Tomorrows National Pensioner’s Convention will see the over-65s fight back by promoting their message that many of the ageing population are actually struggling to keep warm and are being made to live a poorer existence. They will dispute claims that pensioner’s are taking more out than they are putting in to society.
The financial effect the ‘baby boom’ generation is having on the rest of society has recently been under the media spotlight following a report by Lord Hutton, a government advisor, who said the ageing population should not rely on the younger, working population to fund their elderly care.
Due to inflated home values, pension assets and a need to cover at least 25 years of retirement, the definition of ‘rich’ has changed with the number of ‘super-rich’ increasing. For example, a teacher on £35,000 will qualify for a £17,000 a year pension and along with a £350,000 house they could fit the ‘millionaire’ bracket as much as a City financier, although the City worker would of course be richer.
The government will need to impose further measures that will reflect the fact that we are in a situation we have never been in before – an expanding ageing population, which is putting a strain on a decreasing working population. The younger generation will continue to feel the effects and be put under more financial strain if changes are not made.
For more information, please visit www.glazers.co.uk
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