Episode Details

The state pension ‘Ponzi’ scheme becomes harder to fund as people live longer and the demographic ratio of working to retired people changes. There is no fund and the scheme relies on new entrants to pay out people in retirement.

The age at which the majority of UK retirees qualify for the state pension has now officially changed to 66 following rises in the qualifying age in the last few years.

For men and women born between 6 October, 1954, and 5 April, 1960, they will miss out on at least one year of state pension income and will only start receiving their pension – worth up to £175.20 per week - when they reach age 66.

It gets worse for those born later. The government will gradually phase in an increase in the state pension age to 67, and 68. Eventually, we will all have to work until 70 to get a state pension.

Use the government's calculator to find out your state pension age

Rishi Sunak, the UK chancellor, said he will maintain the "triple lock" pledge under a conservative government.

This means the state pension will increase each year in line with the highest of average earnings, prices (as measured by inflation) or 2.5%.

How will you be able to afford to retire?

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