Debt management needs to increase unless retirement age raised to 75?
Debt management needs to increase unless retirement age raised to 75?
Monday 5th October 2009
The suggestion has come from international law firm Pinsent Masons, which has suggested that the unexpected increase in life expectancy should be coupled with an increase in the age to which people work.
If the default retirement age remains unchanged, the number of people that find themselves in need of debt management help could increase as a result of the financial implications of having to longer non-working life.
Pensions law team consultant at Pinsent Masons Robin Ellison said: "Everybody in the industry knows that [the age of retirement] should be 75.
"I think the government know that [the] retirement age [of] 65 is unsustainable in the long-term, they knew that already. This [has] not come as news to the Department of Work and Pensions or even to Gordon Brown."
He went on to say that testament to the required increase in the retirement age was Lord Turner's recent admission that his report a few years ago, which detailed a necessary rise in the retirement age from 65 to 68, was conservative.
People that find themselves in financial difficulty as a result of an insufficient pension - whether now or in the future - could consider speaking to a debt management professional.
News article brought to you by Debt1 – UK debt management specialists
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