Retirement is a time when people are wondering how to keep their money. While they may have a decent state pension (for now, if the triple lock is still in place) or some good investments or a pension for their final salary from employment, this cannot be guaranteed.
When the State Pension was introduced in 1940, the average working adult used the pension for 14 years after retirement. The average person who uses the state pension after they have finished working now will use it for 23 years. Another thing to take into consideration is the fact that in those days, one could only leave school at 14 years old. Now it is 16. The proposed change is to move this to 18. This means that at the current retirement age of 68 (for the current generation but expected to soon rise to 71), we can expect to work for more than 50 years. One solution is an equity release scheme. For a consultation from an Equity Release Solicitor, contact www.tivoli.legal
It could be argued, based on these factors, that older and more established methods of funding retirement should be re-evaluated. The value of pensions has decreased since 2008 when many pensioners saw their values reduced or even halved. Some payments have been reduced and funds that were supposed to last no longer exist. Also, the payments for investments have decreased. Retired people are choosing to go back to work. It is often part-time work in low-skilled roles, or in their old workplace part-time. They become valued employees.