On Wednesday 19 July 2017, the Work and Pensions Secretary confirmed that the State Pension age will be rising to 68 some seven years earlier than previously planned.
This means that six million men and women nationwide* will have to wait a year longer to access valuable State Pension benefits. The changes will affect anybody aged 39 to 47 now, and the option remains for the Government to further extend the qualifying age for younger people if necessary.
A change like this can seriously affect your retirement plans. If you intend to leave work before the age of 67 and were relying on State Pension to fund your living costs, you could now be wondering how you will bridge the gap between your desired retirement age and when you will receive your State Pension.
David Allen Financial Services would like to discuss the impact of these changes and how we can help you to bridge the gap. Be it investing into a new personal pension, increasing existing pension contributions or changing the structure of your plans, we are here to help.
We won’t just consider the obvious solutions either, you could plan to use other investments, stocks and shares ISA’s, cash savings or we could even arrange a re-mortgage on your property, to help you become mortgage free earlier and free up extra cash for your later years.
What is clear with all these options to bridge the gap, it is more important than ever for individuals to seek independent advice as to which option is best for them. Our team of advisers at David Allen Financial Services will complete a comprehensive review of your existing and future plans and tailor a solution that is best for you, contact us today on 01228 711881.
Posted: July 27th, 2017