Having
dissected the 123 Page Autumn Statement (welcome to my world), there was some clear
and hard hitting words on the State Pension.
George
Osborne announced in his speech plans for the pension age to "keep
track with life expectancy"……or as I like to call it…...a £500 billion
saving for the Government by ensuring we get the State Pension later in life.
It means people now in their forties will not get the state pension
until they are 68, while those in their thirties will have to wait until they
are 69. And don’t expect this to be the last time there will be increases.
You will see from my comments back in July, this will be a reoccurring
problem unless the timebomb is addressed properly and not half-heartedly.
So
the question is……if we take the responsibility to save for retirement
personally / privately to create additional income to the State Pension, how
can we do so when the goalposts on age keep moving?
It
is the longest running oxymoron coming out of Westminster……encourage us to save
for old age whilst pulling the rug from beneath our feet.
The
law of averages tells me that after decades of failure on this subject, sooner
or later a Government has to get this right.
I
live in hope.
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