The state pension is under threat and we don’t know how to save it

More and more of our taxes are going straight to pensioners each year (Image: Getty Images)Get money updates directly to your inboxSubscribeSee our privacy noticeMore newslettersCurrently, men get their pension when they are 65, and women at 63. That pension increases every year either in line with price rises, canadian goose jacket wage rises or by 2.5% whichever gives the biggest increase to pensioners.If things keep going as they are, that means every single year more people get bigger pensions and there’s simply not a way to pay cheap canada goose uk them.”It’s good news that Canada Goose online people are living longer and more fulfilling lives, but longer life also has implications for public services and for taxpayers,” said Paul Green from Saga.The most canada goose outlet recent figures show that in 2014/15 we spent on pensions up by more than in four years. That’s 36 times as much as canada goose factory sale we spent on unemployment benefits and the amount we spend on pensions is only going to rise.In an attempt to keep costs down, the government has announced plans to increase the age people get the state pension but not only is insufficient, it’s deeply unfair.”Any process of buy canada goose jacket cheap increasing the state pension age solely in line with average life expectancy is clearly unfair and penalises many of those who https://www.canadagoose-jackets-online.com are unable to work longer due to caring responsibilities, health problems or age discrimination,” said Caroline Abrahams, Age UK’s charity director.”We’ve spoken to people who are hugely worried about the prospect of having to continue working in a physically demanding job well into their sixties, or who can’t work at all and are struggling on a low income canada goose coats on sale because they are caring for loved ones.”The clueless generation ignorant young Brits could be destroying their futures(Image: Gavin Fogg)In an attempt to address this, the government appointed John Cridland who helped canada goose clearance sale introduce the minimum wage, served on the Low Pay Commission and went on to chair the Confederation of British Industry to look at possible answers.He recently published a 100 page report looking at what can be done, and it’s not pleasant reading.Put simply, more retired people, living longer, getting a bigger pension each year and fewer people canada goose black friday sale of uk canada goose working age to pay tax that supports them is a sum that doesn’t add up.One solution canada goose store is more immigrants a LOT more immigrants Canada Goose Parka to keep the ratio of people earning to people retired the same and more immigrants each year to cover increases to the state pension.Another solution is to cut pensions. But this is a huge problem politically as not only are there more retired people than ever, Canada Goose Jackets they vote more than any other group.”Once you start something with that particular group it’s very difficult to change, obviously, for uk canada goose outlet political reasons. People say that’s a bit selfish but the truth is that governments need to get re elected,” former work and pensions minister Iain Duncan Smith told Fraser Nelson.That leaves us with the third solution increase the age people get their pension which is incredibly unfair to the buy canada goose jacket millions of people who can’t Canada Goose Coats On Sale work longer thanks to the nature of their jobs, carers, or ill health.The price of freedom Government grabs tax bonanza from pensioners’ savingsSo how do we find a way out of this mess? Cridland had three main ideas that would allow us to increase the pension age, while not being unfair to either people paying tax or older workers. Early access to the new State Pension after a long working lifeThis lets people who Canada Goose sale start work sooner, retire sooner. You could also tweak this to allow people doing certain jobs or in areas with lower life expectancies to retire earlier too. Early access but to a reduced pensionIt’s how private pensions work you can stop work early, but you get less cash (but, in theory, for longer).

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