Soldato
£25 a week extra on my state pension
- Thread starter DXP55
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Don
Don’t blow your tax free lump sum all in one go!
I would like to spend part of my lump sum on a nice omega speedmaster watch, unfortunately my dear lady wife does not like my plan
Because of where it comes from. It comes from other people's taxes.
Yes but during his working life he paid tax to support the older generation now its his turn
Caporegime
I’d tell my missus to do one lol. You’ve worked hard for decades to build that pension, if you want to treat yourself to mark your retirement, then you should be able to do so.
Associate
Yes but the generation he paid towards was much smaller,
Man of Honour
Because what you've paid doesn't correlate with your specific pension, it's just allowed you to claim the benefit in later life. You could have not contributed anything for 50 yrs and still get the state pension (as long as you fulfilled other criteria to enable your NI record being completed with the requisite No. of years), hence it is classed as one of the social security benefits.
I have 2 clients who aren't going to eligible for the state pension, both self employed and paid tax. Neither have paid any class 2 NI, one says he didn't realiseand the other isn't bothered.
I was always led to believe some of my NI was for my State Pension.
Arknor says his elderly parents don't draw a State Pension because they worked all their life , is this possible?
Don
Depends if they are eligible or not. They might have been working illegally and not paying NI and not accumulating stamps or whatever.
Man of Honour
That's the only thing I can think of
Man of Honour
That would do it.
Yep. When boomers were paying into it more was being paid into it plus the government changed the age for woman from 60 to 65 so saved quite a chunk.
When I was younger it was even obvious to me that when I retired there would be .more pensioners than other time in history.
What has been the government plan for this, nothing
That's also how all benefits work. If I claim unemployment benefits then other people's taxes will pay for it. My taxes are paying for others now.
If I fall ill and I need expensive healthcare, then I will get free healthcare a a nice benefit, because other people are paying taxes. Whilst I'm in good health, I'm paying for other people's healthcare.
If I have children, then its unlikely I could afford their education in such a short period, will come from other people's taxes. Again a nice benefit.
If it comes from taxes or the government more generally, its a benefit. It isn't something I have "paid" for.
As for pensions, as long as I am economically active, disabled, caring for someone or raising children, then I will get a state pension, a benefit, coming out of other people's taxes. You simply have to contribute to society.
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Depends on how you look at it.
If your unemployed you can claim benefit.
If your disabled you can claim benefit.
If your ill you can claim benefit.
But if you have not paid enough quaffing years ni the you get a reduced or no state pension at all so to me it's not the same.
Soldato
Your viewing the abolition of NI in isolation without considering the fact that they will make changes to general taxation to fill the void.
Gotta love a good old war or two to even out the tax burden eh?
You do realise WHY the Baby Boomers were called the Baby Boomers and the reasons behind the NEED for it to happen (clue is in the line above). Now you want to decry a population that had no choice when they were born? This is just one of many posts from a the narrow viewpoint that is @Richard - London
@Richard - London - Tell us your solution to the Pension "problem"
I started work at 15 and retired at 55 - been retired 25 yrs so got to stay alive for another 15 to get my money back
I did have one week on the dole
I did have one week on the dole
Associate
Your viewing the abolition of NI in isolation without considering the fact that they will make changes to general taxation to fill the void.
Gotta love a good old war or two to even out the tax burden eh?
You do realise WHY the Baby Boomers were called the Baby Boomers and the reasons behind the NEED for it to happen (clue is in the line above). Now you want to decry a population that had no choice when they were born? This is just one of many posts from a the narrow viewpoint that is @Richard - London
@Richard - London - Tell us your solution to the Pension "problem"
There is no solution, at some point the current system will have to end, I would prefer it happen now so I can have to keep paying towards something I am unlikely to get.
Soldato
And what about the people that have paid either the full 35 years or are only a few years off of qualifying contributions and, in doing so, have used the fact of getting their State Pension as part of their retiral income on top of their private pensions?
Do they just lose circa £11k/year at today's rates?
Also - your NI pays for more than just your SP
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Soldato
- Joined
- 16 Aug 2009
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- 7,814
Probably why this govt wants to abolish it - it removes the link between paying NI and pensions. If the pension age rises to 71 then more people will be unable to receive a pension and will receive benefits instead which is considerably lower than a pension. Only 50% of 70 year olds are still fit enough to work full time the rest which would once have received pensions will be on benefits instead. Much cheaper to provide. Even the pension rise to 68 is excluding a proportion of the most deprived areas whose life expectancy doesn't even reach that far. The triple lock is a short term political fix to appeal to pensioners who are the most likely to vote of the population under 25's the least. Long term its unsustainable but govts are all about short termism.
UK state pension age will soon need to rise to 71, say experts
Research on life expectancy and birth rates shows that ill health makes status quo unsustainable
www.theguardian.com
Raising UK state pension age to 71 would bring ‘misery’ to millions
Ex-pensions secretary and other critics of proposal warn it ‘favours the well-pensioned’ and higher paid
www.theguardian.com