The death of retirement – what retirement might look like in the future

Back when the state pension was first introduce in 1908, the average life expectancy for men was 54 and for women 61. Given that the state pension was only available at the time to people over the age of 70 that meant that many didn’t live long enough to receive it. However, now times have changed significantly – we are living longer. A lot longer. Girls born in 2016 have a life expectancy of 93 and boys 90. The potential requirement to fund pensioners for 30+ years has meant the state pension is on the downward slope. So, relying on the state pension to provide 100% support during the golden years is just not an option now. Why don’t we have enough to cover retirement? There are a number of reasons why so many people don’t have enough cash set aside for retirement. The increasing costs of owning or renting property are eating into our budgets and leaving little left for retirement savings Real pay levels have been stagnant for some time so many incomes are just not keeping up
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