Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Daveahare99
    • By Daveahare99 15th Aug 17, 11:37 AM
    • 49Posts
    • 20Thanks
    Daveahare99
    Will the state pension exist in 30 years?
    • #1
    • 15th Aug 17, 11:37 AM
    Will the state pension exist in 30 years? 15th Aug 17 at 11:37 AM
    Hi All

    I'm 30 and am in full time work paying modestly into a auto enrollment pension. Savings and circumstances aside does anyone think that the state pension will even exist by the time I reach retirement age?

    I read stories about it being a timebomb waiting to go off but my hunch is that just paying into a pension pot by itself wont be enough for a modest income in retirement?

    Thanks
Page 1
    • JoeCrystal
    • By JoeCrystal 15th Aug 17, 3:51 PM
    • 1,292 Posts
    • 755 Thanks
    JoeCrystal
    • #2
    • 15th Aug 17, 3:51 PM
    • #2
    • 15th Aug 17, 3:51 PM
    Hi Daveahare99,

    The state pension will still exist in our lifetimes so no need to worry about that.

    As for yourself, how else would you be able to save up for your retirement? It depend on how much income you want and when you want to retire.

    May I suggest that you repost the topic in the main Pensions, Annuities & Retirement Planning forum to get more views? Hardly anyone come on this sub forum after all.
    • greenglide
    • By greenglide 15th Aug 17, 3:56 PM
    • 2,895 Posts
    • 1,867 Thanks
    greenglide
    • #3
    • 15th Aug 17, 3:56 PM
    • #3
    • 15th Aug 17, 3:56 PM
    Personally I think that the state pension will still exist in some format in 30 years time. Remember that plenty of people who are just reaching 65 now will expect to still to be alive in 30 years. Do you think that they will have the entitlement withdrawn or that they will keep receiving it but there would be no new claims?

    But 30 years is a long time and we really cannot guess what changes will have occurred in the intervening years.
    • A_T
    • By A_T 17th Aug 17, 8:39 PM
    • 220 Posts
    • 110 Thanks
    A_T
    • #4
    • 17th Aug 17, 8:39 PM
    • #4
    • 17th Aug 17, 8:39 PM
    Short of a zombie apocalypse the state pension is here to stay
    • Novice investor101
    • By Novice investor101 19th Sep 17, 8:37 AM
    • 54 Posts
    • 18 Thanks
    Novice investor101
    • #5
    • 19th Sep 17, 8:37 AM
    • #5
    • 19th Sep 17, 8:37 AM
    I'm 35 & busy squirreling away money into my pension & a stocks & shares ISA for retirement. I expect that there will be a State pension for me but I'm also expecting that they'll have increased the age I can take it to 70 or more. & I don't really want to be working til then. So I'm planning to have a decent private pension instead that I can use to retire earlier than that & then have the state pension kick in at 70+.
    I also have a small DB pension, which I joined at aged 24 & paid into for 10 years, til it was closed. Now I'm concentrating on building my DC pension (maxing the employer contributions).
    My mantra is save, save, save.
    In time, if I haven't needed the S&S ISA money then I'll begin paying it into a private pension to get the tax relief, if it still exists....
    • Jon B
    • By Jon B 4th Nov 17, 10:06 AM
    • 795 Posts
    • 727 Thanks
    Jon B
    • #6
    • 4th Nov 17, 10:06 AM
    • #6
    • 4th Nov 17, 10:06 AM
    Bearing in mind you and I (I’m 29) are paying NI contributions which count toward the state pension, I find it highly unlikely the state pension will be withdrawn.

    Yes, you probably won’t be entitled to it til you are 70, but put as much away in your workplace pension to ensure you can retire at 65.
    • AnotherJoe
    • By AnotherJoe 9th Nov 17, 4:39 PM
    • 7,561 Posts
    • 8,165 Thanks
    AnotherJoe
    • #7
    • 9th Nov 17, 4:39 PM
    • #7
    • 9th Nov 17, 4:39 PM
    Hi All

    I'm 30 and am in full time work paying modestly into a auto enrollment pension. Savings and circumstances aside does anyone think that the state pension will even exist by the time I reach retirement age?

    I read stories about it being a timebomb waiting to go off but my hunch is that just paying into a pension pot by itself wont be enough for a modest income in retirement?

    Thanks
    Originally posted by Daveahare99
    Well, that would depend entirely how much you paid into it ! Once you figure that out youíll understand that paying more into it than modestly is necessary to get a modest pension.

    Iím currently living off my personal pension only since I have a few years to go for SP. I have what some might call a modest pension and others more than modest, since itís above the average wage. But I didn't pay in modestly.

    FWIW at your age you should be paying around 15% of your salary in, including employers contribution. That would be what I'd call modest. Is that what you call modest ?

    As for SP I suggest you work on the basis it will be a nice addition to have once you are about 70 but donít count on it for anything vital, assuming youíd like to retire well before then.
    Last edited by AnotherJoe; 09-11-2017 at 5:51 PM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,093Posts Today

6,389Users online

Martin's Twitter