If you go by FI principles, a full state pension is currently worth as much as a £220k stash..
Do you regard it as a bonus if you ever get it, or do you fully expect to receive it and therefore plan your private stash and retirement spending accordingly?
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I personally think things would have to get very bad for the SP to be axed or completely watered down, but it's inevitable that the SP age will be raised, it is not likely to keep up with inflation, and may be means tested in the future.
My plans don't hinge on the continuing existence of the SP, and hopefully the difference between having it and not having it wouldn't make that much of an impact to me.
All that said, £8.7k/year in today's money is not insignificant, and I'd feel pretty disappointed if I didn't eventually get my SP and free bus pass, having paid my share into the system over a working career.