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Greece may be on its financial knees but, when it comes to pension provision, according to recently-released OECD figures Greek pensioners receive a higher percentage of their working age earnings (54.1%) than in many wealthier nations including the UK (38.3%), Canada (42.9%) , New Zealand (43%), the US (44.8%), Switzerland (46.9%) and Germany (50%). If you are German, Canadian or American that might come as something of a surprise. How would a 50% plus drop in income overnight work out for you?
Not only do many countries provide less-than-generous pensions but the goalposts are also constantly changing. The 500,000 women born in the UK in the 1950s know this better than most. Fundamental changes to pension legislation made in 1995 and 2011 have significantly affected them, often without them being made aware of the implications. Many of these women feel that they are unfairly bearing the burden of increases to the state pension age. Anne Keen, an active campaigner on this issue, was motivated to act upon a letter she received from the Department of Work and Pensions in 2012 informing her that her State Pension Age had increased by over three and a half years. At the time she was only 13 months from her expected retirement date – that’s some bombshell.
No matter where you are from, there is only one way to ensure that you have a choice with regard to exactly when you retire, and how much you will have to live off when you do, and that is by taking matters into your own hands and saving for your pension. This applies whether you are in your fifties approaching retirement or just starting out on your career. Obviously the later you leave it, the more difficult it becomes, which is why even if retirement seems light years away, it’s a good idea to start saving. After all, should you find yourself in the enviable position of having more than you need when retirement is approaching, you will merely have more choice over when to retire or how to enjoy your money when you do. Choices most people can only dream of.
For help with investing wisely to secure your financial future in retirement have a chat with one of our financial advisers.
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