State Pension Ages are Rising!
Savers are being urged to think long term and make sure they set in place pension provision that will protect them against any further rises in the retirement age.
The age at which workers qualify for the UK State Pension will increase to 68 between 2037 and 2039, and experts believe this age will continue to increase as the economy struggles to adapt to an increasingly elderly population.
It is expected that by 2050, one in four people in the UK will be aged 65 or over, and by 2068, the Office for National Statistics expect there to be an additional 8.2 million people aged over 65 in the UK – equivalent to the current population of London. With a rising elderly population come rising care costs, which governments increasingly struggle to bear.
With governments locked into short term election and parliamentary cycles, and unwilling to take the unpopular decisions which might be necessary to address the crisis, the onus will fall on individual savers to do all they can to protect their ability to retire on their own terms.
Private pensions, savings and investments can provide a significant income if you choose to retire from work before becoming eligible for the State Pension.
Speaking to an expert to review your retirement plans now could give you the flexibility to enjoy a prosperous retirement when you choose to stop working. Get in touch with McCreas to arrange a free no-obligation consultation today!