Government Contemplates Increasing Retirement Age to 68 by 2035, Suggests Pension Specialist Becky O'Connor

Director of public affairs at PensionBee Becky O'Connor explains what the Government considering plans to raise retirement age to 68, by 2035, could mean for people. Watch on TV: Virgin 604, Freesat 216, Sky 512, Freeview 236, YouView 236 Listen on DAB+ Radio Download the GB News App to watch live wherever you are, catch up with all our shows and get the latest news from the GBN family. Don't forget to follow us on social media too! Twitter: Facebook: Instagram: LinkedIn: TikTok: ...(read more)

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Government Considers Plans to Raise Retirement Age to 68 by 2035 In a move that is likely to raise eyebrows amongst the working population, the government is considering proposals to raise the retirement age to 68 by the year 2035. Pension expert Becky O'Connor has recently shared her thoughts on this potential change and its implications for people planning their retirement. The idea behind this proposal is rooted in the increased life expectancy of the population. With people living longer, the idea is to align retirement ages with longer life expectancies and to ensure the sustainability of pensions. While this may seem logical from an economic standpoint, it poses several challenges for individuals who have been planning their retirement based on the current expected age of 67. Becky O'Connor warns that this change could leave many people feeling unfairly penalized. It is important to remember that while people may be living longer, this does not necessarily mean they are healthy enough to continue working until their late 60s. Health and physical capability decline with age, and pushing the retirement age further back could have a significant impact on the quality of life for older workers. The proposed change also has implications for pension planning. Many individuals base their retirement plans on specific ages, and delaying the retirement age could mean having to save for a longer period of time. This could potentially be a challenge for those who have not saved enough or have other financial commitments. Furthermore, the proposal raises concerns about age discrimination in the workplace. With a higher retirement age, older workers may find it increasingly difficult to secure employment or may face pushback from employers who prefer to hire younger individuals. This could have a detrimental impact on older workers' financial situations and job prospects. A potential solution to address the challenges raised by this proposal is to ensure that the option for early retirement remains available. O'Connor suggests that the government introduces flexibility into the pensions system, allowing individuals to retire earlier if they choose to, without being penalized. This could serve as a compromise that takes into account individual circumstances and preferences while also addressing the economic concerns surrounding pensions. Ultimately, the government's consideration to raise the retirement age to 68 by 2035 is a controversial move that requires careful consideration. While it may be necessary to address the financial sustainability of pensions in light of longer life expectancies, it is also important to recognize the potential impact on individuals and the need for flexibility. As this proposal is debated and potential changes are discussed, it is crucial that the voices and concerns of workers and pensioners are taken into account to ensure a fair and effective solution for all parties involved. https://inflationprotection.org/government-contemplates-increasing-retirement-age-to-68-by-2035-suggests-pension-specialist-becky-oconnor/?feed_id=108760&_unique_id=648e9836a9bbc #Inflation #Retirement #GoldIRA #Wealth #Investing #England #GBnews #gbnews #GreatBritain #news #NorthernIreland #Scotland #uk #UKnews #unitedkingdom #Wales #RetirementPension #England #GBnews #gbnews #GreatBritain #news #NorthernIreland #Scotland #uk #UKnews #unitedkingdom #Wales