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

I don’t grudge this part though, and judging by the likes, neither do many others

The increase slated for April 2027 is 3.9%, which takes the state pension to £13,036. The personal allowance is frozen at £12,570 until 2031.

The UK state pension is approx £12000 per year

Op could you live on that amount ?

Which is their fault right? What did they expect once they reached their 60s?

Pretty sure I heard someone from the government saying that they'd ensure the basic state pension wouldn't be taxed if it was the only income. That means they either intend to increase the personal allowance, or they're going to bring in some kind of extra personal allowance only for pensioners with no other income!

I completely agree. If you look at what the UK Government spends per child (£14,700) compared to per pensioner (£20,800), it signals a backward-looking society.
(Figures from the Intergenerational Foundation)

Does that figure include health and social care costs, which will obviously be higher for pensioners?

I looked into this recently and yes, I could.

What I couldn't do is live in a house that is hugely oversized (even with WFA and lower council tax than it should be), have 4 pets and have luxury holidays 2x a year.

I think you can survive on state pension provided your life is "rightsized" for it.

But I don't think anyone would claim it would be a luxurious existence.

Which I guess many would argue is what it should be.

I'm not sure as the full report is not available. You can see the main findings here: https://if.org.uk/research/age-bias-government-spending-by-age/

I would say it doesn't include health and social care.

All the mugs who think it should go do not understand it will affect them when they are older

Most people realise they won't get it and the starting age will go up and up.
Nobody's saying to cut pensions, just not give these increases which are over and above. Agree we should means test so that poor pensioners can get extra. And tax billionaires, it's not an either or.

It's a huge part of the benefits bill. Obviously taxes will need to cover it, and we have a big ageing population who also will cost a lot on the NHS. Fine but the burden needs to be spread more fairly. Plenty of pensioners have big houses that families now can only dream of and big pensions that workers now would never get.

Let’s do that, and then the billionaires leave and take their 330 million in tax to a more reasonable country.

And then what? Who do we tax next do we can pay more benefits?

Don’t children have parents?
Why does the state need to pay fur everything a child needs?

Very much agree. Massively increasing the scope of who pays inheritance tax by reducing or removing thresholds would bring in a lot of extra money to help fund pensions/care. If you are dead it doesn’t impact you & if people prefer to just spend it that’s fine too as we get the VAT & the boost to the economy faster than waiting for them to pass away.

This is not only benefits. It is all spending on children (education being the main one). A forward-looking society should IMO invest in its young people.

And we clearly do.

Which billionaires exactly? If there were any they have left the UK thanks to Labour's policies so good luck trying to tax them!

It is crazy to pay a benefit, then claw it back through income tax. What is the point in that?

They were once young families themselves.

It's ludicrously unfair that people in their 30s and 40s are paying into a pension scheme in the sure and certain knowledge that it's going to be bled dry by a group of people who have already done so spectacularly well out of the housing market (while also leaving behind an eco disaster). It's blatantly obvious that the whole gravy train will come off the rails soon - and it's completely unfair that it's going to come off just in time for my generation to be screwed yet again.

Why does the state need to pay for everything a pensioner needs??

After all, they should have had 40 working years in which to save for their retirement. That's a lot longer than children and their parents!

Pensioners are the demographic with the most disposable income in the UK. The tripe lock cannot stay forever. That would mean that the entire UK budget is spent on pensions. No schools or hospitals or prisons oe police or transport. Just pensions.

If like me you’re not yet retired get saving. Don’t be so grabby as to expect an unaffordable policy as the triple lock to fund your pension instead. Thinking future generations and their lives. Be less selfish.

And enjoyed proportionally cheaper housing costs, proportionally cheaper childcare costs, and women were more likely to be able to work part time or not at all. Things have changed for the worse for today's workers.

Just a lot less than it spends on pensioners. According to the report, the gap has doubled in the last 19 years.

I rather both were reduced and I am a pensioner. We can’t just tax the really rich people more and more because they just ( and have) leave the UK.
With the Tripple lock, the state pension has improved in the last few years. It is time to just let it increase with inflation.
I also don’t think that we can afford many of the state sector pensions. It is time to do something about that. People like nurses should be paid a lot more salary and less in their pensions.

We all know the triple lock will go eventually. Just like the NHS, we all know it will last just long enough to see boomers out, even though it is everyone else who has to pay for it. The whole thing drives me crazy. It is so so so unfair.