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

Seeing as your post cited billionaires - the ex-machina of the economically illiterate, and then closed with needless swearing, it appeared obvious that you needed furnishing with some facts about what the triple lock actually is.

Nah go for the pensioners who have paid their stamps!

Stay at home parents and the unemployment get their NI contributions paid for them, I though. It is the mark of a civilised society that people aren’t starving on the streets.

PIP actually has a very low fraud rate.

Tightening up on universal credit and pension credit awards are where big savings could be made.

Or both

This is the better solution tbh

Although it is funny that pensions seems to be the one area where people haven’t been forced to feel the effects of Brexit, despite many of those dependent on pensions having voted for it!

I've got 45 years NI paid, and have worked full time since leaving university, including 16 years as a single mum. During that time I have required no benefits, bought us a home, and been a net contributor since I was 26.

Made redundant at 63, I am now supporting ds at university as he trains as an engineer and becomes (hopefully) another net contributor to society. When he graduates, I will sell our home, downsize and give him the difference as a deposit for him to buy a home. I have another 4 years until I can claim my state pension which will be a huge £12k p.a. As a lower middle income pensioner I'm not sure I have any more to give.

The pension will rise by £488 in April or £9.38 a week. That won't cover the increase in council tax, food and house insurance.

I'd create a third level of tax for anyone with an income over £200k including earnings, pensions, capital gains, dividends, interest etc. That would mean high earners and very wealthy pensioners would contribute more.

Don't have children if you can't afford the childcare.
There's no need for everybody to go to University then they wouldn't have student loan debt.

Things are not 'weighted' against young people - it's swings and roundabouts - but of course have a go at pensioners, bleed them dry. Would that make you happy?

Triple lock is stupid but state pension is currently too low. I’d do a one off increase to make it a liveable amount (and means test if so millionaires aren’t getting it) and then just make it inflation linked. No earnings or 2.5% floor.

Yep vilify people enough and they will.

I assume that lots of current pensioners fell into the categgory you describe in your post before they reached state pension age. Does reaching state pension age turn what you would no doubt call a 'benefit scrounger' from a sinner into a saint?

If the triple lock is removed, those without a private pension, or other income, could be supported with Pension Credit (perhaps a review of that threshold is needed). Considerable savings could be made on the rest of the retired population.

In-laws have a 5 bed property, substantial investments, four cruises a year. Triple lock is just a bonus to them...they laugh about it!

We are growing faster than France iirc

Every time the State Pension increases it benefits future pensioners as well as current ones. Maybe think on that? The increase is £488 a year. Hardly excessive. An no, I am not a pensioner.

If someone gets a full state pension, their income will be above the threshold for pension credit.

I don’t know too much about the figures but I tend to agree with you. I think pensioners had life much easier than young people today and I do worry about the younger generation and the struggles they may be facing.
I am a pensioner, coming up to 70 and all of my friends are financially well off. Also if they become unwell or need more help, there are benefits such as attendance allowance.

I am in my 50s. I think that by the time I retire, the State Pension will be means-tested. I think there should be more help for the poorer pensioners and potentially less money for the older pensioners. My parents and husband's parents have state pensions and amazing final-salary pensions. Maybe remove the triple lock but have an extra credit for pensioners who are really struggling.

It absolutely needs to go. As well as winter fuel payment.

We cannot afford it. It is intergenerationally unfair.

The over 65s are a wealthy group. Whilst there are some that are poorer, they have pension credit which is still more generous than benefits given to younger people.

The wealthy need to pay more - and this includes wealthy pensioners. They certainly don't need to be paid more.

Yes it’s not a lot for those who have only that.

We should still give those who contributed with NI a state pension, but most people should be expected to live of their private pensions and nest egg

Many don't have a private pension or a nest egg.

@paddleboardingmum @Everanewbie

And the triple lock makes perhaps a 2% difference? - perhaps £4 per week if that.

Not if they get AA, which many pensioners do. Always worth checking.

Our annual growth rate is almost 2x that of France currently and higher than Italy and Germany.

Our total GDP was less than Frances around 2010 but now is about 700 billion bigger, around 20% or so.

I am not at all convinced that Brexit has "ruined the economy" like many seem to claim.

Re the triple lock I support it. But I think it should be clawed back through inheritance taxes. That way you are giving people the standard of living when they are alive, but paying for it when they no longer need the money.

Unfortunately this is normally met with the same response - "we worked all our lives" as if this is some sort of valid reason for bankrupting the country.

People did pay in all their lives, but they didn't pay enough. That's the long and the short of it.

Anyway, simple economics will come into play sooner or later.

If the triple lock has been so wonderful at "escalating" the basic state pension, why would it be "insane" to tax it? 🤔 Contradictory, much?

Here we go again
There are 2 million pensioners living in poverty
I am delighted about triple lock for my parents
I want it to stay so that I get it when I retire
All the mugs who think it should go do not understand it will affect them when they are older
Bizarre people