06 July, 2010
With the government planning to speed up plans to raise the age at which the state pension can be claimed, Forbes Solicitors is warning people to start thinking about saving for the future.
The state pension age for men will become 66, possibly as early as 2016 and women will move to a state pension age of 66 a few years later. Ministers are to look at further extending the Labour Governments policy of state retirement rising to age 68 in the future.
Financial expert Peter Toner warns, "Planning for the future can be a minefield but how can people expect 'a long and happy retirement' without planning for it. You should review your pension plan on a regular basis to make sure that it is growing at a reasonable rate. Waiting until your retire may be too late as you may find that you won't get as much money in your pension as you expected."
According to the Department for Work and Pensions fewer than 40 per cent of the working-age population have any sort of pension and one in ten fears they will have to work until they die. Building up a healthy nest egg is the only way to guarantee you can retire when you want.
For further information or to discuss your pension contact Peter Toner on 01772 220022 or contact Peter Toner by email.