Thursday, November 04, 2010

I'll never be able to afford to retire at this rate!

From this afternoons Telegraph money section comes a piece of news that just adds to the gloom that follows the changing of the clocks:


Around 5 million people aged in their 50s could lose up to £14,000 each if the state pension age rises.

Figures from the Department for Work and Pensions indicate that the Governments planned increase in the retirement age is being introduced too quickly.

The statistics suggest that workers who are due to retire after the changes take effect will not have time to save enough money to keep their pension at the same level as it would have been if things had remained unchanged.

About 4.5 million men and women will be forced to work for up to a year longer than previously expected under the changes announced by Chancellor George Osborne last month.

Official figures showed that the worst affected would lose 9 per cent of the total pension they could expect to receive during their lifetime.

The state pension age will reach 66 for both men and women by 2020.

Ros Altmann, of the over-50s group Saga and a former Government pensions adviser, said: "These changes are dramatically unfair and completely unacceptable. They penalise at least half a million women making them wait an extra two years for their state pension and even the Government itself admits they will not have time to prepare.

"I have never known women so angry. This is yet another example of policies made by men who fail to understand women's lives.

"A rethink is essential. We simply cannot do this to people

6 comments:

Les Paul Junior said...

I reach retirement age in 2020. At the present time it seems a bit academic, to be honest.

Span Ows said...

Government pensions adviser, said: "[it's] completely unacceptable."

hmmm

"I have never known women so angry."

Really?

"We simply cannot do this to people"

They can and they will.

So, what's Ros going to do about it? My Dad paid extra for most of his life because of certain promises and did my mum (dad died just as he was going to retire!) get a penny of that extra? No. Plus ca change.

I've nothing...and if you have money sell it, it won't be worth anything when you need it.

Paul said...

"I have never known women so angry."

Really?

I posted that and then deleted it!

I reach retirement in 2025, unless my balls drop beforehand and I retire to the country.

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