| When should you retire? Whilst millions of us might | | | | 2024 and 2026. With an aging population and an |
| dream about that magical day when we give up | | | | enormous budget deficit, some commentators have |
| work forever, it is a serious question that depends | | | | even suggested that the state retirement age may |
| on a number of issues. | | | | even be raised to 70 in decades to come. |
| The new government has introduced a raft of | | | | What about private pensions? The previous |
| measures that will affect your decision. | | | | government changed the age at which savers could |
| Firstly, with the default retirement age about to be | | | | access their pension benefits from 50 to 55. This was |
| abolished, the decision to retire will be in your own | | | | presumably in the hope that people would not spend |
| hands, rather than your employer's. As long as you | | | | all of their money too early and rely on the state in |
| are still able to work, there is no reason why you | | | | older age. So if you are planning to retire in the |
| should not continue as long as you like. Recent | | | | United Kingdom, 55 will be a significant milestone for |
| research from Aviva has shown that many older | | | | you. |
| workers will opt for a middle way. Nicknamed | | | | If you are planning to retire abroad, your retirement |
| "part-tirement", part time working is set to become a | | | | age will depend on whether you are planning to leave |
| growing trend among older workers. | | | | your pension fund in the UK. If so, you will be bound |
| Relying on the state pension alone is not advisable. In | | | | by the 55 age limit. If on the other hand you transfer |
| any event it is going to become payable later and | | | | your pension into a QROPS (Qualifying Recognised |
| later in life. Yesterday the coalition government | | | | Overseas Pension Scheme), the age will depend on |
| announced via the Queen's speech that the state | | | | the regulations of your QROPS country. |
| retirement age was going to rise to 66 between | | | | |