The Independent think tank, The Centre for Social Justice’s (CSJ), recent report on Ageing Population has recommended that the government accelerate the State Pension Age to 70 by 2028 and then 75 by 2035 to combat the ageing population and boost the economy by keeping older generations working for longer. In addition, The Pensions Act 2014 requires the government to review the State Pension Age every 6 years.
With this in mind, there are lots of questions to ask yourself should a future change to the State Pension Age be approved by Parliament and written into law:
- How drastically would this affect your retirement plans if you’re relying on the State Pension to provide a substantial proportion of your income for retirement?
- Could you continue working until age 75?
- Could you boost your pension benefits to keep your retirement goals on track?
Planning your retirement has arguably never been more important. It’s crucial that you review your finances to make sure your pension savings are on track to provide enough future retirement income for you to enjoy the lifestyle you want at the age you desire.
Retirement and pensions can be tricky to understand. We can help guide you through the facts and figures and ensure you understand the best options available to achieve your retirement plans. For a free review of your existing pensions arrangements by one of our qualified Financial Advisors call us on 0114 2588899 or e mail firstname.lastname@example.org.
Reference – CSJ Ageing Confidently – Supporting an ageing workforce (18th August 2019)
SOURCE: Chris Sadler Dip PFS – Independent Financial Adviser – Fogwill & Jones Asset Management Limited