with them into retirement, this could be the start of a long-term trend,” warned Delroy Corinaldi, a director of StepChange.

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Our comment: What cheering information – life wouldn’t seem the same without a bit of debt to care for !