Pensions expert Ros Altmann however suggests that working late into life even to 80 is unfeasible but that individuals should no longer expect to retire at 55 which is currently the earliest age at which pension funds can be accessed. On average people are actually retiring earlier than they did in the 1950’s. ‘In the 1950s, the average age of retirement for men was 67,’ says Altman. ‘At that time life expectancy was much lower than it is today, yet people are retiring earlier. This means that lifetime income is lower, especially as they often start work much later too, and they have less chance to save for a good later life income. ’It is only since the 1980s that ‘an expectation had developed that people should aspire to retire in their 50s’. ‘This is simply not sensible or sustainable, especially as life expectancy has risen significantly, general health has improved and the physical demands of most types of work have eased.’
Perhaps for younger generations the idea of a ‘retirement age’ will be an outdated concept with individual choice, and importantly economic means, determining when a person stops working. If you need help planning your pension Enables IFA’s in Bishop’s Stortford can help you look at the options.
Issued by: Enable Independent Financial Life Planners 25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
No comments:
Post a Comment