Updated: Mar 3
You spend your career working hard and making sacrifices. So, when you decide enough is enough, you want to make sure that you can make the most of your retirement. But imagine that as you grow older, edging towards the day you can finally call it quits, the Government keeps pushing back the age when you can finally claim the state pension that you have worked hard for.
Unfortunately, this looks like it will become reality. As Mark Oldacres reports upon in the Express, the Government has scheduled two increases to the state pension age in the next 25 years.
The state pension age currently sits at 66, but that is set to increase to 67 by 2028. Thereafter, it will rise to 68 no later than 2046. These changes are not concrete, with the latest review from the Government well underway and on course to be completed by May 7th, 2023.
You could end up working longer and having a shorter retirement
The reason for these proposed changes is due to increasing life expectancy, revealed by new research. So, if the state pension age continues to rise and life expectancy does not begin to increase, people could well end up working longer and having a shorter retirement.
At Reeves Independent, we want our clients to reach their retirement goals and have the retirement they desire. Therefore we believe it is important to get your pensions under control, invest wisely at a level you are comfortable with, and have a bulletproof retirement plan in place.
Don’t just rely on the state pension, which is only set at £179.60 a week, because it may not be enough to achieve all you want to do. You may end up having to work longer before you can finally start enjoying the fruits of your labour.
Reeves Independent can help you achieve your retirement goals
We know the world of pensions & investments can be a minefield and there’s a myriad of options available. But we see retirement as a journey and our aim is to help you achieve your retirement goals. By stripping back all the jargon and nonsense, we endeavour to provide you with clear and honest advice, tailored to you and your needs. By doing so, we believe you can grow your retirement pot and achieve the retirement you have always dreamt of.
The articles are for information only and should not be construed as advice or a recommendation. Please seek independent financial advice before taking any action. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.
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