Others thought required

[moon]

I'd like to bounce an idea off you, if I may.
There is much discussion in the UK of late as to how the existing pension machinery will cope with an increase in numbers of pensioners in the coming years.
Given that women retire at 60 and men at 65, and loosely estimating that women will live to 80 and men to 75 we can guess that women will be paid a weekly pension for 20 years and men paid a weekly pension for 10 years.(Weekly pensions are around $110, or £75 )

Suppose they were given that value in a lump sum on retirement

What do you think would be the advantages and disadvantages of this ?

[TonTo]

women retire at 60 and men at 65? damn.... what about equal right's 'n all that ??

[OuTpaTienT]

The disadvantage is all the morons in any society.

Of course the lump sum is the better way to go for all parties involved...assuming all parties are halfway intelligent. But you know darn well that a number of people will get that lump sum and proceede to squander it...or maybe even blow it all in one night. Then those people are still alive & well, hanging out in your country, and even though you may have just paid them their pension in full...there they are, broke. The govt will end up supporting them anyways so in effect the irresponsible mooks of the sociaty will get paid twice.

[Mortis]

Out has a good pt... In the states, it is interesting to read stories and statistics about persons who win the lottery and choose it as a lump sum rather than yearly disbursements- many are not good stories.

Also, if your government dispurses the funds, weekly, annually- whaveter, they are given an opportunity to earn money on that money... hence supporting the "well from going dry."

[daveleau]

Of course the lump sum is the better way to go for all parties involved...assuming all parties are halfway intelligent.

So true! lol

If you did the lump sum thing, I believe you'd see an influx of 60 year old women and 65 year old men in brand new Porsches.

It would work, and it might be a viable alternative to a measley amount a month if the general populace is better with money than Out and I are giving them. I would think there'd be an outcry from the men in society when they realized that the women were getting double the amount. I am not sure how things are in the UK for sure though.

If you did the lump sum thing, I believe you'd see an influx of 60 year old women and 65 year old men in brand new Porsches.

And 25 year old women in new Porshes...

[caddmannq]

Suppose they were given that value in a lump sum on retirement

It'd be one he!! of a retirement party, that's for sure!

[capybara]

i love the lump sum idea. ill take it, cashh me out of the retirment system.
LUMP SUM PLEASE! DEFINITELY YES.

62 YEARS OLD YEAR 2017
Illl take a lump sum please.
Make it so.
This same exact retirement problem
that exists in the states.

[Warthog]

Lotto people usually aren't the cream of the crop, going by the ones I've seen who actually win......or maybe it's the $$$ that makes 'em dumb.

Anyway, I'd invest with the lotto, nothing more to it.

Warthog

[capybara]

here in the usa, i think we should lower the retirement age to 45 with 20 years work
history.
>>>>>we baby-boomers have the votes to do this if we'd all just stick together!!!