 Home Pensions Starting a Pension Can I rely on just the State Pension?
Can I rely on just the State Pension?
Probably not, because of a number of problems with State Pensions and uncertainty about what will happen in future. What pension policies will future Governments have?
Can you rely on future governments?
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It's a gamble just to rely on the State pension. A gamble which you could regret.
People are generally living longer and with a bit of good luck many people now live around 25 years after they have retired.
The big issue nowadays is - how will these people be supported financially?
People have always assumed that the State would provide some form of support for pensioners - but can the State continue to support people in comfortable retirement if they are living longer?
In the past, we have always had many more people in work (and paying taxes and National Insurance) than we had people who had retired. However, due to people living longer and families having a lot less children these days we will soon have a lot less tax payers to support pensioners and this is worrying the Government.
If the State pension isn’t going to be enough to live on, how do we fund our retirement?
People with a good additional pension from a company scheme are more likely to be financially secure, independent and able to enjoy retirement. Those who have to rely on state benefits are likely to be relatively poorer and at the mercy of future changes in Government policy.
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