The warning from the chief executive and founder of deVere Group, Nigel Green, comes as speculation grows that the government plans to hasten a rise in the state pension age to 68 by 2035, according to the information shared with Finbold on January 25. Men’s and women’s state pension age is currently 66, and between 2026 and 2028, it will rise again to 67. But the government is reportedly set to announce an earlier-than-expected state pension increase to 68, possibly in the Budget on 15 March. A spokesperson of Department for Work and Pensions said:
A wake-up call to us all
Green points out that this should serve as a wake-up call to all of us that we need to start taking more personal charge of our retirement plans if we want to retain the same level of living in our later years that we had during our working life. The deVere CEO commented: He added: How much you will need to save for retirement is very subjective. It will depend on a variety of key factors, including your current age, at what age you want to stop working, how much income you will expect in retirement, what your retirement aspirations are, whether you are due inheritances, and your current personal financial circumstances, amongst many others.
