Considering the challenges for an ageing society
The title of the discussion was “Towards a New Societal Contract?” and the panel members were tasked with considering the key issue of how politics, globalisation, digitalisation, climate change and ageing populations are stretching the resilience of society.
Mr Wynaendts opened his contribution to the discussion by saying that recent times have seen the shift of responsibility for retirement planning passing from governments and employers to the individual. So, in order to help individuals be better prepared for their retirement, and to make retirement more secure, they will need empowerment and support.
He went on to say that a new social contract is required to ensure, amongst many other things, universal access so that every person is able to save for their retirement and this could combat the current groups of people who are not, or will not be in the future, ready for retirement and are worrying about it.
He said that society needs to think differently about retirement; a whole lifetime of financial education is key, financial literacy and how we think about saving needs to be addressed, and any social contract needs to expand the groups and stakeholders involved.
Mr Wynaendts said that governments have an important role to play in providing incentives for savers; this will mean a financial investment for the future so that generations ahead can afford their retirement.
Blacktower, long-time champion of expedient retirement planning strategies
Here at Blacktower, we have long upheld the message that the sooner you start saving for the future, the better. It is no longer a sensible prospect to expect the state pension to provide enough funds for a comfortable retirement, and while auto-enrolment is a step in the right direction to get workers saving for their future, it is seen by many as only one of the ways that we can help ourselves save for a better, more financially secure future.
By seeking financial advice sooner rather than later, we can help clients make sure they are providing themselves with a diverse retirement planning strategy that utilises any benefits from the systems where they live, such as tax breaks and saving opportunities, as well as global investment opportunities that can protect, preserve and grow their wealth.
Contact Blacktower today for a financial review and to discuss your retirement planning.
* https://oecd.streamakaci.com/052019/vod/day/1/room/1/hour/10:00/lang/fl Accessed 23-05-19
** https://www.oecd.org/forum/programme/#!142024 Accessed 23-05-19
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
Are you yet to draw on your pension and have one or more dormant, frozen pension pots from when you were employed or self-employed? If you have had a number of jobs during your career, you could have a series of separate pension plans which, while individually may not add up to much, you are relying on to provide you with an income during your retirement.