Rise in pension age to 75

[thaibeachlovers]

3 hours ago, gmac said:

75 years to save for a pension is all well and good if you know that at the outset.

Very true. I was brought up and worked on the understanding that when I needed it I'd get a pension sufficient to live on. Of course that turned out to be another government LIE. Pension in NZ doesn't even cover the average rent now. People living in cars.

[cooked]

1 minute ago, thaibeachlovers said:

When pensions started they were just before most people died, apparently, so they should be raised in keeping with the longer lives we live.

 

Pity of it is that there is plenty of money to pay pensions, but governments waste most of it on garbage, so oldies are an easy target to screw over- MPs get a very handsome pension, I believe, so they're all right Jack.

 

It's irrelevant anyway. As AI/ robotics will make most people jobless, we're all screwed.

No mention of the fact that most people in the construction industries, farming etc are generally f***ed by the age of 60. They are no longer employable, live from benefits and thus get a lower pension. 

[HLover]

6 minutes ago, brokenbone said:

15 years ago, 65k baht was by law the lowest legal subsidies in norway, immigrants typically gets more

cause needing house/car/furniture/washing machine/dish washing machine/etc, and umpteen children.

then there is also subsidies for rent

 

i know a worker got really

upset when she found out the immigrants next door was making much more doing nuffing then she did on her full time work

Thank you for your reply.

[Denim]

16 minutes ago, thaibeachlovers said:

It's irrelevant anyway. As AI/ robotics will make most people jobless, we're all screwed.

 

Right. All someone needs to do now is to get a van with lift up sides then drive around selling robot snacks.

 

Mine will be called AI Nibbles

 

I'll pull up in an industrial estate , turn on my jingle , and loads of robots will rush out and form an orderly queue outside my van.

 

" Yes Rob , what can I get you ? '

" I'll have a bag of small bolts and a chipboard please "

" Do you want 3 in 1 on your bolts ? "

" Nah, just a squirt of WD 40 "

" AF spray on your circuit board ? "

" Yea....why not. "

[gearbox]

26 minutes ago, thaibeachlovers said:

Very true. I was brought up and worked on the understanding that when I needed it I'd get a pension sufficient to live on. Of course that turned out to be another government LIE. Pension in NZ doesn't even cover the average rent now. People living in cars.

Depending on your circumstances you can extract extremely good value of the NZ pension, looks like the rules are even better than the Aussie pension as there is no asset test. Work 1 year in your life, then get a pension for 20-25 years, how good is that? 

[thaibeachlovers]

1 minute ago, gearbox said:

Depending on your circumstances you can extract extremely good value of the NZ pension, looks like the rules are even better than the Aussie pension as there is no asset test. Work 1 year in your life, then get a pension for 20-25 years, how good is that? 

Loads of people never work a day and get the pension. Some like women that raised children ( in marriage ) deserve it, others do not.

I am screwed as I have too much money to get accommodation assistance, but not enough to rent anything acceptable ( pension is about $400 a week, but rent of anything decent is $400 and over, plus expenses ), and still eat. I'm thinking of buying a van and sleeping in carparks so I can save some money to travel around in NZ ( it's legal to stay overnight in some carparks with public toilets ). I know a place that has a decent takeaway across the road.

[Dexlowe]

21 minutes ago, thaibeachlovers said:

Loads of people never work a day and get the pension. Some like women that raised children ( in marriage ) deserve it, others do not.

I am screwed as I have too much money to get accommodation assistance, but not enough to rent anything acceptable ( pension is about $400 a week, but rent of anything decent is $400 and over, plus expenses ), and still eat. I'm thinking of buying a van and sleeping in carparks so I can save some money to travel around in NZ ( it's legal to stay overnight in some carparks with public toilets ). I know a place that has a decent takeaway across the road.

I'm staying in Th atm, mainly for health reasons* - it costs me nothing to live here (no accomm costs, just food - so about NZ$50 a week. I don't drink or smoke). I'm 68 but don't yet qualify for the NZ pension (not complaining, just stating a fact), so qquite happy to keep working until I do. My lifelong work is all but dead, so I have to take whatever work I can find, which is mostly casual and low-paid. My average income is roughly NZ$320 a week. As with Thailand, I'm lucky not to have to pay rent - caravan on a relative's property. But there are problems - over 65 and working, and you are not covered by medical benefits (accidents yes, medical no). So, get sick and you're up the creek without a paddle.

 

* I'm in Thailand because I fell ill and lost my job, and it's cheaper for me to stay here than in NZ. It will take several months for the creaking NZ health system to get around to dealing with me and letting me work again.

 

** Just thought this info might be a talking point and of benefit to fellow Kiwis. 

[gearbox]

1 hour ago, thaibeachlovers said:

Loads of people never work a day and get the pension. Some like women that raised children ( in marriage ) deserve it, others do not.

I am screwed as I have too much money to get accommodation assistance, but not enough to rent anything acceptable ( pension is about $400 a week, but rent of anything decent is $400 and over, plus expenses ), and still eat. I'm thinking of buying a van and sleeping in carparks so I can save some money to travel around in NZ ( it's legal to stay overnight in some carparks with public toilets ). I know a place that has a decent takeaway across the road.

Around 10 years ago while holidaying on the South Island I met a guy who bought an used school bus, and refurbished it to be liveable. He had his dog with him and was parking the bus and living in very nice spots for free. Seemed quite happy. I think though that the winter would be pretty harsh there. Australia is much better suited for such lifestyle.

[soalbundy]

4 hours ago, ThomasThBKK said:

Both of my parents too, but in both of their companies the new contracts do not have any clauses anymore about the "betriebliche altersvorsorge" (english: company pension plan). They worked there over 40 years at the same company and got a good amount of bells and whistles from that, that's really not an option anymore today for the youth tho.

 

I am quite happy i never paid a cent into the pension system except for my military time. As a self employed person in germany i had to take care of my own private planning, no regrets there - state pensions are usually a net loss imo.

 

I would not be surprised at all if germany and co also lift the pension age to 70+ sooner or later, seems like an extremely bad deal to me....

Like that would bother me, someone has to pay for my pension. ????

[treetops]

4 hours ago, from the home of CC said:

looks like mismanagement to me when I look at other countries..

 

https://www.ftadviser.com/pensions/2019/01/31/pension-funds-suffer-biggest-losses-since-2008/

The article quoted is referring to personal, or company, pension schemes and makes no reference to the State Pension and how it's funded which is being discussed here.

[from the home of CC]

18 minutes ago, treetops said:

The article quoted is referring to personal, or company, pension schemes and makes no reference to the State Pension and how it's funded which is being discussed here.

yes that's true, it's also one of the compelling reasons why the state pension age was raised, but as the state pension didn't seem to be managed properly it's in danger of running out (and yes manage refers to the ability to count the number of people approaching retirement age)

 

https://intelligent-partnership.com/uk-pension-performance-among-worst-in-developed-world/

 

https://citywire.co.uk/funds-insider/news/state-pension-fund-running-out-warns-government-actuary/a1082316

 

 

 

Edited August 23, 2019 by from the home of CC

[mania]

Quote

Raise state pension age to 75 says think tank 'work is life-enhancing'

Jeez I retired at 56 & think that was much more life enhancing as it allowed me to live my life

[treetops]

22 hours ago, from the home of CC said:

yes that's true, it's also one of the compelling reasons why the state pension age was raised, but as the state pension didn't seem to be managed properly it's in danger of running out (and yes manage refers to the ability to count the number of people approaching retirement age)

 

https://intelligent-partnership.com/uk-pension-performance-among-worst-in-developed-world/

 

https://citywire.co.uk/funds-insider/news/state-pension-fund-running-out-warns-government-actuary/a1082316

I would say the second article which you edited in the link to shows it is being managed properly.  They have identified a potential shortfall many years in advance and methods to deal with it.

 

Remember this pension is not about managing funds or investments as per your previous private pension example, as money collected today pays today's pensions.  It all comes out of taxation in one form or another so it's merely managing state income and expenditure.

Edited August 24, 2019 by treetops

[4MyEgo]

Here's a thought, do your politicians get the pension at age 75, bet you 10 baht it's much early than that ????

 

[mommysboy]

On 8/23/2019 at 7:09 AM, Henryford said:

In the days when the pension age was 65 most people, especially men, didn't live longer than 70. Now life spans are 80+ it seems fair to increase the pension age to 75. After all you have 75 years to prepare for your retirement YOU should make provision for it.

'Not when it happens in your late 50's say.'

 

Too right! .....And not when it dis-proportionally effects just one age group, that has already been subject to one rise in 2017.

 

I don't doubt that the pension age needs to rise to 70 and beyond over the coming decades, but at this point only a small minority are physically or mentally able to meet the demands of full time work.  As for 75, what jobs can they do exactly?  Also fit, old 'uns  (the exception) tend to work anyway. 

 

At 75, there would be every likelihood of 50 and even 55 years of tax contributions having been paid. 

 

 

 

 

Edited August 24, 2019 by mommysboy

[Henryford]

11 hours ago, mommysboy said:

'Not when it happens in your late 50's say.'

 

Too right! .....And not when it dis-proportionally effects just one age group, that has already been subject to one rise in 2017.

 

I don't doubt that the pension age needs to rise to 70 and beyond over the coming decades, but at this point only a small minority are physically or mentally able to meet the demands of full time work.  As for 75, what jobs can they do exactly?  Also fit, old 'uns  (the exception) tend to work anyway. 

 

At 75, there would be every likelihood of 50 and even 55 years of tax contributions having been paid. 

 

 

 

 

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