Originally Posted by
Marly Lite
True c52.
One of the biggest injustices committed in history is the treatment of OAPs. Spend a lifetime in work, have your money 'invested' in National Insurance. Get robbed blind. No pension pot, spend the money on unattainable promises for us all, then get the next generation to foot the bill for the reckless financial misconduct committed by the Gov't (of BOTH flavours).
It would be an interesting calculation to see how wealthy we would be if we had invested the money. I do not have the ability to do this calculation but i would lay a wager that we would be the wealthiest nation on the planet. But instead we zoom towards bankruptcy or hyperinflation. Which is the same thing.
This might help
https://www.nutmeg.com/pensions?inco...&retirement=68
Basically you need to save and invest £250 per month for 40 years to get a state pension worth £9K per year. An Average pay of £28K per year contributes £195 NI per month, but only £70 per month goes towards the stat e pension.
So pensions 'paying in' the National Insurance are only really entitled to about £50/per week not the £168 state pension they actually get paid.
The State pension is paid by today's taxpayers and the burden is going to get much higher when the Baby Boomers retire and live decades longer than their grandparents. And then there is the huge NHS bill the Boomers will incur.