The state pension won’t exist by the time I retire - here’s how I’m preparing now

Nishi Patel and Ruth Chipperfield are among the many millennials who doubt the state pension will still exist by the time they retire – and have decided to take action with their savings now.

A key benefit now for retirees, the full new state pension is £230.25 per week, while the basic state pension stands at £176.45 – a number that increases in line with the triple lock promise (which ensures the state pension rises each year by inflation, wage growth or 2.5 per cent, whichever is highest).

Yet this benefit is the UK’s largest single area of welfare spending, according to the Office for Budget Responsibility, costing around £125bn in total pensioner benefits in 2023/24. New Feature

In Short

Quick Stories. Same trusted journalism.

Experts – and people like Nishi and Ruth – worry