Retirement – No Chance – Absolute Nonsense!
Do you really feel that there will be such a thing as retirement for the majority in the future?
The state retirement age is already being pushed higher as the state pension scheme struggles to attempt to balance the impossible scenario of people living longer and drawing their pensions for longer whilst less is contributed to the pot by those that are working. There is significant potential for state pension benefits to be further eroded as the pot will simply not be big enough to pay all of us in the future.
Under performance in the investment markets makes the potential benefits from most company and personal pension schemes much smaller than is required for a sustainable income in our twilight years.
Add to the lack of future pension income the possibility of the NHS not surviving and we all having to pay for our health service needs and the prospect of retirement looks bleak.
We will not be able to retire in the way that people have in the past. For many of us work will be a life sentence.
This could well lead to an upsurge in small businesses as we all battle to supplement our pensions.
Many people I have spoken to feel that they will become market stall holders, gardeners, cleaners, taxi drivers, consultants or caterers in the future.
Will the banks be willing to lend to the wrinkly self-employed the start up costs of their new ventures? Not unless there is a major change in underwriting policy.
Sounds like demand for funding from Foundation East will be massive in the future!
Peter Wood, Business Loans Manager - Essex