If you are younger than 48, do you expect the state pension to still be around when you get to state pension age?

[daisym00n]

When people talk about raising the state pension age, the argument is usually that it will never happen because pensioners are more reliable voters.

But actually aren’t today’s pensioners the least likely to be affected? These things take years to implement. Any major change to pension age or entitlement is usually phased, so the people who’ll get hit hardest are the ones who are in their 40s/50s now, not those already collecting it.

If the current pension is unsustainable, it’s people currently under 50 who’ll feel the pain when the government turns around and says “sorry, there’s just not enough left”.

Part of me thinks I’d rather they were upfront now, rather than kick it down the road again. If there are big changes coming, I’d rather have 15+ years to plan around it not be blindsided when I’m coming up to retirement.

I’m not factoring the state pension into my own retirement planning at all. I just don’t believe it’ll be what we’re told it will be by the time I’m old enough to claim anything.

Anyone else thinking this way?

Hope so, its all I have. No savings or pension.

I think it will still be around in some format but I don’t think it will be the same as it is now

I know I’m lucky in that I have private pensions and savings which is why I think it’s a possibility that I won’t get any state pension when it comes to it, if they bring in some sort of means testing. I’d just like as much advanced warning as possible.

To be honest I'm assuming the state pension age will keep increasing and I'll never reach it.

Same as my dc won't ever be able to buy cigarettes - that's me and the pension!

I’m 55 but yes I would expect the government to continue to provide the state pension for people who are already middle aged. But I do think a time will come when they tell the school leavers that it will no longer be around and they have to ensure they have a private pension alongside some other type of saving scheme

No. I'm working all my retirement calculations based on it not being available.

If it is, it'll be a bonus.

No, I have zero expectation of receiving a state pension (I’m 30). Planning my finances on that assumption.

Nope. Absolutely not. The state pension does not form part of my financial plans for retirement.
Yes, I have paid for it, but the fact is too many people are net takers, not enough people are net contributors and far too much of tax payers money is being wasted.

I'm 48 in a few weeks I'm imagining it will still be there and I'll be pretty screwed if it isn't.

Well they will have to do something for those that have no other pension provision. It's unlikely to be universal like it is now.

I'm 43 and I reckon it'll be means tested so I won't get it as I have a private pension. I think people will probably be expected to work into their 70s too.

I think it'll still be in existence, but I'm expecting the age to be raised again, if not twice, before I stand any chance of claiming it. I really wish I'd started a private pension so much sooner. Pension age feels miles off when you're in your early 20s, not so when you hit your 40s.

As is the situation for many many people in this country. Youre not alone at all in that.

I reallt really hope it sticks around in some form because many people right now are just about surviving and cannot afford to even think about putting money away for pension

This is why they brought in auto enrolment, to reduce the numbers of people who don’t have another pension.

I'm mid 40s. Have a work based pension that is defined benefit (career average) but it's no where near as generous as it used to be. So despite me and my employer between us contributing a big percentage of my salary each month, my projected pension isn't great. Just last month I started a private pension. Something I never expected to do. Only paying in £200 a month. Not sure if such a small amount is worthwhile or a financially good decision but I want to have an enjoyable retirement if I can.

Not in the way it is now - I'm 36. I think it'll be means tested.

It will definitely still be around, but I do think it will be means tested, just like all other benefits - child benefit, disability benefits etc.

Yes but there will still be a significant number without.

My children are below 48. They're skeptical about the State Pension still being around by the time they retire.
Unfortunately, the population is getting older and almost all of the Baby Boomers are now retired.

When we (Boomers, that is) were young and were all working and paying taxes, the state pension was easily affordable, as there were far more workers than retirees. Now it is turning around, so that there are fewer workers per pensioner.

I think the whole model of how the state pension is funded is flawed. It relies upon a constantly growing working population. That trend has ended and now fewer people are having children than will be sufficient to sustain the system in its current form. Something will have to change.

I am 39 and don't expect to get a state pension, my financial planning assumes I will be entirely self funded

No, I think there’s literally no chance of a universal pension by the time I’m that age.

Haven’t thought about it tbh and will most likely regret that! I’m thinking more about our own savings. I know nothing about pensions. I kind of assume it will be irrelevant to me 😬 my workplace has no pension scheme thing.

I think it will be there but different.
I doubt it will be there when our children reach pension age though except for the very destitute.

I don’t think they can change it for people who are set to retire in the next 20 years or so as it doesn’t give long enough to make sufficient changes. However I’m sure there will be a point soon when everyone starting work (so maybe aged 21 ish) will be told they’re gonna get fuck all so better all get saving - how they’ll do that for people who don’t work I have no idea - for example someone who has kids and doesn’t work for 15-20 years -what would they do? There still needs to always be some kind of state provision surely? But I’d imagine it won’t be as good as it is now (& I know people say it’s not very generous now but it’s better than nothing!)

No workplace pension?

Are you in the UK?