In the ‘news’ yesterday it was suggested that there are plans afoot to raise the retirement age to 68. Bummer. This is because the state pension is getting over costly. This despite the government taking a chunk of earnings in National Insurance a part of which is to fund said pensions. Supposedly.
Thus I thought of a cunning plan.
Once folk are firmly on the road of work and have accepted their worth whatever work they do then it’s time to think of the future. How about taking out a private pension? Whoa! A tad expensive is it not?
And that’s where it gets cleaver. If you do take on a private pension, the monthly cost of that is deducted from your National Insurance stoppage. That will be a choice as having the private cost deducted from the government cost will result in no state pension.
So, well paid work? Go private and keep N.I. resulting in two pensions. Not that affordable? Do the maths and make your choice bearing in mind that private you’ll be able to bail-out of work at sixty or sixty-five.
Wot’s wrong with giving folk choices regards their hard earned money and planning for the future?
Quote; Abe Lemons.
“The trouble with retirement is that you never get a day off.”
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