2/3rd of people will not be able to afford to retire at the official retirement age, and the problem will not only be ongoing but will probably get worse. Young people cannot afford to save or put extra into their pension fund, if they have a fund at all!
So what can be done about it? Well the government has an answer – work longer! Various issues arise with this. What about manual workers like builders? Can they physically carry on and if they do, at what cost physically?
Another option could be to lower your standard of living. That’s a tough choice when you’ve worked all your life and paid into a system that you thought was going to give you a comfortable retirement.
Take a second job. Can you find one? How many people are there that cannot even get one job. My local small post office has just advertised for a part time assistant. They had over 100 applicants.
One of the things mentioned in the media report on TV was the upsurge of home parties to earn extra income. This had mixed reactions from both the presenters and from members of the public. One of the most frequent comments was that people often felt obliged to buy at these events and very often finished up with an item that they didn’t really want.
One home based business that does not require you selling to your friends is Telecom plus/Utility Warehouse. You don’t have to sell because you are dealing with services that everyone already has – phones, broadband gas and electricity. Better still, you actually save them money. Other companies may require you to sell items such as health products, cookery implements or make up.
So it may not be all doom and gloom. You may, in fact, be able to bring forward your retirement date instead of working on past state retirement age. If that thought intrigues or excites you, click here now or drop me a line on firstname.lastname@example.org . You might just bring down the average on those depressing statistics!