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

I agree, if you've paid off your mortgage and aren't renting, and live a basic/normal lifestyle, it's perfectly do-able.

Plenty of people do. My DM does, quite comfortably with no mortgage. It’s more difficult for those who rent. She’s never really had anything so she doesn’t miss luxuries that she’s never had. She doesn’t complain, and even recognises that it’s over double the amount a single unemployed person would be expected to live on.

Sorry I deleted my post because I thought it was a bit long winded and confusing.

Yes some people know that pensions are taxed but because the state pension is below the tax limit and if they haven’t pension planned they may assume all pensions are tax free.

I’m on a Facebook group for public pension advice and I’m often amazed by just how little people know about pensions. So many assume they will not be taxed.

Not everyone is financially savvy.

Does he have 0 money left over?

That's not means testing. It's just being taxed in the same way income tax is on all other income sources. Means testing would be not receiving state pension at all if your income was high enough. Even at the highest rate of tax, 45%, you'd still receive 55% of your state pension, i.e. over half, at the moment, but if you were at 45% tax rate, i.e. over circa £130k of income, you don't "need" the state pension at all.

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That's the difference. My son has to pay £1k per month for a bedroom in a HMO sharing the kitchen and bathroom. Plus his share of all utilities etc.

Lots of people have to move away for work these days if you don't live in one of a handful of big cities.

He lived with you and his mates are on high salaries…Wow. However do they manage, poor souls?Putting away 4% must be crippling for the poor souls. 🙄🙄🙄

Who do you think you are to lecture people about their life choices? I guess it shows that privilege doesn’t necessarily mean someone has manners.

I hope someone comes along and makes you feel as worthless as you have tried to make me feel.

Depends on your outgoings. Some people can, some people can’t. I have a family member who lives frugally and actually manages to save money while just on state pension. But that’s not the case for all.

Whilst we still have this system. Those who've "paid in" with NI need something in return. Perhaps a rebate as well transition to a system where you yourself save for retirement.

The new state pension is £12.5k a year. How can you realistically live of that alone?

He's always lived at home. His colleagues that lived out all managed their income well and had fun lives. You put 4% in a month and you learn to budget the rest. You don't "see" it go and you just take your income and deal with it.

Yes. Privately putting something by. Exactly what I suggested we all should do when we work. Put towards something for our retirement.

It depends on your circumstances. Life is more expensive in many ways if you are single, especially if you don’t have high earning capacity.

The Australian state pension is means tested and it works out quite well.
And that’s why so many younger people want to relocate over there, they feel like they have a chance to build a life

Hard agree.

Surely they can't means test pensions, I have been saving for years for mine and am not at state level pension value yet.

Surely you can't say to people don't save and don't worry as we'll cover you. So off you pop on your holidays and buy your new cars.

Versus save every month,do without the flash cars and holidays and we won't give you a pension.

Who would stick around in the UK on this basis?

What if one couple have a child who becomes a doctor, high earner, high tax payer and another couple have a child who is unable to work, never earns, receives benefits their whole life? Do the doctors parents get a pension but not the other parents?

I am currently sacrificing higher earnings to work as a TA supporting children who otherwise would be unable to attend school, therefore their parents would be unable to work.

Giving birth is not the only way to sacrifice for the good of the community. My husband works with disabled adults.

Perhaps some recognition of societal contributions beyond personal fiscal gain and your ability to get pregnant following a pleasurable shag might be in order.

Perhaps some recognition of the fact that some of us would have liked the chance to make that sacrifice would be nice.

Well like I said, I’m clearly a total loser 🤷‍♀️ You and several posters have made that very clear.

I don't believe they are all minted and never said so. I do maintain that with information and advice that an individual without the need to provide for children and works their entire life could have something towards retirement.

Pensions should be based on contributions - ie higher rate tax payers should get more
those who have financially sacrificed for decades to have the children others can’t or won’t should also get more

👏 👏 👏

All those paying taxes ARE contributing to the future workforce, though. Our taxes go towards state education, nursery places, etc. it is not my fault if the government does not choose to use my tax money to further assist the future workforce.

Not only do I willingly pay for the future workforce to be educated, my taxes will hopefully also be ensuring that future workforce continues to be protected by the police, rescued by the fire services, treated in hospital. Why would anyone consider that I have not made a contribution to the future workforce because I have been unable, through no fault of my own, to add to its number? My contribution is in the money I pay to give them the best chance of becoming the future workforce. Why isn't that enough?