The state pension is HOW MUCH???

[BeatieBourke]

Call me stupid (fair) but I've just realised how much the state pension is. £800 odd a month (£185.15pw).

As a non-means tested benefit. For EVERYONE.

I'm generally of the opinion that benefits are too low and too punitive. I usually advocate for universalism. I understand that people have worked their whole lives and paid in, and deserve a retirement. And that having pensioners in poverty does no favours to the economy or other welfare services.

But £800 a month / £9k a year for EVERYONE?? So a widower in rented accommodation with no other income or savings, £800pm. A wealthy 68 year old who's earned a 6 figure salary, has a huge property portfolio and investments coming out of their ears that pay a fortune out in dividends, £800pm. Seriously?

I understand that no party, least of all the Tories (because tory voters as a population are older) will ever go after pensions because it would be unpopular (and older people vote more generally). But in a time when the country is supposedly facing a financial "black hole" and everything else has already been cut to the bone for the last 12 years, why the hell are we paying out state benefits to millionaires?

Maybe if pensions were means tested (with a fairly high and tapering threshold) there'd be enough to pay pensions for women at 65, and more for people who haven't built up huge assets, can't afford to live, heat their homes or eat a hot meal every day in their later years. I can see the (cynical) political sense in it, but no economic sense whatsoever.

AIBU?

Maybe your friend scrimped and saved more than you did.

They can include income and assets their partners earned, they can include perks of the job........

Why does that make a difference?

@TheNosehasit Why are you so resentful of pensioners when you are going to be one one day?

It's not pensioners' fault that you've had financial troubles.

@TheNosehasit I don't understand your point, sorry.

Too high for what?

I was explaining that people did not necessarily chose to opt out of the extra payments, I was not complaining about it! I don’t get £185 a week, I get £143 and as it is taxed, I actually receive less than that in the bank.

Why do you assume my house is paid off? As it happens I am mortgage free now as I downsized a number of years ago but I have friends who still pay mortgages or indeed rent.

I am not complaining though, I know I am more fortunate than some people but that is as a result of my hard work and careful financial planning rather than good luck or inheritance.

I really don’t understand why you had a go at me.

IF they work and pay NI they have paid for their own pension contributions

That's how communism works.

For benefits. We get child benefit. But other benefits require a very low level of savings.

Why did I assume? Because I know.

You've confirmed that your house is paid off.

16k

@TheNosehasit why are you so bothered about houses being 'paid off'. What is wrong with people working, paying mortgages and then living in their property?

And what hAs that got to do with their entitlement to a pension in old age?!

Exactly what I was trying to say! Fortunately I realised years ago that I was paying slightly less NI so would get a reduced pension and made provision to compensate. I paid in extra to my teachers pension through AVCs so have an additional pension which I can drawdown. I am divorced so it was totally my choice what I spent my spare cash on - expensive holidays, clothes, hobbies or a more moderate lifestyle with some savings for my retirement.

You just sound jealous
I and my parents have paid loads into private pensions
We are reasonably well off
We have paid into the state pension more money than someone on a low income
I guess we could argue that people who have not paid in as much as us should get less than we do
But we do not
We took the desicsion to fund our pensions so we can etire early and have good life
We do not have sky netflicks amazon prime etc
We prioritised saving

No she can’t. Too much in savings, too much income and a homeowner. Of course she can’t claim benefits.

Thé point is that rates of uc and other working age benefits are so much lower than state pensions.

Although again pension credit has a much higher savings disregard than uc for example.

The Irish state pension is 253.30 Euro per month - £217.86 Sterling at today's rate

Yes. Because those getting the benefits can also earn. Pensioners cannot.

Benefits are too low. That is not a reason to drag pension down as well.

@Haffiana why do you say pensioners can't work? I have several friends who do - some to supplement their state pensions, others because they choose to.

I think you’ll find that’s per week.

Because the government want older people to save for their funerals and to help pay for care. Elderly people who need care at home largely pay for it. Funerals are expensive. Even a direct cremation with no service is over a thousand pounds,

Some can work. But generally the poorer you are, the more likely your health is fucked and you can not work. The largest rise in sick people not working is those aged 50 plus to retirement age.

No she won’t get 185.00 on top of her 143.00.

Not everyone gets 185.00 (I wish);. It depends on qualifying years of contributions.
Here’s a thought OP, you don’t even have to be employed to contribute. If you so wished, and had the cash, you could sit on your arse all day and buy NI voluntary contributions, then at the end of the 35 year qualifying period claim your pension, that you’ve paid into. The same as the pensioners who have actually got off their Arses to earn to pay in to the scheme. Get it now?