Why Should We Have To Work Longer To Receive Our Pensions

@nevergiveup your pension comes from your employer, wages had taxes taken out, but pension doesn;t start till you retire, that money was never taxed, because you didn't get it

@nevergiveup Yes I agree I dislike Great Britain nowadays have lived here to long, it's too late for me.

@senghenydd But we live far longer after our retirement than our forebears, so the younger generation could be paying for us into their own retirement.

@FreddieUK So we are led to believe we are living longer, honestly I think in my locality people are dying earlier there's a great deal of Aids in the area.

@senghenydd That's surprisingly awful.

@FreddieUK I'm being honest about this nearly 30% apparently have that disease.

@nevergiveup You are not taxed on pension contributions. Taxation is deferred until you draw a pension, and is often levied at a lower marginal rate than you would have paid while working.

@nevergiveup
Pension contributions are deducted from your gross income and deposited directly into a pension account on your behalf, which means those pension contributions do not form part of your taxable income, year over year.

The only time you'll pay tax on your pension is when you start to collect pension from the plan, except your nominal tax rate will be about 40% lower than it was when you worked full-time, which will be the tax rate your pension income is based on... the lower rate, not the higher rate.

That is why working beyond your maximum pensionable years of service is a waste of your time because your full-time employment net income will be almost exactly the same as your net pension income!

@nevergiveup I agree, one shouldnt pay income tax on the age pension. However, it should be "means tested" So that the independendly rich dont recieve it. They dont require government support and the rich pay too little tax already..😷