Access to pensions
I thought we had it bad here in Australia ….. But When I’m 64, no scratch that, 105 I might retire! in the UK they are proposing that pensions could potentially not be available until you turn 105 years old!
Consider the potential impact on pension earnings for UK young adults today when the coalitions single tier pension program is introduced (due in 2016).
A recent Institute of Fiscal Studies (IFS) predicts the scary scenario that not until the age of 105 would young 20 year olds today be better off under the new retirement proposal. This is based on modelling that projects the single tier pension forward for 20 year olds today.
The notion of forward planning really comes into its own in this scenario.