State Pension Awareness.

[Toddy]

The American pension system always seemed good compared to the UK one. My Grandad was American but mostly paid into the UK system. He had full UK contributions but the few years he worked in USA before leaving and his army years meant that both my granddad and Grandma got more pension from the USA system than the UK one. My gran had to jump through a lot of hoops to get or keep what she was entitled to when my granddad died though.

Thing is though, we have other benefits that though not 'pension' all add up. Doctor, Dentist, Podiatrist, Physiotherapy, Free bus pass and prescriptions (here anyway) pretty much free gym and swimming pools too, govt grants for home insulation, double glazing and central heating, etc.,

 

[stevec]

I'm in the uss, but to be honest I'm expecting to retire when I die.

 

[TeeDee]

I'm in the uss, but to be honest I'm expecting to retire when I die.

Yes. I've also seen some horrendous VT of Elderly Americans having to return to the workplace. Sad state of affairs.

 

[Toddy]

Things have changed, society has changed. When I got married I became a stay at home Mum. It was normal, we felt sorry for the women who had to go back to work while their children were still young. Careers resumed when the children were beyond infant school, or when they went to secondary.
Again, in my peer group that was normal.

It left a gap in our NI payments. Partially covered back then by being married and the husband's payments.
We worked out how many years I had to pay to make up to full pension, and arranged to do it. It's now very simple, the online guides are good and the Government are efficient about admin for it all (well, I found it to be so).
I think that it's very much worthwhile taking the time to take stock of what you have actually accrued and what you might expect in the longer term.

I believe that nowadays there ought to be a single retirement age, for both men and women. It's only fair since now both parents take more of a hands on approach to childrearing and housework.

That said, I still think children ought to be reared by their parents, or at least grandparents, rather than farmed out to nurseries and childminders, but that's my bias.

M

 

[TeeDee]

Things have changed, society has changed. When I got married I became a stay at home Mum. It was normal, we felt sorry for the women who had to go back to work while their children were still young. Careers resumed when the children were beyond infant school, or when they went to secondary.
Again, in my peer group that was normal.

Just asking - and a slight tangent , but why the use of 'had' using the Italics? I'm not being obtuse but I'd like to know rather than assume. Thanks.

I believe that nowadays there ought to be a single retirement age, for both men and women. It's only fair since now both parents take more of a hands on approach to childrearing and housework.

Agree - Fairness is what we are all after isn't it. But the question would be - does the Pension age RISE to meet that of a Mans? Or does the Mans current Pensionable Age LOWER to meet that of a Woman's? Women do on average live 5 years longer than Men so I know which I would like to see - Not sure if the Maths would add up however.

That said, I still think children ought to be reared by their parents, or at least grandparents, rather than farmed out to nurseries and childminders, but that's my bias.

M

Yes - Just been having a talk about the whole ( extended ) Home Based Family vs Nuclear family and the Pro's and Cons of both.

 

[Paul_B]

Thing is though, we have other benefits that though not 'pension' all add up. Doctor, Dentist, Podiatrist, Physiotherapy, Free bus pass and prescriptions (here anyway) pretty much free gym and swimming pools too, govt grants for home insulation, double glazing and central heating, etc.,

He had those plus his American and full British pension. With army service counting for double years he got something like 10 years of pension payments into the us system but it still paid more than the maximum British pension that he got. Living his adult life in the UK he had full NHS benefits, obviously paying into them too.

It's just that a half us pension was more than a full UK pension by some way.

 

[Toddy]

@Paul_B I think he was in a unique situation. Nowadays private pensions are more common for people to top up state pensions.

@TeeDee
Those families who had taken on mortgages and expectations they couldn't cover with one salary, or those from the other end of the scale and even though they were living with financial prudence were on minimal wages. Sometimes the biggest difference was in the costs of childcare vs the extra wages.
I still have a lot of friends who never worked a day after they married. They organise, run, and volunteer at many charities though.
It still happens, and not just trophy wives, or husbands

An even playing field re pension age ? I think that's one for the Sociologists and Population Dynamics folks.
Do women live longer because they get to retire earlier ? or because even in retirement the older generation of womenfolks are still physically and mentally and socially active running their households ?

 

[santaman2000]

Thing is though, we have other benefits that though not 'pension' all add up. Doctor, Dentist, Podiatrist, Physiotherapy, Free bus pass and prescriptions (here anyway) pretty much free gym and swimming pools too, govt grants for home insulation, double glazing and central heating, etc.,

I agree not all pensions add up quite the same. However the US Social Security syatem also includes healthcare for the elderly (Medicare) from age 65 onwards. The other grants you mentioned (double glazing, home insulation, etc.) are available to everyone in various forms regardless of pension status. Swimming pools? Gyms? Many of those also offer various discounts. The largest chain of them would be the YMCA but in general most rural areas have no gyms are pools within 20 miles anyway. The major bus line (Greyhound) and the train service (Amtrak) do offer senior discounts but to be honest, almost nobody rides those anyway (the exception being the short corridor along the northern Atlantic from NY to Washington where those still working commute) Generally most of us drive and as a senior I get some big discounts on auto insurance. Prescription costs are zero for me but those can be pricey for most seniors.

 

[santaman2000]

Regarding the different retirement ages for men vs women I expect it has more to do with actuarial tables than work/wage history. As the average age of death gets closer for both then so will the retirement age to draw benefits (in theory)

 

[lou1661]

I thought the state retirement ages had already been aligned? That seems to be the case on the age U.K. Website and the .gov page to calculate your retirement date does not ask for gender.

 

[santaman2000]

@Paul_B military service here doesn’t count double. At least not towards Social Security. Many after service careers will allow you to count your military time towards their employer based retirement though. Or possibly he was also drawing a partial military disability?

 

[santaman2000]

I thought the state retirement ages had already been aligned? That seems to be the case on the age U.K. Website and the .gov page to calculate your retirement date does not ask for gender.

They were always the same here:
-age 62 for reduced benefits (reduced proportionately for how long it is until your full retirement age)
-full benefits at your full retirement age (it used to be 65 but was changed to reflect what year you were born in. Those born before a certain year remained at age 65 while those after a certain year—basically the Baby Boomers— had it increased incrementally. My own full retirement age would have been 67 & 1/2 had I waited)

 

[jmagee]

I'm currently 36. My retirement age as a teacher is 68 both state and teachers pension. Honestly I'm not sure I know many people who could teach in a secondary school until they're 68.

I've got colleagues who are 58 and already thinking of going/ counting down the days.

Personally I'm not entirely sure I'll make it to pension age

Sent from my ELE-L29 using Tapatalk

 

[santaman2000]

Florida teachers and other public employees under the system are eligible for full retirement (employment based retirement) at age 60 or after 30 years of credited service (whichever comes first) They can opt for reduced benefites and retire earlier.

The exception for public employees would be “high risk” employees (cops, corrections, firemen, paramedics) We were allowed to retire with full benefits at age 55 or after 25 years of credited service (whichever cones first)

 

[TeeDee]

My bad , made a mistake on this .

This Female Privilege has now been revoked and everyone is now on the same Playing Field in terms of Age eligibility for Pension entitlement.

State pension age equalised for men and women

From today, women in the UK will be eligible for the state pension at the same age as men

www.moneysavingexpert.com

.

 

[Toddy]

Y'know ? both sides feel vexed over this.
Women because many of the generation now nearing (or already in the previous age) were not given much time to adjust, especially those on low income jobs. Many will never get a full pension.
Men because it always felt unfair that women got their pensions five years earlier than men did.

Then tie in that it was a 'family pension', i.e. a married couple's pension and there's a whole other kettle of fish.

Hopefull things will be easier now.

M

 

[TeeDee]

Well , I agree hopefully now there will indeed be true equality , unfortunately its taken since 1948 to be completely eradicate that disparity.

" Men because it always felt unfair that women got their pensions five years earlier than men did. "

Not quite sure what the difference is between a thing being described as ' felt unfair ' or actually ' being unfair '.
Its either ( or was ) fair or unfair.

But fortunately this is now all in the past.


I'm sure many people have lost out or suffered/forced to adjust to the implemented changes but I'm not sure how one gets around this in the greater scheme of things.

 

[oldtimer]

It is fair that the same retirement age for women gave single women the opportunity to build up the same pension pot as men over their working lifetime. My teacher's pension was based on 40 years of service by the age of 65. When women were made to retire at sixty, it was not possible for a woman teacher to acrue 40 years between qualifying at the age of 21 at the earliest and retiring even without taking any time out to have children. I didn't have to take time out to be a father.

I think similar constraints apply to the state pension too. Women just did not have the opportunity to build up a long enough paid employment record to qualify for a full pension.

 

[Toddy]

It is fair that the same retirement age for women gave single women the opportunity to build up the same pension pot as men over their working lifetime. My teacher's pension was based on 40 years of service by the age of 65. When women were made to retire at sixty, it was not possible for a woman teacher to acrue 40 years between qualifying at the age of 21 at the earliest and retiring even without taking any time out to have children. I didn't have to take time out to be a father.

I think similar constraints apply to the state pension too. Women just did not have the opportunity to build up a long enough paid employment record to qualify for a full pension.

I got round it because the Govt allowed me to 'buy' the extra years, and it was a pay a bit at a time purchase too, so it was very do-able.
They keep changing the age I'll be allowed to collect it though. Looks like 66 just now. We'll see when I get there

M

 

[Silverclaws2]

I have been off work for a long time due to ill health, to have the goal; when I return to work of which hopefully will be in the next year or two, probably working for myself, I don't intend to retire and I don't intend to retire through already knowing just what kind of life can be lead on the amount the state pension affords.