Raising the Pension Retirement Age in the UK

The Minister of State for Pensions of the United Kingdom recognizes the trend of an aging population, and is taking aggressive steps to deal with it’s impact on retirement pensions.   His proposal?  Raising the retirement age by 6 months for each passing year.   Similar to us here in the states, the UK is facing a similar time bomb with their retirement system.   The amount of 65 or older citizens across the pond is expected to increase by 51% over the next 20 years.  In the next 15 years, their 85+ population is expected to double as well.  What does this mean for younger Britons?  They could possibly start to draw on their pensions by age 70.  It looks like young Americans won’t be the only ones biting the bullet when it comes to government ‘pension’ plans.

 

-RR

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