Morphine Prince 109,838 Posted July 15 Share Posted July 15 5 hours ago, gagzus said: Most likely it’ll move up into the 70s by the time we retire and sadly the triple lock won’t be scrapped because Pensions arent explained properly because people don’t understand state pensions arent personal they’re shared. Our taxes pay for the currently retired generation and only when they die do our taxes start funding our own, and then our children’s will fund ours. The reason the age keeps moving is because people who had a certain amount of money every year, thanks to the triple lock now have their pensions increased up 2.5% minimum every year minimum, so more of our money goes to them from us now and the longer they live the more ours is pushed back because then the money has to fund them for longer. For example there are people who retired 10-15 years ago now at 60 years old and their state pension has increased roughly by a minimum of 25% since they retired and on the top end about 50%. So some people now actually get more per year in pension than someone working a 5 day a week full time decent job gets. And the longer they continue to live, the better off they become. It’s something that only really benefits Boomers. This is the same problem with Social Security and state retirement plans in the USA. Unfortunately, these systems only benefits Boomers. Quote Link to post Share on other sites More sharing options...
gagzus 24,504 Posted July 15 Author Share Posted July 15 (edited) 55 minutes ago, Morphine Prince said: This is the same problem with Social Security and state retirement plans in the USA. Unfortunately, these systems only benefits Boomers. Yeah and if you dare oppose them you’re attacked because you’re “taking away from poor defenceless elderly people” when in reality most of them do actually have money. My grandmother for instance complains all the time about how bad her pension money is but she has over 20k in savings she could easily use but won’t. Millennials have been told we have to start saving young because Boomers want to be looked after and they benefit the most from pensions overall. A big thing (as I said earlier) is people don’t understand that state pension is a collective thing and not a personal one. My taxes now pay my grandmother’s generation's pension year on year, but nobody is paying for mine yet until she dies and even then my taxes go to my mother’s generation after. That’s why the UK pension is only £12k per year, but is 25% higher for pensioners who retired in 2016 and even higher (up to 50%) for those who retired before. My grans mother gets almost the equivalent of a full time educated wage per year because she’s been retired for 22 years. The triple pension lock only affects people already retired as well, which means we pay more and more the longer they live. Hence why our age of retirement goes back because the government expect us to live longer so they don’t want to pay us for 30 years they’d rather pay 20 years or less. Because like I said some people my grandmother’s age have been retired for about 25 years almost (85) and have MULTIPLE pensions. They have the state pension which is now about nearly £20k per year with 25 years of interest roughly, Pit & Industry private pensions which can be about £30k per year and some even get extra money. The average retired Boomer gets about £40-50k per year over here which is about $67k per year before tax. And they still have the audacity to say they can’t survive — they can, they just don’t want to do things like sell their assets or downsize. Edited July 15 by gagzus 1 Quote Link to post Share on other sites More sharing options...
Economy 53,026 Posted July 16 Share Posted July 16 13 hours ago, Bronco said: We need to scrap the triple lock if we're to ever have the chance of fixing the UK economy. Its insane that the economy could collapse and the government would still have to increase the pension annually by 2.5% as a minimum Here in Canada its just tied to inflation. Definitely more sustainable Our retirement age is stil 65 and they say the CPP is sustainable for at least the next 75 years In fact this year they lowered contributions slightly because fund growth has outperformed expectations That said, the payout in Canada is atrocious. Even the new enhanced CPP combined with old age security will be kind of crap for most people. If you dont have a house payed off and some savings u gonna live in poverty Quote Link to post Share on other sites More sharing options...
Economy 53,026 Posted July 16 Share Posted July 16 6 hours ago, Morphine Prince said: This is the same problem with Social Security and state retirement plans in the USA. Unfortunately, these systems only benefits Boomers. I dont think the US has a triple lock system. Its raised according to inflation only just like here in Canada Quote Link to post Share on other sites More sharing options...
Economy 53,026 Posted July 16 Share Posted July 16 12 hours ago, gagzus said: Most likely it’ll move up into the 70s by the time we retire and sadly the triple lock won’t be scrapped because Pensions arent explained properly because people don’t understand state pensions arent personal they’re shared. Our taxes pay for the currently retired generation and only when they die do our taxes start funding our own, and then our children’s will fund ours. The reason the age keeps moving is because people who had a certain amount of money every year, thanks to the triple lock now have their pensions increased up 2.5% minimum every year minimum, so more of our money goes to them from us now and the longer they live the more ours is pushed back because then the money has to fund them for longer. For example there are people who retired 10-15 years ago now at 60 years old and their state pension has increased roughly by a minimum of 25% since they retired and on the top end about 50%. So some people now actually get more per year in pension than someone working a 5 day a week full time decent job gets. And the longer they continue to live, the better off they become. It’s something that only really benefits Boomers. Who came up with that tho? Thats a dumb system as its guaranteed to go up higher than inflation long term and guarantee a strain in funding it Quote Link to post Share on other sites More sharing options...
weed 79,208 Posted July 16 Share Posted July 16 Praying for everyone Quote Link to post Share on other sites More sharing options...
Bronco 27,018 Posted July 16 Share Posted July 16 18 minutes ago, Economy said: Who came up with that tho? Thats a dumb system as its guaranteed to go up higher than inflation long term and guarantee a strain in funding it It was brought in by the coalition government. When it was brought in, all research showed that UK pensioners had on average poorer living standards growth & lower income to live off than non-pensioners. Pension poverty was a real issue. Like even now, if you only had the state pension you would get around 12k a year to live on - but private sector pensions are much more relevant now than they were. But it was always a taking a hammer to crack a walnut policy. And research is showing that because its a universal system rather than targeted, its not actually supported low income pensioners so much as it has enriched median income pensioners. The gays know how to party 1 Quote Link to post Share on other sites More sharing options...
Economy 53,026 Posted July 16 Share Posted July 16 37 minutes ago, Bronco said: It was brought in by the coalition government. When it was brought in, all research showed that UK pensioners had on average poorer living standards growth & lower income to live off than non-pensioners. Pension poverty was a real issue. Like even now, if you only had the state pension you would get around 12k a year to live on - but private sector pensions are much more relevant now than they were. But it was always a taking a hammer to crack a walnut policy. And research is showing that because its a universal system rather than targeted, its not actually supported low income pensioners so much as it has enriched median income pensioners. Interesting. Here in Canada workplace pensions have been falling and falling As a result a few years ago to try and increase pensions Trudeau introduced the "enhanced CPP" (one of the few things I think he did well). Contributions had to increase from 4.95% of our paychecks to 5.95% but that 1% increase will increase CPP payout from replacing 25% of income to 33% (that 33% will take many years to fully inplement as the current work force has already spent years deducting only 4.95% so really only genz will get the full 33%. I am 33 years old and even I wont quite fully get the 33% replacement but it will be close) Combined with old age security, pensioners will get about 50% of their working age income replaced. Its still kinda low, but better than it was and it is still sustainable They also added a 2nd tier where additional income over the old deduction cap (just over $70K a year) gets a lower 4% deduction which essentially will result in a small bonus payment for higher income people. I managed to fully max out tier 2 last year due to my insane OT Quote Link to post Share on other sites More sharing options...
Guillaume Hamon 7,040 Posted July 16 Share Posted July 16 19 hours ago, gagzus said: people don’t understand state pensions arent personal they’re shared. Our taxes pay for the currently retired generation and only when they die do our taxes start funding our own, and then our children’s will fund ours. Many countries have this misconception. They'll say they're gaining their rights to retirement each year but, as you said, the next generations are the actual guarantee for the current workers retirement plan. Since many countries have an aging population ( and sometimes an already pretty old ) it will not be financed if it keeps going this way. 19 hours ago, gagzus said: So some people now actually get more per year in pension than someone working a 5 day a week full time decent job gets. This system seems to be made to create intra-generational hate lol. So unfair with also older people being pushed to maintain things this way kinda against the younger folks. Quote Link to post Share on other sites More sharing options...
Sepsami 21,053 Posted July 16 Share Posted July 16 20 hours ago, onTheBrink said: The fact I'm 30 and have 38 more years of working before I can claim what will be, by that time, my piss weak state pension I literally have more years left in work than I have been alive so far same. I'm doing a lot of saving for my own pension in Belgium, I have 0 faith that by the time we retire the pay is going to anywhere near livable. 1 Quote Link to post Share on other sites More sharing options...
Sepsami 21,053 Posted July 16 Share Posted July 16 19 hours ago, Grissem said: It’s kind of comforting to know that retirement plans set by governments are ****ed everywhere, no matter which country you live in Because wealth is flowing towards the extremely rich. That money doesn't come from nothing, it comes from us. 1 Quote Link to post Share on other sites More sharing options...
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