RETIREMENT ▲
PLAN FOR A
RICHER
FUTURE
AS RETIREMENT DRAWS TANTALISINGLY CLOSER, USE
THIS TIME TO MAKE SURE YOUR MONEY WORKS FOR
YOU ONCE YOU'RE NO LONGER DRAWING A SALARY
E
nsuring you enjoy your
twilight years to the best
of your
ability
requires
thorough preparation
- and that may mean
starting to make plans up
to 10 years in advance.
You will probably have
begun paying into a pension
much earlier than this - ideally
upon taking up your first full-time
job in order for it to pay dividends at
this later stage.
Money rules the roost in more ways
than one. When you're approaching
retirement, you will need to consider
whether downsizing your property
is a viable option, as well as what
age you'll retire.
The government has said that
retirement age 'will rise in line with
life expectancy' due to the soaring cost
of Britain's ageing population.
This will force the state pension
age to increase to 70 and beyond,
especially for those under 30.
LONG-TERM
PLANS
With certain exceptions,
employers can no longer
set a compulsory retirement age - but
that is not the same as state pension
age, which varies between 61 and 68,
depending when you were born and
if you're male or female. However,
the age will equalise at 65 for both
www.athomemagazine.co.uk NOVEMBER 2016 | 129
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Table of Contents for the Digital Edition of AtHomeWithGloriaHunnifordOctober2016