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Should the state look after us in later life?

There has been much mention of the UK pensions industry over the last few weeks, in both the public and private sectors, with many changes forecast in the future. However, it is becoming more and more apparent that many people in the UK are unwilling or unable to put aside savings for their retirement and will become more dependent upon the state to fund their later life. But should the state look after us in later life?

The truth is that the vast majority of people in the UK will pay a significant portion of their income, whether from employment or investments, in tax to the UK state. While there are obviously various public sector services which are paid for via our taxes, the state pension is becoming more and more important for many people. For the general UK public it would appear that UK governments have wasted millions upon millions of pounds on "bizarre projects" while often missing the bigger picture.

The truth is that the UK state is a massive monster and now employs more than 50% of the UK workforce and accounts for over 50% of household incomes in the UK. In many ways the state pension has suffered from the huge increase in the public sector but millions of people have paid their dues, whether by their role in society or income paid to the state, and should be able to depend upon a state pension to cover at least the most basic standard of living costs.

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