Is anyone going to be living just on state pension when they retire?

[Shinyseas]

It looks like I will be. Never really earned enough to put money aside for a pension, married someone who was terrible with money and at the age of 51, have youngish DC so even though I’m earning better money now, I’ve got to get them through teenage years, then off to Uni. All feels too late to save anything decent. I’ll be early 60s before my youngest leaves home.

When I checked this week, my private pension is set to give me 1.5k a year 🙁

People do survive on the state pension I know - but it must be very very tight.

(Dh will have state pension and 2 private pensions)

Wow, I'm horrified by this. I had to go and look it up and that's really what they're saying! If this ever were to happen then there'd be riots, I'm sure. I've got 14 years worth of an NHS full time pension but I've also paid NI contributions all that time so I don't see why I should miss out on this.

Whatever you say

Anyone able to carry on working past retirement age - for every year you defer your state pension you will get an extra £10.50 a week when you do claim it (doesn't sound much, I know, but it's £40 odd a month). You will also stop paying NI except for the new levy so that money could be banked each month. Or you could claim your pension and bank that while you're still working? Nearly £10k pension plus NI every extra year you work put away for rainy day savings. I know this is not possible for everyone but worth considering.

I'm 57 and knackered....10 more years til state pension...I won't make that never mind beyond.....I have retired and returned on nhs pension ( now working 2 days plus getting pension) and I will go completely at 59 .....not one of my colleagues has made it made 60 ........let alone 67 or beyond

I doubt that the state pension will just stop but the fact is at some point either NI contributions go up or the amount of pension received goes down to ensure it can continue. Not to mention more increases to the retirement age.

It's not sustainable particularly when you factor in the demands on the NHS & social. care which is already crumbling.

I've got 14 years worth of an NHS full time pension but I've also paid NI contributions all that time so I don't see why I should miss out on this.

Your money isn't ringfenced. Your NI is paying for current pensioners & when it's your turn your pension will be payed for by the younger workers. That's the problem, decades of not paying enough tax & a changing demographic issue.

So I've just checked my forecast. It says I can claim my pension in 2047 but only have to work 11 years on that time to qualify for full pension. But what happens once the NI threshold rises in a couple of months as I may not then have to pay NI. Will my employer still pay the contribution, alternatively I know I get it just now through child benefits also but my younger dc is 9 so won't get another 11 years of contributions through that. Anyone know how that works?

Money might not be ring fenced. However the Government will still need to provide state pensions.

There are only so many jobs to go round.
It's much cheaper to fund a couple of pensioners than it is to fund a couple with kids.
So pension the oldies off, free up jobs for the younger people with kids.

The other issue is many older people do struggle to stay in the workplace to pension age, lots end up on long term sickness benefits because physically they cannot do it any more.

Money might not be ring fenced. However the Government will still need to provide state pensions.

And yet state pension age is increasing despite life expectancy not doing the same.

It's much cheaper to fund a couple of pensioners than it is to fund a couple with kids.

But there isn't a issue with kids, I'm not sure where that narrative comes from, the birth rate has been dropping for a years. The UKs population has increased because of people living longer & immigration.

It's a major reason why Brexit makes no sense

Is there really enough money in the pot for millions to live on it in a few years?

Geriatric OnlyFans?

Teach your daughters differently. It's all we can do. The school system won't do it.

I think we should take time to raise children, but finding a dependable man, marriage, and obligation from a husband are important things to plan for in life.

I just did my calculation. The most I can get is 185/week. I am currently on 105/week and have about 15 years left to make it to the max. There are some years in the 90s I just checked where I apparently was not working. But I've been working since age 19 including throughout university, so that sucks.

I pay voluntarily now and am also married to someone younger so I think I'm good. I inherit a mortgage-free property and have a lovely child who I don't expect to shove me in a care facility.

I'm not worried in all honesty. I also hope to be still active at pension age, which I would say could be around 80 by the time I'm up for it.

What difference does being married to someone younger make @thebeespyjamas? I’m married to someone younger and all it meant was that I retired before him.

He will likely still be working when I reach retirement age so I don't expect to have to live off state pension.

What exactly are we meant to do about it if we do give a fuck?

🤣🤣🤣

I am 67. I get slightly less than 'full state pension' (just over £5 a week less) because for some reason I was in 'opt out' for a while. I have a small private pension of just under £2500 a year this converts to £47 week so really makes a difference and means I am able to live frugally but comfortably.
As well as my pension I get £200 winter fuel allowance, free prescriptions and eye tests (but not dental checks) and a local bus/tram pass.
I also claim (long intrusive forms) means tested council tax reduction (almost £1000 year) and warm home allowance (paid directly to my energy account). Both of these around £100.

Not Both of these around £100.
should be around £100 with both of these means tested on income and savings.

I am lucky that I was able to pay off my mortgage before I retired, I have no expensive subscriptions I rely on and have a low meat diet. So my fixed and food outgoings are quite low and there is a very active Olio group locally from where I get a lot of vegetables (and occasionally flowers and seasonal fresh goods)

What it's going to be like in 20 years though, who knows. There is supposed to be a triple lock on pensions which means we get a specified rise every year. This year, based on average earnings, we should have had 8% so they suspended the guaranteed amount and we got 3%

But that is exactly why I am saying it must be non optional, from the start. No one say they can’t afford their tax or NI do they? Pension contributions for future generations should be money you never had.

I don’t think Op was referring to buying a new coat. They were referring to “getting the kids through university”.

Many students have part time jobs and summer jobs, they are independent adults - not children - and it shouldn’t be expected that a parent suffers in later life because they expected to have their backside wiped in adulthood.

The only students I have known to have their fees, accomodation and living costs covered have parents who are dentists and doctors. It’s unreasonable for OP to feel obligated to have to cover for the kids in adulthood if they are entitled to loans and support - as they will be if OP financial situation is as described.

It is, it just said so when I checked mine. I can't increase mine unless I defer.