Retirement Changes Afoot
Chancellor George Osborne is expected to announce plans to raise the national state pension age to 70 after 2050 in todays Autumn Statement.
That means that anyone who was born post 1990 will have to work five years longer than current policies dictate. It is anticipated that Mr Osborne’s announcement is in line with increasing life expectancies.
A Government source is reported as saying: “It will help make sure the country can offer people decent pensions in their old age in a way that with increasing life expectancy the country can also afford”.
Head of Pensions at Hargreaves Lansdown is said to have slammed the announcement labelling it “too late and too slow”. He said: “In reality, many in work today are already unlikely to be able to afford to retire until their 70s, irrespective of when their state pension falls due”.
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