Why do you need a pension?
More and more each year we seem to be hearing about the need to start your own private pension plan, to put money aside for your older years and basically ensure that you have enough money to look after yourself if later years. But do you really need a private pension? What is wrong with the state pension?
As we have covered in a number of articles recently the real value of the state pension has been falling for some time now. You may see the rate move higher each year but in recent times this has been below inflation which means that in reality the pound you have today will not buy you the same goods that it did last year. Slowly but surely we are all being pushed towards our own private pensions or for those of us in full time employment maybe even a works pension.
The days of being able to retire and live off you state pension are long gone, the pot is empty and the situation is only going to get worse as time progresses. While the state pension may still be with us for some time, the value to you in later years will get less and less.
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