State Pension is Going?

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Andrew Krajewski




Thu Nov 27, 2014 8:40 pm

State Pension is Going?

by Andrew Krajewski » Sat Jan 17, 2015 5:51 pm

When the State Pension scheme was introduced way back in 1948
there were approximately 40 workers paying National Insurance contributions to support each pensioner.
Life expectancy was less than 68,
which meant a maximum of three years retirement needed to be funded.

Today it's more like 3 workers to every pensioner.
Life expectancy has risen to about 78
which means 13 years of retirement needs funding.

Clearly the system is not sustainable
which is why the Government is raising the retirement age.

In fact there is a very real concern that when today's 30 year olds retire,
there will be no State Pension.

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