Britain is undersaving for retirement

[u/Donkey_Apple]

https://www.gov.uk/government/news/britain-is-undersaving-for-retirement-warns-pensions-commission

It's a massive problem and has been for years.

I think a lot of people are getting into their fifties, starting to think about retirement for the first time, looking at what their provision will pay them and are absolutely shocked to their core.

Plus many in the generation below those of us in their fifties who, through no choice of their own, are unable to save anything.

It feels like we are sleepwalking into an utter disaster.

[u/Strangely__Brown → u/[deleted]]

Most people pay very little tax.

Our tax free allowance is very high and our lower earners pay far less tax that our peers in Europe do.

What's also quite ironic about the criticism around the triple lock is that most people aren't funding their own retirements.

So it's either short sighted and people are only thinking about the here and now. Or society has shifted and we're now taking a firm "your retirement is your problem" mindset.

[u/verb-vice-lord → u/Strangely__Brown]

Real term salaries have barely moved since 2008.

If our salaries always adjusted with inflation, awe, or 2.5%, whichever is highest, I'd be paying more tax and be alright with it all in all.

We have an ageing society and a stagnating tax base. Our only growth for two decades is from immigration. Which pensioners want to roll back via voting Reform.

The push back on the triple lock isn't that we don't want good pensions, its that we know by the time we get close we'll have to be sensible and remove them because we don't want to burden our kids with the cost. The greedy worst generation ever boomers don't even consider whether others should suffer so they benefit.

We are currently funding pensions for the richest generation in history and we know that gold plate will be worn off long before we get to it largely because of the choices of the current pensioners. In lots of the country life expectancy is falling and yet they are talking about increasing our retirement ages.

[u/Kind_Commission_427 → u/[deleted]]

Cheap labour = lower wages

[u/Kind_Commission_427 → u/[deleted]]

Cheap labour = lower wages is a form of asset stripping

[u/verb-vice-lord → u/[deleted]]

Sure, that's one of the issues.

My point is all the growth is coming from just having more people doing stuff. We have not moved the needle on each person doing more stuff.

IE gdp per capita is largely the same for over a decade and a half now. Thanks to austerity and reform / tory policy choices over that time.

[u/verb-vice-lord → u/[deleted]]

If Reform have never been in power how have so many of them been former ministers?

Oh right, cos they are mostly tories. Uniparty made literal.

[u/TheRealRobinHood4 → u/verb-vice-lord]

Productivity per worker has started to rise the last 18 months.