State Pension Affordability

[willendure]

is anybody planning retirement based upon the state pension

Milan.

If they keep the triple lock, by the time I retire it will be £200K/year. But a loaf of bread will cost £50.

No. Don't be daft.

But whatever it is, it will be a nice top up. If we ever qualify that is, with the age threshold being bumped up over and again.

[Protagoras]

is anybody planning retirement based upon the state pension

Milan.

Yes, everyone I know over 60 is factoring state pension into retirement income planning. In particular, those retiring below state pension age are funding the gap years on the basis that the gap is finite and that they'll get state pension.

With state pension at c.£12k gross, and Council Tax at £6.5k gross, that's over 50% of State Pension that's effectively taxed back and so of no benefit at all.

It might be more efficient to reduce state pension and scrap council tax for pensioners, paying the funds directly from central to local government.