The current economic situation has resulted in a number of hard decisions having to be made, especially with respect to retirement planning. This is the not just the case at family & business level but significantly at government level.
The present problem of an ageing population with inadequate financial planning is not a new one, its been around since I started in the finanicial services industrty in 1991. It would seem to me that it has taken this recession to kick start the Government to really wake up to the problem. This had resulted in a number of new key initiatives, which as we know have not all been popular.
Firstly have had the increase in the state retirement age. Therefore people in their 20’s will not get their state pensions until 68 years of age at least. Secondly the abolishment of the maximum working age will be welcomed to many who can’t afford to retire . Additionally the auto enrolment of qualifying employees will see people being entered into pension schemes that they might not want. Furthermore the compulsory employer pension contributions have not go down well with the companies that we run schemes for.
The public sector looks like it will not escape either. Lord Huttons report suggests that public sectors workers are faced with later retirement , lower pension and greater contributions. We will find out further developments over the following few weeks I'm sure.
Never has it been more important to address your own retirement plans and move with the times. If you are serious about your retirement Reeves Independent offers a thorough retirement planning service, which includes the following;
- A comprehensive fact find to ensure we have the whole picture
- Goal setting & a full analysis of existing investments and assets.
- Presentation of alternative options & strategies
Contact the office for a FREE no obligation appointment on 0871 271 1280 or e-mail info@reevesifa.com NOW!
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