Could the retirement age go up to 70?

Could the retirement age go up to 70?

The government recently brought forward their planned state pension age increase to 68 by seven years, and there are further predictions that this will be raised to 70, meaning teenagers and people in their 20s are likely to be working until they're 70. Could the retirement age go up to 70?

Even for those of us in our 50s now, particularly women, retirement age has increased dramatically in the last few years. More of us are working longer and harder before we can claim our pensions.

So what can we do to enjoy the pre-retirement years, or to get retirement ready so that once it arrives, you don't spend years sorting everything out and can get out there and enjoy your retirement straightaway?

Start financial planning early

Don't leave your financial planning until you're getting to retirement. It's best to know early what pension you will receive well in advance, so you can make the decision whether to top this up, defer it for a few years, or look at other investments that you could make to help manage your retirement.

Most large companies offer support to their employees with pension planning, or you can get a free initial appointment with an independent financial adviser. Have a look at what's available where you live and get planning!

Get out there and do the things you love

Often you'll hear people say "When I retire...". Don't fall into this trap. Make a bucket list of things you'd love to do, whether it's a safari in Africa or bungee jumping off a cliff in Wales, and get started on these whilst you're still working. Click here for some great bucket list inspiration!

By making a 'Things I would love to do' list, you're giving yourself permission to get out there and live life now, which is good for your wellbeing, as well as keeping you active.

Downsize

As you start to think about retirement, what better time to downsize and create a new lifestyle for yourself? A park home is an ideal way to free up capital for your bucket list and for the finer things in life, and you could be living the holiday lifestyle in a like minded community all year round.

Park homes can be really luxurious, with plenty of space, beautiful views, and stunning countryside, so what better way to get ready for retirement?

Click below to download your free guide on how to avoid the 10 worst mistakes people make when they retire...

Avoid 10 Worst Mistakes People Make when they retire

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