A former pensions minister described the increase in the number of older workers as a ‘social revolution’. The figures can be partly attributed to a rise in the state pension age from 60 for women. It has been going up since 2010 and will hit 65 by 2018, bringing it in line with that of men. For both sexes, it will rise to 66 by 2020 and 67 by 2028. Legislation was introduced five years ago banning employers from forcing staff to retire at 65 and the demise of generous final-salary pension schemes means most people must work for longer.
The concern that private pensions are unable to sustain people if they retire earlier is also seen as a driving factor, as people have not made ample provision and are, therefore, rightfully worried that they will be in penury if they retire too soon.
On another note, it appears that savers are raiding their pensions in increasing numbers to assist their grandchildren onto the housing ladder. It has been reported that over 55’s have taken out over £28 million a day in the last 3 months. The concern with this is that an early raid can leave a deficit when the pot needs to last at least 20 years after age 55.
If any of the above strikes a note with you, given that you will be relying on your pension for long term provision, you should seek advice from a reputable independent financial adviser before taking any action. An hour’s discussion could significantly alter your future lifestyle for the better – fill in a contact form here to get in touch.
On one level or another we have all been affected by this virus. Some financially, some emotionally or physically. Thousands have lost their job or are on partial income, many are bound to stay home, have not seen loved ones in months; others have even lost family members or friends. 
British people are living longer than ever before – according to the Office of National Statistics, life expectancy is likely to rise to 85 by 2040. And this figure is an average; if you are physically healthy you can realistically expect to live one or more decades longer, particularly if you have a family history of longevity.