Hey guys, in this video we need talk about the impending catastrophe that is the state pension. We’ve said it before and we’ll say it again, don’t expect the state pension to be around when you retire.
We’d assume that most people who watch our videos have some money invested, even if it’s just a little. Well, you guys should be especially concerned about future changes to the state pension because its people with money who will be most in the firing line.
Nobody is talking about this – the whole country is always preoccupied with more pressing issues. A few years ago it was Brexit, then it was Covid, and right now it’s war and rising inflation and the cost of living. But how much longer can we kick the can down the road?
In this video we’ll look at the importance of the state pension, why it will almost certainly be scrapped or changed for the worse, what will likely happen in our view, and how you can prepare for the inevitable. Now, let’s check it out…
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Great advice but saving is about balance also. No point saving and lowering your standard of living if you die before you get access to it. Too many people I know this has happened to.
It will be replaced by Universal Basic Income.
Welcome to communism, peeps.
Generally agree with the video althought Im not sure how they can completely remove the state pension in our lifetimes. I mean most people tend to dislike the idea of governments giving people benefits but then going deeper into the issue raises a lot of questions about the possible problems of not doing so. Then if they go down the route of not giving the pension to the people that managed to save in a private pensions…leaving aside many of these private pensions could be a fraction of the state pension (hence they only sum up to an ok income when combined), it also seems pretty messed up incentive-wise.
good, time the tax payer stopped being screwed over to pay for people who havent saved for their retirement
Yet, what kind of pension does the parliamentarians take? I bet it is good, boys and girls!
Suicide is the new retirement plan
I DON'T AGREE! There is one sure-fire way for any government to get booted out of office… attack the state pension… IN ANY WAY! It's NOT going to happen. The gov expenditure you showed is in NOMINAL terms… not adjusted for inflation. You said yourself in the video that NI contributions support the state pension and that will continue to be the case well into the future. Any future shortfalls will be funded in some way. Even if the state pension does come down in the event of a Great Reset or Depression it won't be by all that much otherwise there will be anarchy, in which case all bets are off anyway aren't they.
There is no basis for your claim that auto-enrollment is laying the basis for a future government to claim these people don't need the state pension. Sorry, but that is a conspiracy theory you have put forward and nothing more. Again, any government doing or even suggesting that would be booted out at the ballot box… GUARANTEED. Most people with auto-enrollment pensions will still end up with small pensions in the future. I don't think your claims really stack up.
If we have one of the worse paying in developed countries how do the other countries afford it as well?
I invest £400 into my vanguard sipp every month it’s just how I get paid i invest into a 100% lifestrategy fund.
I also invest into my workplace pension with L&G just enough to get the match if I ever leave my workforce I got told I can just move the money from L&G to vanguard
The trouble is, people who've gone through life raking in benefits and contributing nothing towards their state pension get their money topped up to the minimum income guarantee.
It is completely unfair on hard working people
Alan Greenspan was asked about the "pension crisis" in the US some years ago. The truth is the government can create all the money necessary to pay state pensions and isn't constrained by NI or any other tax. We're not on a gold standard. The actual challenge is how we create all the goods and services required by the population (assuming there is sufficient resource potential within the UK economy for the population).
`'You Guess!" and then state 'facts" when you really have absolutely no idea? That is called Fake news and you are trying to raise false worries – bit like your claim that the 80% of employees are all wage slaves and only self employed people are doing worthwhile jobs ( at least that is what I understood your other video to say). facts not opinion are better or at least stop being dogmatic.
In relation to your Video I think you are pretty well off the Mark to be honest. The state Pension compared the other Nations around the world has a lower threshold GDP, we roughly its around the 8% to 9% mark. The age of the population while forecast say its increasing while in fact it is falling around certain areas around Britain. With aging population in the short term by 2030 the actual estimate is that the age will be in free fall. The stats say with people eating more un healthy the poor diet this will translate into the population falling and the birth rate falling year on year. The model presently says the younger generation is unable to support the older generation population density wise via payments through Taxation. With Pandemic on going and higher than average deaths with Cancer and Diabetes in the coming years to come. I think the state pension will be around in 20 years or more. By the time you retire I think you will have a lower state age and a similar state pension compared to todays.
They are also crucified private pensions. They blabber on for years for people to take personal responsibility and now those that have are threatened with a massive tax. Let's be brutally honest about their real desires for pensioners
Is that a lego x wing and Tie fighter?
It's funny that some people say there will be not enough jobs and people will get Universal Basic Income others say there will be no pension in the future. wtf.
I'd agree with having it means tested as a millionaire clearly doesn't need a state pension, but taking it away completely would mean a lot of people would be living in absolute poverty!
I like this channel and watch you guys all the time, but the decision to gloss over that our military budget is essential and uncompromisable is the worst take I've ever seen from you guys, particularly as it opens up a whole other question of politics
I don't know if it was just to fit the narrative of the video or what but sheesh c'mon guys
" Relying on kids who aren't born yet to toil in factories and office buildings to pay for your retirement wih their hard effort " AND ?????? You make it sound like a gross injustice , but this is how state pensions work's isn't it ? isn't that exactly what we and previous generations have had to do ( and are still doing ) to pay the pensions of previous generations ? ( Nb: I can't see many of the future genation ' sweating in factories ' like our fathers did; whatever f
Great content and well researched.
By the way you explain it, it's definitely a Ponzi scheme which is illegal. However, the law doesn't seem to apply to the government.
I was wondering, what’s your recommendation for a stay at home mum? We’re a military family and I have always been home with the children as we have 4 from ages 16 to 1 – and I’m 32 now. I’m registered for child benefit though don’t qualify to claim it being just over the household income bracket. But I have no pension whatsoever other than my national insurance contributions and I’m starting to worry that that won’t mean anything by the time I’m due to retire. Thanks for another great video guys!
There is absolutely no chance that the state pension will be abolished. It would be electoral suicide for any Government to even consider it.
cut our military we dont even use it either that or send them to war already
I hadn’t considered this, very scary but just reminds us that we need take full responsibility and control of our finances
Scaremongering bollox
My thought, not really relevant to this video and topic.. Is people seem to really love free stuff/free money but they never think of the things that come with it (higher inflation being the main drawback). The thought came from the employer contribution, if people want more free money then they gotta expect higher product costs (Which just results in more complaining that things are too expensive and inflation is more than wage/benefit growth).
It's channels like this that highlight how little government care. My interest in personal finance has made me hate the government. Watching them borrow and borrow us all into oblivion is depressing. Great content as always lads
Yet the ones in charge (Government/Council) workers get to retire at 55 on final salary.
That wants balancing up How's that fair??
Maybe a point of a good video lads guaranteed views on that subject!!!
One of the worst state pensions in the developed world, From one of the richest counties???
Our government and previous governments couldn't run a
P1ss:
Up in a brewery..
We're all doomed.
Answer s simple. Get more young ppl in, either through immigration or encouraging families to have more kids. You can only maintain a pension for the elderly if you have working youngsters to pay for it
Pension leaving or not is the question?
The government will have to stop handing out dodgy contracts to their mates if they want to save the state pension.
Basically, the state pension is in trouble…