Does the UK have a system like Social Security? Here in the States, for every penny we earn, a portion goes to the SS fund. It should pay us in our retirement years. Unfortunately, some money-minded conservatives have decided our SS we paid into all our lives is an entitlement – and a drain on the economy.
It's not either. We paid into it with every dime we earned. And, it's deducted from our paychecks in addition to and separate from income tax deductions and unemployment insurance tax deductions. SS has nothing to do with the deficit or federal spending budget.
Still, conservatives want to do away with. Of course, they have no intention of refunding all our lifelong deducted payouts. They never paid back to the fund what they "borrowed" from it for other spending either.
Here, it's not that the state pension can't cover it – it's that they will poor-mouth how it's too costly while still finding massive military budget increases… that the military doesn't even request!