Saturday 18 March 2023

Happy Retirement, Now Keep Working

The French do like a protest and this latest one is around the rising of the pension age from 62 to 64 which is still lower than most European nations such as Spain where its 65, the UK where we slog away until we are 66 and Germany and Italy who have to blow out the candles on their 67th birthday cake before putting
their feet up.
It is understandable why Governments see the rising of a pension age as a way of saving money, it means less payments made in State Pension because there are less 64 year olds then there are 62 year olds so its a relatively easy hit for them if not for the workers, especially those in manual labour careers, who have to drag their aching bodies through another couple of years of wear and tear.
At one point the Conservatives toyed with the idea of making the UK Retirement age 75 but that obviously never went down very well and the Government were very quick to row back that it was only an idea but i have often wondered if the retirement age should go down as this frees up jobs for the upcoming generation who will be locked out of these jobs for a few further years if the retirement age is raised.
The plus side for the Government is that they will save years of paying pensions but extending your working life is far easier if you have a nice office job but asking people who work in far tougher environments, bricklayers for example, to keep at it for longer is a much tougher ask.
Each year later is a year more of us paying in and a year less of them paying out but more importantly it's a year off your twilight pensioner years when you should be going on cruises around Scandinavia or shopping for cardigans.
Seeing as my retirement pension pot means that i will be living on tins of beans and whatever i can find behind the fridge when i stop work, if i ever stop work, i had better start saving or move to France.

3 comments:

Liber - Latin for "The Free One" said...

the problem all eu nations face, except france, is demographic. the younger generations are too small to provide the tax based needed to float the benefits programs that were short-shortsightedly created without consideration of said demographics

Falling on a bruise said...

State Pension and most benefits are nothing to do with tax, we pay National Insurance throughout our working lives to cover them.

Liber - Latin for "The Free One" said...

if those payments are not optional then they are a tax with a sneaky deceptive name...

in the usa they are called social security and medicare and are taken out of our pay before we get the paycheck

they amount to about a 15% tax on top of the income tax