We won't get a State Pension - THE HARSH TRUTH
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- Опубликовано: 12 фев 2024
- The state pension could increase to age 71, which means most of us won't get a State Pension in the future.
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*None of this is meant to be construed as investment advice, it's for entertainment purposes only. The video is accurate as of the posting date but may not be accurate in the future.
This description contains affiliate links that allow you to find items mentioned on this video and support the channel at no cost to you. The affiliate links allow me to earn a small commission without any extra effort 
Хобби
If the pension is not sustainable then neither is overseas aid or billions for Ukraine
Naïve - the UKN is a way for politicians to give themselves money - Z just takes 10% and sends the rest back - to off shore accounts.. Similar playbook to HS-2
Exactly!! Why is it always the elderly, a lot of us who worked 40 or 50 years, while they take money off you it's all good, the minute they can't it's a case of ohh these old people are costing us billions, no mention of all the other waste money bleeding out of the country, boils my piss 😡
totally agree
Excellent point 👍
Exactly! 😠😠😠😠
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@VioletJessica- That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
You can look her up online
Not without a name to search for. @@VioletJessica-
Put your money into a stocks and shares isa dividends are tax free in it and dividends offer better returns than having money in the bank.
It’s not a state “benefit”. We paid in for forty-years!
Absolutely. Two myths, it's a benefit and that people are living a lot longer. Same here in Australia, you have already paid for your pension while working and also people are not living long. 95% of the population don't make it pass their 7th decade.
DONT LET THE CON PARTY CON YOU THE NAME SAYS IT ALL
And they always forget to mention the millions of people who die before they ever reach state pension age
You've "paid into" nothing. The tax you pay when working pays the pensions of the day. When you retire, those paying tax will fund your state pension. There is no pot of money with your name on it. This is how all state pensions worldwide work.
It wasn’t saved in a special fund, it was spent, it’s their spending that has skyrocketed. Remember when a millionaire was unusual now we have multi billionaires and the American government are 35 trillion in debt. The UK has huge debt, we all pay interest on everything borrowed but who is it paid to? The International Monetary Fund? The millionaires are billionaires now and probably soon to be trillionaires is all I see.
So if the state pension isn’t sustainable for a person paying into it for 40 plus years, neither is paying 8 million pounds a day to house migrants in hotels. The government can’t have it both ways.
Most of the money goes in tax avoidance, supplementing poor wages with benefits whilst CEO's are paid huge salaries, companies demanding special low tax deals, PFI deals where schools and hospitals pay out for buildings and maintenance at exorbitant percentages, subsidies for privatised rail companies, subsidies for the oil and gas industries, etc. The absurdity of keeping "asylum seekers" in hotels instead of dealing with their claims and expelling the failures is yet another triumph of the last 14 years. Teresa May, Priti Patel and the odious Suella pretty much destroyed the Home Office, and of course treating your previous EU partners like dirt didn't help resolve the problem. And guess who gets to pay for this mess? It's not the party donor class. The people arriving in the UK who cause the most damage are those arriving in private jets and superyachts, they're the ones to be wary of.
By the time i retire I'll have paid 51 years into the NI.
@@StephenSmith-ge1qf The present government rather subsidizes useless wind power projects, where cost increases are huge because of high maintenance costs. The subsidies to the wind are over 4.3 billion per year and rising, something that you can easily check. The increased costs in energy over the recent years are directly attributable to a foolish focus on renewables, rather than shifting to nuclear. Gas and oil powered the UK for many years with cheap electricity. Other wasteful investments are 957 quangos where appointees enjoy gold plated pensions, councils that mismanage their budgets with quite a number declaring bankruptcy and the bloated House of Lords
👏👏👏👏@@jonathanspilhaus3165
You are robbing yourself by not enrolling into a workplace pension?? Doesn't that depend on your workplace pension? Handing your money over to a third party who may or may not invest it sensibly is a fools game in my opinion. Pensions are not tax free, they are taxable on extraction. What about all of the people that have lost large proportions of their pensions due to those pensions maturing during a recession. This pension fear mongering is why people waste their lives working every hour for a brief retirement usually imobile or sick from the stress they've ensured for the last 55 years.
Better advice is to learn how money works. Cumulative interest on savings and asset based investments are a much better way of securing your future. Don't get a mortgage and live in the property, it's your biggest access to money that can make you money. Get a mortgage and rent the property out. Even if you are making a small profit each month to start with, that profit will grow and you will own that property well before retirement if you invest those earnings back into the asset. Leverage the asset to buy further bricks and mortar once you have a sufficient loan to value ratio. Poor people spend, middle class people save, rich people invest .. don't waste your time on pensions, it's money for nothing for the pension companies. Anything they do with your money, you can do. 👌
Thinks 65 is enough for anyone trying to work a manual job and many do not even make it that far due to the injuries incurred.
Injuries apart, just general wear and tear on the body from manual work definitely takes its toll over the years !
I wonder if they would encourage you to train people instead? Bur it's mental someone in 60s/70s doing scaffolding for example.
@@Natta44 I do train professionals in the medical field .
I think that healthy life expectancy will drop. The cohort that gave higher life expectancies lived through rationing of food and a happier outlook of the future. With obesity and the general awful state of the country it surely must drop.
But what could they train for? They chose a manual job for a reason.@@Natta44
This is nothing to do with affording pensions but rather paying billions for illegal immigrants and wars that’s nowt to do with us. The pensioners who pay all their lives suffer.
very true kick out illegal immigrants and use the money for pensions dont have to go to uni to work that out ?
Yes! Even the bad weather is because of immigrant 🥴
You believe everything you're told? Most believable reason for Brexit was because the EU were going to make our government raise the state pension level to meet the rest of Europe, Germany and France get 2 or 3 times more than UK. Rather be woke than gullible in the guise of patriotic. Sounds believable doesn't it, now you know what these crooks really think about us
You Sir are a spoon fed retard
People like you have helped ruin this country, not the immigrants that never even made it here alive. You will be sorry, we will all be sorry and its the fault of you and your stupid kin
@MohamedAhmed-ew8yn haha what a classic bellend
I'm 64, retired now for 4 years. I paid into my works pension for donkeys years! The Labour Govt taxed the hell out of the company pension scheme profits - the Cons continued to tax it, the company directors reorganised the scheme THREE times in 20 years reducing the benefits of the scheme each time, finally closing the scheme down about 8 years ago. so I lost thousands!!!! Froze it when it closed, drawing it now, but getting about half of what was expected. And I don't care what they say, OAP is an 'entitlement', I paid in for 44 years, the govt broke their contract as far as I'm concerned, and I don't recognise their 'crooked' 2015 reclassification of it. Good advice though, enjoyed your video.
Totally agree with you about the government breaking their contract. This is exactly what has happened with the NHS pension scheme. It changed from 1995/2008, currently on the 2015 scheme. Each time they’ve moved the pension age. I’ve paid in for 20 years and stopped for the last 3 years because the way things are going, I’m wondering if it makes sense. Realistically speaking, I have another 20 years to go. It’s difficult to know what to do.
It almost sounds like you worked for the same company as me! Exactly the same tale of mismanagement by those who were supposedly looking after things in our future interests.
Well said 😊
@@jenelleprince2700 I would say it is better to pay into your works/NHS pension than not, all govt pensions are still good, you will still get the tax-free benefit that they give you, also the employer pays into your pot - sometimes matches and even exceeds sometimes what you pay in, so it's 'free' money. Also, it will add greatly to your OAP and may even allow you to retire a little earlier before you draw your OAP, like I did, albeit, not that well off, but at least I'm happy and out of the rat race. Good luck to you, my friend.
@@dallassukerkin6878 I worked for a water utility company, that kept getting incompetent and mean directors that cost cut while making huge financial mistakes. The company became under hostile takeover, and was bought out by asset stripping foreign entities! The new owners decided that the pension scheme was unsustainable, switched everyone over to stakeholder style pensions. I kept mine on-hold and froze it, it was already quite valuable to me, started drawing it 4 years ago, vastly reduced of course, but still able to live off it after I paid all my debts off before I retired. Good luck to you, my friend.
Many people are blowing the bulk of their wages on housing, energy bills, food and transport. Ordinary workers no longer have enough disposable income left over to pay into a company pension.
They gotta stop buying the Starbucks and the maccies 🤷🏻♂️
All to make everyone dependent on the state! 2030…… you will own nothing and be happy (in the words of George Orwell and parroted by Klaus Schwab)!
Evil rules our world!
So you mean even if we in the states had socialized healthcare, we'd still be in dire straits?
@@chioma3100 Technically yes, but that's a false dichotomy as one doesn't affect the other. Socialised healthcare simply means that at point of use there is no cost to the patient. It means nobody ends up in financial difficulty because they were treated for being ill. The problem being discussed here is that we're living longer and having fewer babies. The state pension system we have in place is probably going to be unsustainable once our current middle aged population cycles out of the workforce.
Guess what, if you have a private pension right now, it is taxed by the government when you take it, because the Chancellor froze the personal allowances just above the value of a state pension. They block you every way you try and turn.
Peter Lily a conservative minister in 1989 said the the State Pension would be nugatory. Successive governments have failed to plan, but they have continued to waste money on things we don’t need!
Conservatives and Starmer are nugatory!
Like HS2!
Like illegal migrants.
Stop Funding Israel and Wars Overseas!
We don't currently get Ambulances, Dentists, Trains or even GP appointments. Yet the pension is the thing we should worry about? We've been paying more and more tax for these items we no longer get. How could anyone be surprised that we wont get the State Pension?
Grate Britain!
"We've been paying more and more tax for these items we no longer get."
The main thing is, those people who have run the country ( into the ground ) for the last ten years, our wonderful MPs, MSPs, MWAs, they'll all be getting their pensions, and we will have the pleasure, ney, honour, of paying for their well deserved standard of living in retirement.
Its called Socialism. Just watered down Communism
But I guarantee that MP'S will get their huge pension
They give away our hard earned cash to organisations that spew out propaganda, like the WHO, UN, WEF! They fill their pockets while in office, have private jets, fine dine, multiple residencies, private health care etc!
And spend millions every day on people who should not be here!
No one is getting a pension because this society is coming to an end
agreed
I'm 57. I remember being in my 40's and telling people that the state pension is on its way out. I was told that I was just being negative. Nuff said.
So 15 or so years ago?
Luckily we haven't seen any significant change in the last 15 years, smooth sailing, and if anything demographics have improved.
@@gomperhooblet Huh? Have you been living under a rock the last 15 years? The UK is visibly falling apart around us, and you call that smooth sailing? DUH!
@@bobjames6622 Sarasm bud, tbh I misread your comment anyway and sound like an idiot now, I'll leave it there so future generations can learn from my mistakes
Correct @bobjames 6622
@@gomperhooblet And I didn't pick up the fact you were being sarcastic, so guess I'm an idiot too. Double DUH....but this time directed at me! 🙂
The main problem is the people in government are not fit for purpose. They are mainly a band of million and billionaires making sure that they pay less tax and secure their wealth. While at the same time denying the working class people their basic entitlements. Spending tax payers money on Duckhuts and cleaning moats at their posh homes. How can a person on 80k or so have expenses of over 200k. Totally ridiculous.
DONT LET THE CON PARTY CON YOU RISE UP LIKE THEY DO IN FRANCE ?
The majority are crooks, the mafia of old would have drooled over their robbery of nations!
Completely agree
Governments are saying people are living longer but the excess mortality is staggering. I wonder why.
Exactly
Remember… they called us useless eaters??
🤔
So if they can technically stop the state pension 'benefit' when they run out of money, I can technically stop paying the portion of tax I pay that goes towards the state pension when I run out of money which is now. If they stop the state pension I guarantee you there will be the biggest civil disobedience this country has ever seen.
You watch they'll do a thresh hold thing to ease everyone in. First you need to work 40 years, then they'll find exemption loopholes to make you not applicable, then they'll say you have to be a low earner with no private pension to access it. They'll treat it like an extra universal credit. All those with private pensions, depending what the balance is you'll be able to only get a partial state pension. I 100% guarantee this is how they'll do it.
The no private pension thing will likely be a factor.
That assumes you will still be here to collect it. I might be, but then I never took the IV mystery juice.
@@jayacourt8282considering that private pensions largely exist to funnel workers money into financial institutions they are not anything to count on either.
Great advice . People with private pensions will be shafted. Sorry no state pension because you have a private pension.
I expected the pension to be means tested but expected those with private pensions to miss out on government pensions. To class government pensions as a benefit means those moving abroad will get nothing. Absolutely disgusting considering those who will have paid into the system.
They don't care 🤷🏻♂️
Who will have a private pension when having one means losing your state pension. I will pass , thanks .
If they do that. Il cancel two private pension plans I have in place and I won't work over 30 hours a week. Currently doing 50-60 hours a week.
They can't treat us like an idiot.
@@fishing-gardening-travelling but they DO constantly 🙄
They did the same with the pensioners who moved abroad, their pensions were frozen and were not entitled to any annual increases. They now live on less than £50 per week.
We have been paying tax on the understanding that we will get a state pension. So where's the piss take!? Otherwise the state has been taking money under false pretences.. The average pensioner has been paying Tax for 50 years for a pittance back.
It's National insurance that counts not tax
It was always clear that the state pension was set up as a Ponzi scheme, based on large numbers of taxpayers paying for small numbers of pensioners. Which is no longer the case. I never thought it could continue.
🎉@countrysideviews294 u do know its 1 pot that all the taxes collected in this country go into ( & every government just squanders the money 💰 like there's no tomorrow ). 😳 we've gone full circle like the 40 yrs ago, just like 80s recession. Only people have got more brutal.
The government have a shoe box with a nest egg of money for everyone. We're fine 😅
what's new?
I’m happy to have this conversation if government stopped looking after its own. Gas companies earning billions, massive profits for ppe vip lanes , the list goes on. So let’s have a real conversation and stop beating up pensioner’s. The hypocrisy is breathtaking.
Ain't it tho, this guy means well but it's missing the huge scope of greed and corruption of governments and the 'I'm alright Jack' attitude towards us
Pretty sure when describing the UK state pension you described a Ponzi scheme
It does sound very similar
The state pension is a ponzi scheme. We were always heading for the amount of old people claiming exceeding the amount of working. It will be one to one before long
Because that’s by all definitions it is. 😢
It is like it except that the government, so far, has guaranteed to pay the pension and the government won't run out of money. It just racks up debt. It's more of a social contract between generations.
It is by definition a complete ponzi scheme, but the Yield in fertility rates and life expetency was probably taken into account. 😂@peterkomolafe
life expectancy has levelled off - even falling, problem is less kids
Yes the (R)rate of many countries outside of India & Africa are going to become a real problem in the near future.
Couldn’t agree more. I’m 32 and would say my generation will have the youngest death age we’ve seen in years. We’ve all been raised on chicken nuggets and fake poisonous processed foods. Nevemind the booze and other things we’ve had for a few generations in our country.
Let’s hope vapes are good for you long term eh? 😂
Rising number of long term sick too
@@karllelliott681 India and Africa are heading the same direction, just further behind the curve. But they will probably reach it quicker. Especially if other countries draw off their young to keep their own economies going.
Especially with the introduction of the poison over the last couple of years, It’s even falling more. All trick! They are now telling me I can’t have my private pension until age 57, after it being 55 for how long.
This could easily be solved if the government followed these guidelines:
1) Find a way to arrange a cull of the elderly and blame it on a disease.
2) Increase the excess death rate to reduce the number of future pensioners.
3) Open our borders to bring in more young workers to take tax from.
Alas, such a bold and brutal undertaking would never even be countenanced by any civilised society.
The Tory government actually did follow these guidelines. Johnson did not want to impose a lockdown when Covid reached this country, and then talked about piling the bodies high. And his government and his successors have allowed an increase in emigration to this country despite talking about reducing emigration to a few tens of thousands.
I would not describe the Tories handling of the pandemic as bold but their attitude was definitely brutal and their behaviour - party party party every night while the rest of us were shut up at home while loved ones died in a hospital bed alone, is a disgrace to a society which pretends it is civilised.
dont let the torys ever watch logans run or all the working class be put down at 60
We don't fight back. The British Bulldog is just an image on a T-shirt you can buy in Leicester Square.
A fine plan, apart from the fact that most of the grifters they're bringing in are going on benefits rather than working, and are nothing but a burden to the UK. Even of the ones who want to work, most have no education and no skills, and will only ever be suitable for low skilled minimum wage jobs like working carwashes or flipping burgers at McDonalds.
Yay Covid .
When picking a job I check out the employers pension contribution. I took a job paying £1,500 less because their pension contribution was 10% if I pay in 6%, to keep the maths simple and to increase the pot I have matched their 10%, so 20% is now going into the workplace pension. I also recommend a cash isa or savings account which you can then transfer the money once it has built up a bit into a stocks and shares ISA to run alongside your pension so not all of your eggs are in one basket and you can if you really need to access the ISA. As for the state pension, if they move it to 71 that will crush the retirement of millions of people who have paid into the system. The UK is a disgrace right now, I cannot wait to get out of here. I have stopped all unnecessary spending and am saving as hard as I can to escape this sh!t.
😂if state pensions were a foreign war there would be no end of money to fund it…
The age of death is reducing every day , from the sudden death method. That is currently covered in the excess deaths from NSO. This year there will be an extreme increase in the figures from the deaths ( unexpected ) of those with the results of the jabs they gladly took to avoid a disease that did not really happen except in the media spoutings. This is now maturing and with the current health problems of diabetes. Heart disease and other food caused problems are rocketing upwards.
Well said
Yep
Yep, that medical inter.vention was designed to take people out like the sick and the elderly! I notice how very few ‘prominent’ people are included in that data!🤔 There will be more scamdemics to do the same, an engineered takedown by those that attend Davos!
Yes Indeed
The expected increase in unexpected deaths is certainly very real. I’m seeing it all around me literally, neighbours, family and friends. I stopped paying in to NI years ago because it was obvious when they started effing about with the pension age it’s time was numbered. Anyone holding out for a company pension will be also let down as those funds will be looted. I am looking at working steadily till I drop, doing stuff I want to do, that I enjoy doing and that age won’t be a barrier to. I have changed my diet, cut out all the crap like booze, fags, processed crap, grow some of my own food and payed off the mortgage early. I only buy what I need, my outgoings are very small, but I earn enough to pay my council tax and keep a car on the road but still have a half decent life. It is actually way more fulfilling doing stuff for yourself and not being beholden to convenience or government. If the worse comes to the worse I can rent my house out (if they don’t steal that too) and kit out my big garden shed and live like my Nan did in Ireland after grandad died and she was left to bring up six kids, with no benefits and no life insurance as they wriggled out of that one too, by renting out the house and living in a shed at the bottom of the garden (it was a very nice corrugated and insulated shed though).
The fact that the government is currently reading (or has passed) a bill which will mean that they can look into everyone’s bank account.
That alone will mean that the state pension will become means tested.
Apparently this is to stop benefit cheats. This crazy excuse could come from Baldrick . We all know benefit cheats get their side hustle paid directly into their Bank account . Too funny & confirms means testing is their plan.
Really difficult to do this. Think only Australia adopt this system. Couple of things I think they will do before this..
Increase the age based on mortality. Also equalise tax relief at say 20 or 30%. Both options are easier and less controversial.
State pension will become means tested, absolutely no doubt about it
Yeah 100% Put Thousands of your hard earned into your pension to be told . Thanks you ain't getting a state pension now .
@@stuartregan1627 totally. They will screw over all the fiscally responsible people.
If you going to save for your pension, make sure it is well hidden (buy gold in any form but coins look the best)otherwise that savings will be means tested & taxed so then until it's used up you won't get anything.
The utter thievery and incompetence of the government should almost guarantee it.
Implementing the ability for the DWP to snoop on the bank accounts of those claiming benefits - including state pension - might just be one of the provisions for means testing.
I’m 61, if they deny me a state pension? I’m claiming asylum. 🤬
The fairest and best way is if you haven’t paid into the benefit system you shouldn’t expect to be able to take anything out. Not expect people that have paid in not to get the benefit they have paid for no matter what they saved.🇬🇧
@@nicholaskirk1356 I think that is due to equality. For decades women had their pension 5 years earlier than men. It was unfair really since on average women live longer than men. They should have changed the age between for both. Say 63.
@@nicholaskirk1356 my husband payed my 35 years for me when we had children. People with disabilities that really can’t work then ok but people that have payed 35 years and more into a pension must have there pensions no matter how much they have saved
👍🏻
@@nicholaskirk1356 My wife gets half my pension when I die, I’d say that’s pretty fair. I did all the work and I don’t get any of hers. But seriously, women get an excellent deal. They pay the same pension but on average live five years longer, so get five years more pension than men. I always laugh when people go on about how unfair it is to women. In most cases they made the choice to have children, and the benefits and rewards are amazing. It’s actually men who get the raw deal!
I'm only 42 and I've assumed that there will be no state pension for my generation for at least the last 10yrs!
I'm assuming I'll be working until I drop.. 😢 Even though I've worked all my life.
@@carolineowen7846 YOU ASSUME RIGHT 😭😭😭😭😆
@@carolineowen7846 I wonder how long it will take to become desensitised to people dying at work?
@@The_BenboBaggins😂😂😂😂😂
I can see the adverts already... "Have you been miss sold a State Pension" .......
Great . So True . Another law firm to say have you been missold a private pension when its means tested & they get Diddly .
The age of retirement keeps raising but if you’re made redundant at 63-65 who’s going to give you a job? Plus companies will have to offer more flexible hours & working conditions
You do without!!!!!
Mid 60s if you are still very far behind and not able to sort yourself to be able to retire (the whole point of this video!) 60% of people will not be able to work even if they want to in their 60s due to ill health!
The idea of working until 70s isn't viable for most, ill health, being made redundant and not realistically re employable like you've stated.
That's the whole point of this video that we need to wake up and get a retirement action plan in place so we can face these situations on our own terms.
The earlier you start and making the most of time and employer matches (free money) will make the process that much easier!
I think they have already considered that but unemployment benefit is cheaper than a state pension.
The thing I dont agree with is that you pay in for 40+ years for a state pension, and now potentially get no pay out - whereas you can go on state benefits when you leave school, pay nothing in, and be given something for your entire life, including pension credits.
If the government want to stop one, they need to stop the other then - purely as those paying in shouldnt be expected to fund others who dont pay in, while not getting the bit they are paying for. We live in very skewed times.
The state pension is sustainable, we are one of the richest nations on the planet and pay one of the lowest state pensions in Europe! We need to start taxing the enormous wealth that many have in this country not the poorest in society
In an ideal world, that is what would happen.
The UK is in fast decline in real time 😵💫
Life expectancy has been dropping in the UK since 2007, we currently have massive excess deaths rates, funeral directors have never been so busy, I doubt many of us will make state pension age.
Well I guess there is a silver lining after all 🤕
That's the idea
You are NOT paying my pension. I worked for 48 years and paid my taxes. I've paid for my own pension!
Afraid that’s not how it works. Can believe whatever you want, but you contributed to your parents pension. Wouldn’t worry too much as unless it’s completely reformed, it will all just collapse anyway.
@@Lighthawk1986idiot
No mate. You paid for the previous generation's pension. The money you paid in was spent almost as soon as it was deducted from your pay. We're paying yours. Go back to 1948 when the state pension (and NI) was introduced. These people who suddenly got a pension, despite never paying NI in their lives, who paid for it. Working age people with their NI. It has forever been thus.
is the lie that you’ve been told
@@garethwynn01 have a nice day
If they stop the old age pension, then they should make all pension withdrawals tax free, all interest tax free etc for those over 60. Remove lifetime cap.
There are millions of people who did not qualify for state and have been on benefits nearly all their life and their benefit payments are 3 or 4 times what the O.A.P is and they continue getting it till they die and everything is free to them, therefore at this moment in time you will be richer if you are on welfare benefits than you would be if you work and save for your retirement because the state will give you nothing and if you have saved and invested they will tax you even if your income is less than their welfare benefits, and they are exempt from taxation.
that's the issue with benefits ... it cuts out an incentive to work, especially at the lower - mid ranges. enefits are just to generous. We need a 5 year moritorium on all benefits except for disability. To qualify for disability you need to go in front of a judge.
So very true. This country does not reward those doing the 'right thing', but it seems to love a feckless ponce.
Plus all the benefits we give to non-British people as well.
@garethwilliams4467 so this judge has medical experience? one of the points not covered here is the triple lock on state pensions, who ever stops it permanently knows it will be a vote loser and its the old who are more likely to vote, I retired 7 years ago with 47 years contributing and my state pension is about to rise to £225 a week , but I have 2 workes pension adding £125 not a fortune but with othe savings and a slower life style I do ok
@@garethwilliams4467The courts system is already failing with long waiting times for cases to be heard. I don't think a judge is the best judge of disability either. Medical expertise and knowledge of the patient is needed.
Our real enemy is not abroad , it's within.
We are not living much longer, we simply are not
Surely, at 71 years old, this makes us working the longest compared to all other countries?
That had me googling. 67 seems to be the oldest for several countries. Do 71 would, if it happens. However since lots of other countries have the same problems as the UK, they may put their SPA up as well.
Always the problem, guessing what the government will do!
Sending money from younger people to older people, instead of from older people to younger people is immoral.
@JohnTovar-ks8dp I have done. Education till 16/18 was paid for out of taxes, as was any child benefits your family may have had, medical stuff including maternity, all the other things that children benefit from before they perhaps start paying taxes at 18. That's how society works. You want people's money because you are young. Older people want money because they paid in. Some of course never see that realised, others live long and get a lot back out
@@JohnTovar-ks8dpare you saying we shouldn’t leave them an inheritance, and just spend it on our old age?
@@JohnTovar-ks8dp Historically the working population has been better off than the pensioner population, but these days many older people support their children or grandchildren financially as well as providing services such as child minding and leaving the younger generation money in the form of inheritance..
Stop funding overseas aid, stop funding unnecessary wars, stop giving benefits to illegal immigrants and pay the pension to our own elderly.
It’s really not that difficult. All governments should make this a priority.
Yeah but theres no money for pensions . Elderly treated like pit ponies in the uk. Not paying tax & its off to the glue factory.
That would not be enough but overseas aid projects tend to prevent refugee situations from areas which suffer from catastrophes so it would be a false economy to stop them. These days the UK government expects a quid pro quo for overseas aid in terms of trade benefits for the UK so again there would be an economic cost to stopping overseas aid. Illegal immigrants don't qualify for benefits. I wonder why so many people believe they do.
@helio This. Illegal immigrants getting benefits, lol. If they’re illegal the gov aren’t gonna pay them are they? Same people who thought brexit would stop people coming in from outside the EU 🥴
Only Labour will look at Nom-doms and tax avoidance to put the UK back on its feet. Tories and Reform aren't interested - they are not interested in public services.
@@user-wv1fy6me3q Scrapping the NHS and public services is the Tory/Reform dream - it'll keep the wealth transfer going from poor to rich!
We live in a country where the government can remove anything they wish, tax anything they desire and keep us in a perpetual state of fear? They can’t be trusted to close the door behind them and I hardly think a company pension is any different. Same destination different rail track.
Put your money in something you can sell, move or liquidate.
For example- someone you care about is about to pop off early, a pension is like an ashtray on a motorbike. You decide you want to live abroad, again - a pension in another country is just going to hinder you.
Company pensions are a different horn on the same goat. Besides at this rate you’ll be lucky if you can buy a kitkat with it.
As a current pensioner, I actually pay more income tax than I receive through state pension.
Mate, stop blaming pensioners who have paid in all their lives when the country is being flooded by unproductive liggers from around the world!
I once read that stop ALL civil service gold plated pensions & it would save the country £1 TRILLION (!) Pounds.....
All these doctors, architects and other professionals who are flocking to the country will no doubt start to fill the coffers when they get working. Plenty of money at the moment to support these professional people so I look at it as an investment in the future. There is no need to worry about your pension the country will be awash with money.
Funds of Private pensions will collapse very soon
Can I point out to everyone that state pensioners are also tax payers. Last year I paid more in income tax than I was paid in state pension and I have an income of less than £25,000 a year.
@eljay5009until they raise the tax free threshold of course …
@eljay5009 So basically they (the government) want you to live off state pension. If you have any other money coming in, you're being penalized through paying tax. No wonder people are living off benefits. It's a win-win solution for them.
@@MsJsmith99 yeah i can see why nobody wants to work. No point if they now want yout pension after 40 years contributions
yes the big con is they add your state and private pension up and tax you on it then say state pension dont pay tax its a lie they add them up and tax you on it ?
@patmartin9727 So you paid around £2,400 in tax? You have a very small state pension so you must have missed a lot on NI contribution years...?
I’ll guarantee you that none of this will apply to civil servants.
The state pension is not a benefit. We are entitled to it as it is deferred wages. We have paid national insurance for this.
Morally speaking you are correct but that’s not the way it works.
Let’s not forget ( I am 63) when I left school at 16 and went to work as did a good amount of people back then and we put into the system from 16. Now the government wants every one going to uni and do not put into the system until the age of 21/22, isn’t that why the system is struggling?
True
No, it's rank mismanagement for multiple decades and the fact that they really don't care
There used to be plenty of manual jobs which a sixteen year old could do which don't exist any more. We need a workforce with greater literacy and numeracy skills for the technical jobs which have replaced the vanished manual jobs which have mainly migrated to the far East. But keeping over half the population in full time education until their early twenties isn't the answer either, because whatever age you start working the gulf between education and work is enormous. Most higher education courses should be a thicker sandwich, with time in the classroom followed by time with an employer. It might take most younger people until 25 to get a degree, but it would be a more valuable qualification and the graduate would not be saddled with debt which takes decades to pay off. But what sort of work would you give to a student of Philosophy, Politics and Economics at Oxford University, who is a would-be politician?
Many get to thirty and have never had a job due to further 'education', uni, going travelling. School leaving age should be reduced back to fifteen.
Don't think so, most 16 year olds start on low money!
I appreciate that if not enough people are contributing to the system, then the system can't pay out, given the huge rise in population and the length of time people are likely to live beyond state pension age. The message seems to be that if you want to retire before the state pension age (whatever that might be before you get there), you have to self fund either through private or work based pensions. working, or through investments and savings. Unfortunately lots of people will never have any of those options except to work and that's provided that they can get a job in their 60s or 70s and if they have enough health and mobility to work, which so many older people do not. Which basically means we have a massive poverty crisis coming in future years.
Great synopsis of what this could mean.
I think it boils down to planning and what is NOT being taught in schools - why wait to teach this in university?
I believe that the earlier Financial Freedom is taught the better - you may get kids opting to leave school and go into the world of work rather than spending years and money on funding further/higher education (this can come at a later date - during early retirement when they're likely to know what it is they're interested in). They will be more financially secure to retire early and enjoy life.
@@MsJsmith99 Honestly, I don't think anything is being taught anywhere at any stage in the education system about finance.
@@workinprogresssince1974 That's correct. Herein lies the problem.
People are not living longer any more, that is a myth. While UK life expectancy had been gradually increasing year by year for decades, that has all changed since 2012. Initially, from 2012 to 2019 life expectancy stopped increasing any further, then from 2019 onwards, life expectancy has been falling more and more steeply every year. Covid is undoubtedly a factor but the fall in life expectancy actually got even worse in 2022 (the latest year there's data for), by which time there were very few covid deaths. My guess is that fuel poverty and poverty in general are starting to cause a lot of deaths, in which case it'll continue to get worse.
The jab will see many people don’t make retirement sadly
Millions for sure 😮
Convenient for the Government.
If i'd seen that petition i would have signed & got many of my peers to do the same.
Agreed. I find it sneaky how they work. Knowledge of it only travels by word of mouth.
Obviously not advertised adequately to the public.
It wouldn't make any difference if everyone signed it ... the money simply isn't there. We're living in a bankrupt country.
@@nickisacebeans It may not always stay that way.
@@nickisacebeans yes and no. I agree the money isn't there, but would be nice to have an input into what happens with the money we do have. For example, they're quick to reduce the number of people eligible for state pension (by increasing the state pension age) because there are too many pensioners, but what about reducing the number of people eligible for benefits because there are too many people on benefits? They can't just cut one thing and continue spending on another.
Get the millions on benefits working. I worked hard all my life. Now, pay tax on my pension. 😮
Private pension providers will move the goal posts just like the government have. My frozen ones have all increased to 68.
A lot of work placed pensions are linked to the state pension age as well.
If pensions are so good why do so many people lose huge amounts before they retire?
Imagine putting away 100k plus through your career then you don't even get to spend it because you die before retirement.
There are so many negatives with any pension.
pensions are invested in stock markets, so if these go down so does you pension. Most ppl never check options of what their pensions are invested into - they should because usually you can decide level of risk you want to take - the closer to retirement age you are - the lower the risk you want to take with your investment in pension.
@@ewelinakow they are linked to the FTSE as well which is no good for anyone.
@@kinggeoffrey3801 well, when it comes to private pensions there is only that much you can control. Which is why i think for general investing / saving purposes ISA's are better but of course there is a 20k per year limitation...
Private pension pots can be inherited and it's actually a very tax efficient way of passing money on. The money doesn't die with you.
@@davidmorris440 bit pointless if you don't have anyone to leave it to. Also even if you do they might have to wait decades to receive it due to their age.
Rather have money in a S & S cash isa and savings so they can have easier access.
Unfortunatly it’s a bit late for me to get a privite pension , I have paid in nearly 35 years , so I should get full state pension , if I live to 67 . I still think it should be 60 , my mum died at 64, I know so many people who had cancers and heart probs in their 60s . I believe they just don’t want to pay out , it’s not a benefit, if you’ve worked and paid national insurance all your life . I think it’s disgusting how they treat the elderly these days . One good thing my son got a privite pension at 20, and a work one so he’s set up.
you pay the money in its a right also when i started paying ni at 16 the contract was i get pension at 65 not 68 . will mps take a cut to their money even if they dont work for it witch all they do is line their own and friends pockets
@@iandaniels8386 👍🏻
Excellent video. So the govt wants to allow us a retirement benefit of 8 years in return for 35 years of contributions and credits. Sounds a tad unreasonable to me! Quite disrespectful of the govt imo. How they expect us to be earning what we earn now or more in our 60’s etc is beyond me. They have already moved the goalposts to 67 and now they expect to increase the distance even further, how is this even remotely sustainable for our health and wellbeing?
They don't care, that simple 🤨
👍🏻
We already have one of the lowest pensions in Europe, yet we can't even afford that?! 🤔
The private pensions are totally invested into various stock markets ...and the pension portfolios are downgraded, if the markets go BANG your pension goes with it....
will that apply to the members of parliament ?
My wife and I are just about to start claiming our state pension- this is sound advice and wish that I joined work place scheme's earlier than I did. I love the cash machine analogy 👍
Ive been saying for the last 6 years that the state pension will be gone by the time i come round to retirement, i honestly dont get why people still think they will actually get a pension if they are younger than Gen X.
I also know that i wont get a reimbursement of the national insurance ive paid into my state pension.
I'm 57. I've known since my early 40's that I'll never get the state pension. It was bleedin' obvious even back then....but I was called a "conspiracy theorist".....as I've been called so many times for things that have since come to pass. Am I psychic? No. I just think critically and don't swallow the MSM bullshit that's fed daily to Joe Q Public.
what's it gonna take for the british to riot over this and actually fight and pushback on this?
I just can't see this being accepted, it would be political death for the party that said 'no more pensions in the future'. I can see the triple lock going away in the next year or two, replaced with an average inflation rate or simple tie to wages. I can see it being tapered even more in the future, perhaps means tested compared to DC and DB pension fund amount, but most people are factoring in state pension in their retirement plans.
@@AgileSnowWeasel well the british accepted the rises to 66, and soon 68, literally without a single peep. don't pretend yer the french actually having mass mobilisation and riots fighting this back when the retirement age goes to 64. so yes, it will be accepted by the British because brits find protesting to be too impolite
@@bothi00 Yes, 68 is ridiculous enough, doesn't matter about age, people's bodies and minds cannae take it any more. 71 would be heinous, but that's just setting the ground for people to accept 69 sooner rather than later. I agree the British are completely useless when it comes to standing up for themselves, unlike the French.
Peter Komolafe my only problem with the state pension forecast is it ignores how working class people who have paid into the system and died in their early sixties. I agree the other problem is the generation coming up haven’t got a private pension due to low pay or lack of Education on finances now that is a problem
I said this a few years ago and I was right, I also took my private pension out in one lump sum because I fear that investments/ shares will go down.
The main reason that life expectancy has gone up dramatically isn't actually because we are on average living a lot longer, we aren't. It's because infant mortality is much lower now. Infant mortality dramatically pulls down the mean. It's not that people are living longer, it's because there are more people living to that same approximate age of death as before.
Extremely well put.
Buy silver bullion with the same currency you put into a pension. The currency will go down to nothing even if they do pay out. Silver is safer than currency
'In receipt of their State benefit'. The State pension is NOT a benefit, and it never was. It is a paid for right.
The problem is that the people that search out our videos are already switched on to finances. It's the masses of workers that don't really care about pensions that should watch and act on your advice. I'm mid 40's and when I retire I suspect there will be a lot of people struggling for money with minimum contribution company pension pots which are way too small.
You should stoll contribute though up to what your employer will match as the money they give you is free money
Was literally thinking this! The masses need to know this. Martin Lewis needs to get on this now!
Totally true I’m in my early 50s and my brother and 2 sisters have almost nothing saved and if I try to point out the dangers they’re totally disinterested. They’d never click on a video like this.
Or they will stop your SP and give them benefits.
So, your (our) diligence and sacrifice will count for nothing.
what about construction workers. There's no way most manual labour workers are gonna be able to work at 71
Between my husband and myself, we have paid in 90 years and got nothing back. We were born in the 1950's and they already put up our pension age, we have lost out on around £48k. But you can bet every politician will have everything going.
There is no way this country can survive. For decades, the small percentage that work have been paying for so much. The country is made up of children (schools needed etc) unmarried mothers who wanted free houses (my lazy grabbing relatives included) with a field full of kids, normally from a variety of different fathers, REAL unemployed people, scamming unemployed people and free loaders coming from abroad with a sense of entitlement from the UK gravy train. Then we have the pensioners who have paid in all their lives, but a lot of young people think they are working to keep us. No you are not! I've never free loaded of anyone. We've worked hard for what we have.
Don't drink alcohol, don't smoke, don't take drugs, don't go out, don't have yearly holidays. But no debt. Yes, we're old school. That's why they want to kill us off as they did with my mother, family and friends during the last 4 years.
Time the government paid the pensioners to leave this country to make room for more free loaders. I'll be at the front of the queue.
Great comment. Totally agree.
Sponsoring either vanguard or blackrock is like forging your own shackles.
I retire currently at 66, i have a notification from the government although i am aware the age is increasing i hope i am on the right side. I do have a decent work pension but having paid off my mortgage this gives breathing space with escalating provate rentals
Life expectancy in the west is falling. The last 4 years has been a game changer. Life expectancy in the US is now 73 and falling. Follow the excess deaths debate, there has been jump in the people dying from mysterious heart events. The Government is broke and they finance expenditure through money printing. The UK Government lost any sense of financial probity in 2008 when they saved the banks.
Well if those assholes have robbed the pension pot from my generation then there needs to be a reakoning and huge compensation with interest to all those that paid in all their lives that are now being told "sorry your not getting nothing because we stole it from you "
I disagree with the work pension, for a start I am only 10 years away from retirement so it wouldn't be a very high amount I'd receive, basically not worthwhile and I need the money to live on, secondly they are risky, if the company goes bankrupt you're unlikely to get it, take Royal mail for example, the government bailed them out but only because it was a national industry. If you are going to pay into a non state pension it's safer to choose your own private pension than go via the companies as you can use a longstanding reputable company and use it whoever you are employed with.
Work place pension sounds great. What stops the government from taxing the hell out of it in the future. Nothing is safe anymore. Happy to keep sending money abroad tho
Absolutely nothing. Gordon brown raided pemsions
Good point
I don't want some benefit.
I want my agreed & paid into pension.
I'm retired and paying income tax, so its not just the employed funding the current pensioners!
Our Govt thinks another 10 million people coming in needing housing, food, welfare, healthcare etc is a good thing for all of us. Since we can't even produce enough food in the UK we cannot support ourselves and already in massive debt. Yes, we should be very worried.
Could you do a more in depth video on private pensions with vanguard and maybe do some figures for people on a lower income rather than the UK average I see in most videos please
You need to work 35 qualifying years to get the full state pension.
I started work at 16, I’m 51 now.
I’ve just qualified for the full state pension.
USA 10 years plus Ins..😁😁😁😁
sorry dont work like that
You don't actually need 35 years in all cases. I qualify for a full state pension now and I am in my late 40s and was contracted out for some years.
@@parishesofthebuzzard9437 I doubt you have qualified for full state pension.
If your projection tells you that you will get full SP, it will be because you have time to add extra years.
Why do you think the rules wouldn't apply to you?
@@slayerrocks2Hi. I applied for the statement last year. It says you have one more year to get full pension. Which is 2023-2024 year. It shows COP etc.
Great video Peter good advice as always thank you
Great video love the editing!
Hi there. Many people are struggling to survive on low wages never mind paying into a pension scheme. Surely do what lots do ie pension credits. It also a gate way benefit for other benefits.
Exactly..You’re actually better off if you qualify for pension credits , especially if you are a renter ,if you have paid into the pension scheme and have more than the basic state pension you will have to pay most if not all of your rent and council tax which will wipe out the work place pension , whilst some on pension credits will get full rent council tax paid plus other discounts heating etc.
That’s assuming that the Welfare State survives - imagine NO sickness/unemployment benefit/state pension
For the younger generation that would not surprise me I am in my 50s paid enough NI to get the full state pension get my company pension in 2 years time at 55
Peter, This video is excellent. Thanks very much for your hard work in making this. All the best!
What makes us think the pension funds will pay out either? We were told our pensions were safe. Nothing is safe, they'll find a way of not giving you what you paid for and were promised.
Many countries will put up their retirement age in stages.. same dilemma. Higher life expectancies… best way as Pete says, prepare early and put yourself into the position to decide yourself when to retire
Wow - what amazes me is how this goes under the radar. It will be means tested no doubt.
The UK State Pension was called a benefit from as early as the National Insurance Act of 1946.
I have rental property, bonds and stocks. I retired at 60. Not claiming any benefits. I live off the income from my bonds and property. When I get my state pension, and my private pensions, they will just be a bonus. Cut your cloth according to your needs, not your wants and desires.
Really solid advice Peter for folks sleep walking into their future unprepared, which at some point will become their present. Now you just need to do another presentation on 'living a life without debt' prior to retirement (house mortgage notwithstanding).
Pensions are expensive as there are so many costs attached to them.
Living longer & being alive longer are two different things
Wise words indeed.. I am trying and have been doing so to adhere to the principles you outlined.. I'm not even thinking about the state pension.. cheers.
Well if you’re an asylum seeker you get that state pension the moment that Dinghy hits the beach.
huge disincentive to work at all if I was younger I would not see the point
2:33 people laud Clement Attlee as some kind of genius. but paying for welfare, the NHS out of annual revenue and calling it "insurance" was possibly the stupidest thing any government has ever done. Peter's analogy is correct, for those born after 1980 - the money has been spent up by those born before and now you will pay for this for the rest of your life and get nothing back in return.
Long time Spotify listener. Got a bit worried when I didn’t see a new upload. Glad all is well my bro. Your shows have dramatically improved my wellbeing. As a contractor, I’m used to seeing money coming in and out. Having stumbled across your pod, you helped me stop less going out and start investing it for a better future.
Big up my bro. Love your book as well!!!