IT'S TIME TO THINK ABOUT THE FUTURE

As part of an initial meeting with a client, I will always enquire when they intend to retire; and there is one answer I receive more than any other, which is along the lines of: 'I'll probably have to work forever if the Government keeps moving the pension age.'

Now, it is indeed true that the pension age is currently being increased to age 67 in Guernsey, and from 2020, it will start to increase again so that by 2049, it will be age 70; but this shouldn't mean that one couldn't retire until then. Firstly, to off er perhaps an unpopular opinion, it isn't particularly unreasonable that the States pension age is to be increased. To consider some UK statistics: The National Insurance Act 1946 introduced contributory State pensions for all from 1948, paid from age 65 for men and age 60 for women. At this time, the average life expectancy for men was just 66, and for women 71*. 

Firstly, to off er perhaps an unpopular opinion, it isn't particularly unreasonable that the States pension age is to be increased. To consider some UK statistics: The National Insurance Act 1946 introduced contributory State pensions for all from 1948, paid from age 65 for men and age 60 for women. At this time, the average life expectancy for men was just 66, and for women 71*. 

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