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RE: Pensions Timebomb In America – “National Crisis” Cometh
The uk has a state pension, provided for from future taxation. As demographics change and people live longer, it will be harder and harder to maintain. There have been steps to increase the age at which you are entitled to it, but decreasing the value or delaying it is a really hard political sell and all parties are now shying away from this!
Sorry I could not get back to this but y'all are doing a great job. This is how a community should work everybody working together. Thanks a lot for taking care of things here.
Sounds like social security here in the US. I don't expect the program to even be around when I retire.
In the UK it used to start aged 65 for men and 60 for women. It is now being adjusted to 67 for all:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/310231/spa-timetable.pdf
But this wont be enough. I expect it to continue to rise, however, any reduction in value is a real difficulty. Pensioners vote, more than any other age group, so for any political party to cut their benefits is extremely difficult. Possibly a cross part imitative would work, but as the left wing did much better than expected in the recent election, this is unlikely in the foreseeable future!
Thanks for all your input David @dwhntx
Thank you @grizgal for starting this great conversation.
NP. I think the issue is the same across the developed world and is a by product of a debt based economy. Money seems to be free, so Govts borrow more (or print more), burdening the next generation with how to pay for it all. Its an issue for right and left, but politicians need to borrow to pay for all the goodies they promised, which got them elected!