Who is going to pay for your state pension/ care in old age?

They “moved the goalposts” with the Pensions Act 1995, enacted in 1997 when you were 29, so you’ve had plenty of notice!

Not being completely stupid, yes I understand. It would have been a drop in the ocean and it would have made very little difference to my future.

I had previously been advised by a financial adviser that the cost of a liveable pension would be prohibitive.

All I need to do now is make a Time Machine and go back in time

So you put some in at least because your employer was matching it, it was tax free and you understood the benefits of compound interest though?

I couldn't afford to pay into my pension until this year, I have to pay student loans, housing and bills to keep a roof over my head, I live on my own so it's more expensive than living in a couple. I couldn't afford the extra £200 coming out of my pay each month until now. If I had children to care for I wouldn't be able to afford to contribute now either, luckily I'm hoping to catch up now. But there are plenty of people who can't afford to save for the future if it means not surviving now

Typical MN…

30k is a lot more than I have ever earned and I didn’t go to university (ironically because I couldn’t afford it). Is that really so hard to get your head round? Do you genuinely think that every childless person is sitting on wedges of cash
and that the only expense in the world is child related. Talk about living in your own bubble.

When the compulsory pension thing came along, I was advised that I would have to put a massive contribution in for a liveable pension. I couldn’t afford that,

Why is it so hard to understand that?

I will be spending most of my DC pension before I am 70 as I will be retiring early, then I will live mostly off my state pension.
They won't stop it for those with no money.

Not everyone is a “grad”.

Who can't "afford a pension". Like if you're single and there's no kids or any caring responsibilities then what? You can't do the small %? The grads I know earn around £30k and still put a bit away each month. Even those that live out.

If you're 55 now, your pretty likely to get the state pension. It's the generation below and beyond that are far more likely to lose the state pension, or have it means tested or whatever. The government don't remove these things overnight but they tend to change things like this over time and to the younger generations which are less likely to kick off, because retirement is decades away

Yes, I was always told women could retire at 60, Then 65 now 67. I fully expect this age to rise to 70 over next 20 years.

But you retired early. What did you think would happen

When I joined the Civil Service at 18 they compulsorily retired EVERYONE at 60. It was just how things were back then. So yes, I was told I’d retire at 60.

It is a benefit. You can get full years on your ‘stamp’ for not even working - if you get benefits, have children etc you get a full year on your record. I have a family member who had their first child at 18 and their last at 45. She had a full NI record due to having children under a certain age for most of her life, so got a full state pension. She was a SAHM and never worked in paid employment, but it’s an example of how it’s possible.

While I, childless, worked full time for nearly 40 years - well over the 35 years necessary to qualify for a full pension, but because I retired before state pension age had to pay extra NI to qualify for the full SP.

I have decided I don’t care. The attitudes on here have been eye opening and very depressing. I spent my life doing what I thought was right but apparently I should have millions saved and shouldn’t expect people to help me out when I get old.

So be it.

Fingers crossed it doesn’t come to that.

Honestly I find your attitude puzzling. If the state pension goes, it will go for everyone whether they're child free or have 10 children. You are no worse off than anyone else on this particular issue. The only difference is that those with kids might get support from their children who they in turn have supported for 18 plus years. Again, you didn't have to pay to support a child so you haven't really lost out.

It's more likely that the state pension will be means tested and it sounds like you would qualify. Arguably the mugs are those who have slogged away for years in higher rate tax jobs, contributed the most and least likely to receive anything back.

Not according to this thread. I’m 55 so it’s unlikely that there will be much for me to retire on, I have a relative who hasn’t worked for the majority of her life who gets pension credit so it looks like I’m the mug for working.

Won’t you get the state pension?

I have not been ‘privileged’ . I expect to have to pay towards the younger generations and I’m not denying that.

And It costs a lot to be single. But you seem to be under the impression that not having children means you are rolling in cash.

I can’t afford a mortgage, I can’t afford a pension. At one point I was living on cheap tinned hotdogs while working full time. But it’s okay because I realise expecting anything is clearly taking the piss.

The attitudes on this thread have been eye opening. If I retire and run out of money it’s clearly my fault and I should do the decent thing and off myself.

Point taken.

Perhaps there could be a facility set up by the younger generations to knock off anyone who is poor and childfree? It would probably be cost effective.

It wouldn’t surprise me if one day, the only people who receive it are people on benefits. As in, people who have never contributed to it.

It is absolutely a benefit. You are right! I actually think this should be made clear to people alongside the fact that you aren't actually squirreling your NI into your own personal pension pot but funding current pensioners. There is absolutely no guarantee you will get anything when you reach pensionable age. It's not a saving account.

Also people should be educated that they probably haven't paid enough to fund their own state pension. NI wasn't set at a sustainable level, especially considering the shifting demographics. Baby Boomers in particular paid for a much smaller generation to get a smaller pension and now we have a top heavy pyramid with a triple lock pensioner that simply wasn't factored into the NI they paid.

It is a benefit. You can get full years on your ‘stamp’ for not even working - if you get benefits, have children etc you get a full year on your record. I have a family member who had their first child at 18 and their last at 45. She had a full NI record due to having children under a certain age for most of her life, so got a full state pension. She was a SAHM and never worked in paid employment, but it’s an example of how it’s possible.

It is a benefit in the same way Jobseekers Allowance is a benefit if you’ve paid NI for the last couple of years.

Yep, I am the same. But I am grateful for being able to get a mortgage in 1997 which means I am now mortgage free at 51. I don't think many people in the generations below me will be able to say that, so I am thankful for small mercies and just keep going.

It’s not just the number of years, if you’re a higher PAYE earner then you also contribute a heck of a lot more NI. Far more ( 3 x more in my case per yr) than than the £973 or whatever it is to buy a missing NI year. I don’t care about that until it becomes radically unfair.

Yes I agree but I think there are slow and small changes coming in to change that narrative. My National Insurance account has changed and seems less clear on that than it used to be.