4 ms·

Which country? In the UK current tax payers have only been funding current retirees and other current spending, for, IIRC over 30 years. The idea there is a pot

Which country? In the UK current tax payers have only been funding current retirees and other current spending, for, IIRC over 30 years. The idea there is a pot with your name on it is way out of date here

ath3nd 2y ago
That's a problem of the retirement system and the government/pension funds, not workers' problem. Just say the word that the money I am putting towards retirement are not counting towards MY retirement, and I'd stop paying the government/pension funds, and start building the retirement fund myself. A system where I am funding some random people with the hope that some future random people will be funding me is inherently flawed and assumes - constant population growth - a constant proportion of less old people vs more youngsters entering the workforce That kind of system, naturally, is insane and has no base in reality, considering that the trend is old people live longer, and people have less children. > The idea there is a pot with your name on it is way out of date here To say that I am not entitled to MY money, and that me expecting MY money to be there when I retire is some sort of ultimate entitlement, that I vehemently disagree with. So either the pension funds and the govt have to accept reality and actually guarantee MY money (by, for example, not touching some % of it), that I put, towards MY retirement, or they can f-off, and I can start saving myself.
tonyedgecombe 2y ago
NI is presented as if it is a fund you contribute to for your pension. Of course the reality is any money deposited in the fund is immediately "loaned" to the government to cover current spending.
- switch007 2y ago
  > NI is presented as if it is a fund you contribute to for your pension No it is not. It establishes some entitlements, not a fund Gov.uk: "You pay National Insurance contributions to qualify for certain benefits and the State Pension."
  - tonyedgecombe 2y ago
    https://en.wikipedia.org/wiki/National_Insurance_Fund https://en.wikipedia.org/wiki/National_Insurance_Fund
    - deleted 2y ago
      [deleted]

ath3nd 2y ago

That's a problem of the retirement system and the government/pension funds, not workers' problem. Just say the word that the money I am putting towards retirement are not counting towards MY retirement, and I'd stop paying the government/pension funds, and start building the retirement fund myself. A system where I am funding some random people with the hope that some future random people will be funding me is inherently flawed and assumes - constant population growth - a constant proportion of less old people vs more youngsters entering the workforce That kind of system, naturally, is insane and has no base in reality, considering that the trend is old people live longer, and people have less children. > The idea there is a pot with your name on it is way out of date here To say that I am not entitled to MY money, and that me expecting MY money to be there when I retire is some sort of ultimate entitlement, that I vehemently disagree with. So either the pension funds and the govt have to accept reality and actually guarantee MY money (by, for example, not touching some % of it), that I put, towards MY retirement, or they can f-off, and I can start saving myself.

tonyedgecombe 2y ago

NI is presented as if it is a fund you contribute to for your pension. Of course the reality is any money deposited in the fund is immediately "loaned" to the government to cover current spending.

switch007 2y ago
> NI is presented as if it is a fund you contribute to for your pension No it is not. It establishes some entitlements, not a fund Gov.uk: "You pay National Insurance contributions to qualify for certain benefits and the State Pension."
- tonyedgecombe 2y ago
  https://en.wikipedia.org/wiki/National_Insurance_Fund https://en.wikipedia.org/wiki/National_Insurance_Fund
  - deleted 2y ago
    [deleted]