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Re: Retirement age

All I know is that retirement age is an ever moving target - as you get close, the move the goal posts.
Of course, this could be one reason Labour let in so many foreigners.... expecting them to bolster the youth sector employees so they could pay for all the old folks pensions and health services..... though what happens when they reach retirement age is anyone's guess (Tony may have been fooled by the lower life expectancy in some of the countries of origin into thinking that they'd all die off before claiming a pension. Labour certainly got their expectations about the number of immigrants all wrong so we shouldn't be surprised if they got everything else wrong as well).

I think the salient point of our bending author's post is that Gordon Brown, for all his other sins, trashed such pension schemes as there were and Two Brain Willets seemed to think this OK. Two brains apparently not better than one which says that since we need pensions, if they are in trouble what you do is try and fix the problem. Not come along and administer the coup de grace.

Most memorable of all is the continuing disparity between those who work for a living and get a "money pot" from which their pension is then calculated (and it helps to find a friendly health screening agency because this is the time when claiming to smoke 60 cigs a day, drink copious amounts of alcohol and occupy your spare time with dangerous sports has benefits - they figure you will probably kick the bucket within a year of retiring and this ups the payments) while "public sector workers continue to be paid exorbitant amounts of tax payers money, get golden hallos on taken up a post and golden parachutes on leaving and get a healthy index linked pension on retirement (or, if disgraced and forced from office, a nice lump sum into their pension fund).

Retirement age

It's beside the point how many years a person can work. To make an annuity or pension make sense, it has to pay out for a limited number of average years. A person can draw down savings till he hits retirement age.