In an article in the guardian, Prof David Blake, director of the Pensions Institute at Cass Business School, thinks the future is bleak: “The danger now is we will have a generation who really can’t afford to retire.”
Here at FSC we recognise how important saving for a pension is to everyone, especially in the current economic climate. With our professional finance advisors just a call away, we’d like to make sure the future is much more promising for those saving for retirement.
Over a quarter of those aged 55 to 64 do not have a private pension, this rises to 42% across all age groups. Three in 10 Britons aged 55-64 do not have any pension savings whatsoever, while a 2016 report for Scottish Widows found that 47% of 30- and 40-year-olds are not saving adequately or at all.
The state pension age for women will reach 65 in November 2018. And, another rise for all to 66 years by November 2020 – followed by a further rise to 67 years by 2028. The government has also hinted at plans to extend the state pension age to 75 – or even 81.
There are so many not saving adequately for their pensions, FSC is dedicated to giving expert advice to anyone who is unsure how, why, and when they should start planning.
Give us a call or drop us a message so that we can work together towards a more secure future, today!