Who’s going to pay our pensions in 20-30years if the UK keeps its birth rate low and also restricts immigration?

It really is bleak. I’m 35 and my parents are in their 70’s. I could never have the wealth they have acquired and have done everything right, gone to uni, worked. They gave me a massive deposit to help and it was still hard. I think their generation was the last on the gravy train to the top, it’s now coming back down…fast.

When the state pension was introduced 80 or so years ago at 60/65 the average life expectancy was about 65. Now life expectancy is 82. People also now start working later on average. This is fundamentally why the system is fucked. People pay a bit less time and draw out for a much longer time. It needs to be rebased to a retirement age closer to 80.

Give an example of what type of job

Other than downsizing and equity release, how would one release money from property? What "better way" could there be?

Also if you are child free then you aren't worried about passing on an inheritance to children, so that will fund some of the gap. Child free folk will be fine.

While I agree with this, there needs to be a better way of releasing money from any property than there is at the moment. Equity release isn’t great, and there really aren’t many decent downsizing options.

Freeze pension increases!

I assume you don’t mean forever

But if the AI revolution is as expected, the #childfreegeneration-ers might be onto something, as it may well be that we end up with a huge rate of unemployment in the next generation as jobs are replaced and they won’t be funding our pensions anyway.

This as well.

Pensioners are taxed once their income, which includes the state pension, gets over £12570.

What they don’t pay is national insurance

Raise retirement age to 70. Freeze pension increases.

Also if you are child free then you aren't worried about passing on an inheritance to children, so that will fund some of the gap. Child free folk will be fine.

Plenty of cheaper countries still to move to.

Just considering means testing seems reasonable once everyone has had the benefit of employer contributions. As that came in in 2018 it would be for all those born around 2000
although appreciate zero hour contracts have impacted that

It’s not the wages it’s the expenditure that cripples the young. The older want a better health service and to keep the triple lock then there needs to be a way to tax from the demographic as well.

Agree

at some point for those born after 2000 onwards who have had the benefit of employer pension contributions ( compulsory for all from 2018) we might see means testing of income

Most pensioners have private pensions now, schemes haven't got more generous.

Perhaps the means testing will be the same threshold as winter fuel, 70k household income?

I’m in my 30s and have no expectation that there even will be a state pension by the time I get there.

But if the AI revolution is as expected, the #childfreegeneration-ers might be onto something, as it may well be that we end up with a huge rate of unemployment in the next generation as jobs are replaced and they won’t be funding our pensions anyway.

Agree with pp that it's all worryingly bleak.

To balance the books there needs to be more tax on the unearned wealth, basically the rise of house prices and untaxed investment dividends, not the already stretched younger workers.

It’s not the wages it’s the expenditure that cripples the young. The older want a better health service and to keep the triple lock then there needs to be a way to tax from the demographic as well.

Once you get a voting population that has more renters than home owners they will vote for a party that puts their needs first. And that is going to happen.

Yes agreed.. there's a whole heap of generational inequity which is just getting worse.

I think there comes a point where raising the pension age is pointless.

Thats not to say I dont think it will get to 70 but I doubt it would go further

So to balance the books
increase taxes
reduce welfare spending

at some point for those born after 2000 onwards who have had the benefit of employer pension contributions ( compulsory for all from 2018) we might see means testing of income

No it’s not
but it’s another consideration when having a child
another reason for lower birth rates

or have a baby and basically say, here have a life of hard work, little reward but you know Mr&Mrs Greybeard in detached No.9 you can feel good keeping their pension payments going!

not really an incentive is it?

Assisted dying. We will be killed by the state

I think that is wishful thinking & we likely can't afford to give everyone a dignified & controlled death. People will be left to rot & starve tbh.

I think things will look very different but I can't imagine it. Maybe immigration will be restricted to people qualified to work here, UBI may be a thing, state pension may be means tested, private pensions may be better, who knows, I'm sure someone will come up with something.
The boomers will have died off so it will be Gen X and millennials needing pensions, are there less of those?

I have relatives that had normal public sector jobs that live in houses now worth 1m plus who retired in their late 50s & early 60s on amazing pensions. Thats unthinkable today unless you earn hundreds of thousands.

This is why I've said on other threads that state sanctioned killing of citizens must never be allowed, whatever the reason. It's too risky a slippery slope. (If someone with capacity genuinely and voluntarily wishes to end their own life eg in cases of terminal illness, that is a different debate.)

@happystrummer and it not particular good for society that your success in life now depends on what your parents can give you vs your income/job.

They need to make it easier for youngsters to pay into a pension as soon as they have a job. My teen has finished college and will have a year off to work. He hasn't been auto enrolled into his work pension so we have to sort that out. He could have been paying little bits into a pension since his first Xmas job at 17. He's already maxed out this years LISA.

Absolutely. We need to get more people into work (am not bashing disabled people)