Today the front pages of the newspapers are crying foul. Apparently George Osborne and the government has robbed us of any chance of retirement
The papers have dubbed it as a “granny tax” but that suggests it’s an immediate problem for the retired. The truth is people retiring now will have it much better than future generations. Cutting through the hype this budget may leave some pensioners £245 worse off each year.
Those who have followed this blog will not be surprised at this news. The government has slowly been chipping away at our pension benefits and tax breaks for years, but it’s not just the government at fault. Pension companies are offering dismal returns, inflation continues to be high and annuities are decreasing as we all live longer.
Retiring at 65 will soon be an aspirational target not a right of passage, as pension company returns diminish, inflation rises and annuities decrease as we all live longer.
So it’s great that the UK press has jumped on the pension crisis bandwagon for 24 hours but the pension crisis was already here and will only get worse.
You have two options:
- Moan about it.
- Take action and decide your own financial future!
If option 2 is more appealing then book a time to speak with one of our Asset Managers or sign up to our free email course below and find out how property investment could be the solution.