Will the state pension exist for a 42 year old?

happymum37

... after a healthy discussion at work recently the general consensus was that the state pension will become a means tested benefit.  So for those who own their own homes / have a certain level of money the state pension will no longer be a thing. 


I'm almost 42 so will I believe claim my pension at 68 if the rules don't change....which I don't believe.  

What are your thoughts??

2nd_time_buyer

Realistically, any changes will need to be phased in over several generations. 

daveyjp

Forget crystal balling and control the controllables.  Work to earn, save hard, then you will not have to rely on it.

happymum37

daveyjp said:

Forget crystal balling and control the controllables.  Work to earn, save hard, then you will not have to rely on it.

True. But I don't know anyone who won't be relying on it

Stubod

I think that means testing of the state pension at some point in time is inevitable....but as to when..??  (...and will climate change get us first anyway???).

For people born after 6 April 1978 it's already going to be 68, and I can only see this age being pushed further and further.

ewaste

It's likely to see a number of changes unless something fairly radical changes, I think it's unlikely the State Pension Age will remain at 67-68. 

https://ilcuk.org.uk/ageing-populations-forced-to-increase-state-pension-age-to-71-by-2050-to-maintain-dependency-ratio/

Given the Demographics of the UK and many other countries the 'Grey Vote' is significant. The working age population will inevitably be squeezed harder and harder, as it is at present. Those who are able may ultimately vote with their feet, as a number of my younger friends and colleagues have already done. 

400ixl

The whole way in which society is funded in general is going to change over the next fer generations, so pension will just be a part of it. Whilst that happens it is best as an individual to focus on how you can be self sustaining.

Whilst in the short term (which the OP will be in) we will continue to see the penson age rise as life expectency does there will come a point where working won't be predominantly a human activity which will shift the whole modem and economy.

There are many people today who are not dependent on a state pension, doesn't mean they turn the money away, but they aren't dependent.

Shineyhappy

I hope it will exist and not be means tested and the age will stop changing- however I’m ploughing as much as possible into retirement planning and the mortgage is already cleared.

Hope for the best and prepare for the worst.

I think there are going to be a big divide between the early retirees and the state pension age retirees unfortunately. I’m 43 and I couldn’t face another 30 years of work and I have an office based job, so don’t need to worry about whether I’m physically capable of working.

Emmia

I'm about the same age as you OP, and at 18 I was sceptical that the state pension would exist for me...

I wouldn't be surprised if it went means tested especially now there is auto enrollment into workplace pensions.

badmemory

Emmia said:

I'm about the same age as you OP, and at 18 I was sceptical that the state pension would exist for me...

I wouldn't be surprised if it went means tested especially now there is auto enrollment into workplace pensions.

I think they would have to enforce significant changes to auto enrolment to make it possible for means testing to have a significant impact on state finances.  At the moment for many people the pension savings are negligible & employers can exclude far too many employees.

YoungSaver20

I hope so as I’m 35 however I can see a means tested pension - but then would means tested cause people to go out of their way to spend their private pensions before state pension age  - would they put some law in place to prevent that, so many questions