The Money Mustache Community
Around the Internet => Antimustachian Wall of Shame and Comedy => Topic started by: Don Jean on January 27, 2016, 03:58:20 AM
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Article Topic: UK Pensions
Source: Telegraph (http://www.telegraph.co.uk/finance/personalfinance/special-reports/11533409/Lifetime-allowance-How-to-avoid-55pc-tax-bills-on-your-pension.html)
tl;dr: The article addresses the upcoming reduction of lifetime pension (think 401k) contribution limits in the United Kingdom from £1.25m to £1m in April 2016.
I was aghast when I read this line:
A 28-year-old might reasonably expect to retire at age 70, as increasing life expectancy means Britons work longer and have an additional wait for their state pension.
It was used as one of many premises about whom the limit will impact the most. Mr. Alan Higham, quoted in the article, uses 70 as the benchmark retirement age in his examples.
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The same thing has happened with the state pension in the Netherlands:
see https://www.svb.nl/int/en/aow/wat_is_de_aow/wanneer_aow/
Your AOW pension age
Your date of birth: 01-01-1988
Your AOW pension age will be at least 67 years. It is not yet known what your exact AOW pension age will be. As from 2022, the AOW pension age will be linked to the average life expectancy.
Your AOW pension age based on life expectancy
On the basis of current life expectancy calculations, your AOW pension age is 71 year + 6 months.
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One way to shift the actuarial landscape would be to convince more codgers to just end it all now instead of seeing how long they can draw that pension out.
Ich bin ein Eskimo...
Take that, you who see a Stalin under every bed(pan)
http://nowheremag.com/2015/04/growing-old-with-the-inuit-3/
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bobechs, have you read Boomsday by Christopher Buckley? I believe they refer to it as "voluntary transitioning"