We’re all getting older. We also live longer, and we can’t escape this fact. Sadly, generation X has not given this much thought. Generation Z will also have to make choices. The Labour Government in 1945 did not realise that the National Health Service and Welfare State would lead to an ageing of the population. This was due to the extended peacetimes in Europe, and the wider world. The number of people over 100 is expected to increase.
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It is important to find new and innovative ways to fund retirement. Retirement can be expensive as retired people need to fund medical expenses, care and try to maintain an active social life. As you age, costs such as memberships to clubs or car maintenance should decrease. However, the cost of food and fuel will increase.
Private pensions are a priority for the government as they will be unable to rely on the public purse, especially if fewer people of working age pay taxes. Many people work past the new retirement age of 68 (which could rise in the near future or may not have a date). Also, there is talk of additional taxation in order to fund future care. There are also schemes that can privately be taken out on own homes such as equity release. For advice from an Equity Release Solicitor, go to https://www.tivoli.legal
We will have to make some difficult decisions about what to do with our elderly, both now and in the future. Retirement funding is also something that we should be thinking about ourselves, particularly while we are still working.