To think we can't afford the triple lock

[paddleboardingmum]

Things seem very weighted against young people right now in terms of tax, student loans, and then there's the cost of mortgages and childcare. I know there are some older people struggling and I do feel sorry for them. But plenty are not and I think we just can't afford the triple lock at the moment. AIBU

There was never a contract/promise for the triple lock. If anyone was daft enough to believe it was guaranteed for ever, they're deluded. Taxes and benefits can be changed at any time on the whim of the political party in power - most sensible people understand that's how the system works and how it's always worked.

The ONLY element where some kind of "contract" exists is where people have bought extra years of NIC credits to make up the required number of years of credits to increase state pension. That's the only element where there is any kind of "contract" that the person will get a higher pension because of the extra voluntary contributions they paid.

Don’t forget retirement age is now 67 in less than 20 years. It used to be 60 for women.

Because current pensioners are mostly baby boomers (born 1946-1964).

Income tax that they’ve already paid income tax on .

Should UBI be introduced, I think people will be surprised at just how low it would be set it. Probably around the same £12.5k as basic state pension. We simply can't afford it to be any higher, given we're trillions in debt and paying billions each year in interest alone. I fail to understand where people think the money is going to come from to give everyone massive handouts - I've seen figures of £25k-£35k banded about - utterly delusional to think it would be anything like that. It will be basic subsistence level at best.

Stop giving money to countries where the president’s wife takes a private jet to go designer shopping in Paris.

Fair enough, but what's that got to do with the triple lock, which is designed to prevent pensioners slipping into poverty through erosion of their pension by inflation, which did happen before the triple lock was introduced?

Yes Chris Rokos, who was paying 330 million a year in tax is leaving, along with other high tax payers because they want even more tax from him.

That's exactly what a lot of young people want - UBI, so they can lie in bed all day and stay up gaming all night.

Can we say the same about those on UC? If you haven’t saved, you only get the bare minimum? Works for me.

Scottish students don't suffer student loans.

I didn't suffer high child care costs as there was very little childcare available so I halved my salary to care for them myself.

There was no childcare benefits, no free hours.

Both my children own their homes and don't have ruinously high housing.costs.

My deductions are lower than my children but they earn a lot more than me as I live on my LA pension.

Both have more disposable income than we do.

What are you getting at? Do you think income should not be taxable beyond state pension age?

This!!!

It’s the Laffer Curve in action https://en.wikipedia.org/wiki/Laffer_curve

Sorry, here is a more accurate calculation

Median wage is £766.60/week
State pension is £230.25/week i.e. 30% of median wage

In France the aim is for the state pensions to be 50% of your salary prior to retirement.

It was designed to increase state pensions to a more appropriate level. I believe it has done what it set out to achieve and more. Now it should return to a more sober rate of increase, CPI capped at AEI.

What age would a pensioner be today who was born in 1960?

I think contributory benefits are somewhat different .
I can see its not a contract ,rather a political policy, but it was most definitely a political promise .
I can see it can be reneged on or changed by the current government,i think that dishonourable to the people it affects. It just my opinion. I dont think it will go down well.

The new state pension you receive at 67 (£230.25/week) is considerably higher than the old state pension that you would have received at 60 (£176.45/week) so nobody loses out.

There's a lot of talk on here about fairness and "honouring" agreements and social contracts. But what about the coalition government's promise not to increase tuition fees, and then the recent changes in the terms of student loans? I'm not part of that generation but I really feel for them! The 'social contract' should work in both directions!

But they already laid income to when they earned money and paid in Their contributions no?

You lose out by having to work another 7 years.

Two fabulously wealthy crypto billionaires have moved back to the UK this year so the traffic isn't all one way.

It does where I live. No tuition fees. Free bus passes for all under 22.

It’s not going to be affordable. The sums don’t add up.