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?

I'm planning without the state pension. We already have a huge problem with an ageing population and declining birth rate. There simply won't be enough people working as a % of our total population to fund the state pension as we currently know it in 20 year's time when I'm hoping to retire (I'm 45).

My DMs state pension is enough to cover her bills and food shopping but there's not much left over. Luckily she lives frugally but I want to be able to afford holidays when I'm retired.

I'm early 40s and I assume I'm going to be working until I'm at least 70 and that the state pension will be tightly means tested.

My assumption is that they'll push up the age that you can draw any pension (medical evidence might allow early start) and they'll stop you drawing a huge amount tax free... Which has always seemed a bit odd anyway.

Yes but not necessarily the current age estimation. It wont and cant be axed.

i do think about of the political rhetoric around this subject is designed to get younger people to cut off their own nose to spite their face.

If pensions are changed they won’t be substantially changed for those already in receipt of them or those set to retire in the next few years. They’ll be changed for those currently in their 30s/40s/50s.

So yet again the people who have already faced cuts in state support generally and also struggled with things like the massive increase in housing and living costs will suffer whilst older cohort trundle in in cradle to grave wraparound care.

It’s just the ladder getting drawn up behind again.

You need to not think that you’ve “paid in”. If it worked that way, higher earners would get more state pension as they’ve paid more NI contributions. It’s a tax, it’s paying for today’s pensioners, it guarantees nothing.

I really do think the government need to do a public information film about how state pensions work because a lot of people believe they are "paying in". You are not paying in to anything you are paying a tax that is used to fund the pensions currently being paid out.

There needs to be a grown up conversation about pensions, elder care and death generally.
To give Theresa May credit she did try, but everyone freaked out and nothing else has ever been said again.

• How do we fund pensions do we accept that the state pension is over? But everyone else must contribute to a work place pension (no opting out, self employed get a central government one which is rolled up in to tax returns or they sort their own out). There must be a safety net for those who cannot do this.

• How we fund elderly care. Should this be part of the NHS (higher taxes), part funded and top ups(some of your pensions goes into this pot?), or some sort of insurance thing?

How does Palatine care work for everyone?

That used to happen up until 2016

How we fund elderly care. Should this be part of the NHS (higher taxes), part funded and top ups(some of your pensions goes into this pot?), or some sort of insurance thing?

National Insurance on people above State Pension Age

No, I'm in my early 40s and have long since assumed that it won't.

I think there will be a state pension but it will be means tested until 75 or so.
So people like me who are going to have a fairly decent work pension won’t get anything. I am not planning on having anything anyway, will be planning on having to manage on my work pension only.

I’m not under 50 but I think that when the government made work place pensions compulsory was the start of the end of state pensions.

I think it's obvious they want us all to work til we're dead.

But I don't think there will be any jobs left anyway, so they just want us dead.

They are not compulsory. You are auto enrolled but you can opt out. If you can't currently afford food and heating you are going to opt out and therefore there will always be people with no alternative pension provision at all.

Yes this. I’m acting as though I won’t get it, and making sure we have enough in private pensions and investments for the lifestyle we want in retirement. I also don’t want to work until state retirement age. It’s already going to be 68 and likely to increase more. I think it’s a bit short sighted of people to just assume they’ll get it and not make plans for private pensions.

No. Which is why I over pay into my employer pension. It's fucking shit, but I do think it's reality sadly.

I think they’d need to be made compulsory before state pension was abolished

Look at the furore caused when the government tried to take winter fuel payments away from pensioners who mostly didn't need it. I think it is unfeasible for their to be no state pension. They will just keep raising the age.

No. I assume it’ll be means tested by the time I’d be old enough (which will
continue to get later in any event) and I won’t qualify.

I'm 45. When I turned 18 the last year of student loans had been the year before me. So I reckon by this pattern they might have introduced some kind of tax on people like me who have managed to save a fair amount. I'm not there yet, only got 60k in my pension pot so far.

I am only slightly younger. Not relying on it. Not including it in my calculations. Will have to work a bit longer as a result.

I think it will. Unless you are very well off or work for the public sector, very few people have a private pension pot big enough to keep them to even a very basic level without the state pension.

43 and I stopped contributing to the nhs pension as I just couldn’t justify it with the ever increasing age. I think there will be a state pension but it will be means tested to some extent. DH has a decent pension, we have a huge amount of equity in our house, savings and investments. We are not imagining the state will give us anything, it doesn’t now.

Did you take financial advice before you took that decision? Surely it was a good pension?

We will need a state pension, most people rely on it in retirement planning and without it many elderly people would be destitute. I’m 46 and expect state pension at 67 or 68, I certainly won’t be working in my job as a teacher full time at that stage, but there are aspects of my job i could do and i imagine i will work part time until then. I would like to take my teaching pension in a decade and work part time after that.