Management
Backing for Harman retirement age review |
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| Management | |
| Written by Gary Howes | |
| Tuesday, 12 January 2010 | |
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MGM Advantage say research backs call for proposed government review.
Another industry expert has welcomed a proposal by government to review the default retirement age of 65. MGM Advantage, the retirement income specialist today said their research showed a need for flexibility when it comes to retirement legislation. Craig Fazzini-Jones, Director at MGM Advantage comments, “People want to work beyond the retirement age for all sorts of reasons – some because they have to financially, and some because they simply don’t want to stop working. Either way, increased flexibility can only be a good thing. Not restricting the retirement age is one way, but there is also a growing demand for flexible retirement income solutions which only goes to underline the changing needs people have both leading into and during their retirement years.” Independent policy adviser Dr Ros Altmann said earlier today that, "Harriet Harman has hit on a possible winner", believing that, "at last politicians are waking up to the potential of helping older workers – the over 50s are the majority of voters." MGM Advantage's recent research study, Retirement Nation, revealed staggering results regarding retirement plans: - 23% of over 55s have resolved to work beyond the state retirement age of 65 with no final retirement plan in mind - A third of people over 55 have been forced to put off their retirement plans and continue working due to the effects of the economic downturn - 35% of over 55s who are still at work - around 1.85 million people - are now resigned to working longer than anticipated in order to replenish their pension pots - 32% of over 55s are not prepared at all for retirement - 35% of over 55s admit to having done nothing to prepare for life after work Altmann believes that scrapping the mandatory retirement age will ease the pensions crisis we are heading towards as people live longer, but with inadequate pension provisions. "The top earners are fine, they have been able to save large amounts, but around 70-80 per cent of the population cannot save enough to provide good pensions that will last from 60 or so for another 20 or 30 years," said Altman.
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