Is living on the state pension really that bad?

Not sure how young adults would react to being told they will have no state pension while their taxes are going to support the aging population who are still entitled to it, at the same time as paying crippling student debts. With employment opportunities seemingly declining the government will have a big problem.

I think they’re being all three!

I found it interesting to read a comment on this thread that suggested 18 years could be told no state pension would be available, giving them a whole working lifetime to plan- what a shame us women born in the 50’s weren’t given more time to plan…… and no I received no letter. But I’m not complaining so don’t jump on me!!!! I know the state pension is contentious, like the NHS it didn’t account for us all living longer.

it certainly was back in the day. My grandparents in manual jobs had no private pensions! However all were dead within late 60’s so didn’t cost the state much after hard labour since they were 14/15 years old

It was never meant to be an only income in retirement.

It was for millions of people.

And still is.

Many people do not contribute to a private pension because either they don't work or never have, or their employer doesn't offer a contributory scheme.

It is possible to start your own private pension scheme even with a very small monthly amount ( the limit is just under £3k pa if you're not earning) and the government adds 20% to that. You can carry on with that till age 75. It's invested in a fund and on maturity can either be taken as a lump sum or an annual pension.

A perfectly reasonable attitude though. It has never been "a pension pot" - we are paying for contributory benefits - JSA, ESA, Maternity Allowance etc. Also funding the NHS as well as state pensions for current pensioners. The generations coming behind us will be paying for our state pension. It was never meant to be an only income in retirement. Certainly not for a luxury lifestyle.

Thanks for correcting me.

No it's not.

Pension on both sides form assets.
The settlement takes everything into account.
There is never an automatic 50-50 of a pension in a divorce.

Both parties pensions would be put in the pot with other finances for divorce and shared based on whatever factors need to be taken into account.

I thought that's how it goes and in a divorce she can "take half of his pension"

How easy it is depends on whether you have any savings to fall back on. You can certainly manage the basics of life such as food and utility bills if you have two state pensions coming in. However, houses need maintaining and things need replacing. Would you be able to afford a roof repair or a new washing machine for example. I think it would be doable but a bit miserable,

I think sahps need to be savvy about making sure the earning parent is contributing to a pension for them.

Sure. And there's nothing wrong with being a stay at home parent. I took 3 years at home when my kids were teeny because we couldn't afford the nursery fees. You haven't paid anything in though if thats been your life so how do you think your pension is funded?

Or supporting their hard working husband and helping to raise their family?

Plenty of current pensioners will have been the same. Also.lots of housewives who've never paid a penny in tax claiming tgey worked hard all their lives

Well they should be more sensible with money then?!

I have friends who have gone on holidays every year and bought expensive PCP cars that cost them a fortune each month. They have no pension at all. No savings.

They rent and their plan in retirement is to just live on state pension.

It kind of pisses me off to know they are just purposely not providing for themselves and are planning to just essentially live on a government benefit. I wonder how many pensioners in the future have the same attitude as this - then we are all up in arms on their behalf when its heating vs eating.

Large outgoings? SSP is about £80/wk. Unless you live with your parents for free and contribute nothing to the household financially, so only have to pay your own personal expenses, your outgoings are definitely going to be more than that. You can't even rent a room for £80/wk. If you're on NMW and living hand to mouth with nothing spare to save, you end up in debt if you get ill.

Try TodayTix. I regularly get theatre tickets for £15-40

It would need to be adjusted for inflation.
And there’s the issue of people blowing it - maybe manipulated - and then being destitute
And unlike with private pension govt has duty of care to ensure people understand consequences of single payment
Maybe tax issues too - I’m not a tax specialist by any means

What about one where people get a lump sum equivalent to what they "paid in"?

Every country in Europe has a state pension. Uk is ranked 11th.
Any govt that abolished it would be hammered at the next election
It simply won’t happen
Means testing would hit public sector employees so you can forget about that

True, I know, but it didn't appeal to me.

My aunt is on the state pension, and has money leftover each month. Not lots, but a bit. She doesn't drive and uses public transport. But as far as I'm aware, she's doing ok. She goes away once a year, and lives quite simply. I think, if you are careful with budgeting and your mortgage is paid off, it is absolutely enough to live on.

Thing is I think sick pay is actually lower than state pension. So how they'd expect people to live on it I don't know

You know what I’m talking about. You appear to have absolutely no idea what life is like for a lot of people working in minimum wage positions. There have been several posters on this thread responding to some of your earlier posts and trying to explain things to you. You obviously have absolutely no comprehension that some people do not have the capability of gaining promoted posts, or that the posts you think they should apply for are not there.

It’s not clear to me whether this is from a position of privilege, whether you just lack intelligence, or whether you are being purposefully goady.