A new petition to reduce the State Pension age to 60 and increase it in line with the National Living Wage would cause a number of issues, warns Unbiased.
The online petition is calling on the UK government to increase weekly state pension payments to £586 for every person over the age of 60, including Brits living abroad in retirement.
The petition said current government policy “seems intent on the State Pension being a benefit not paid to all, while ever increasing the age of entitlement.”
The proposals would provide 13 million people currently receiving the State Pension, as well as those over 60, with £2,344 every four weeks, some £30,476 a year.
However, Unbiased said one of the biggest issues facing the UK government is the staggering cost of the State Pension, with question marks already raised over the sustainability of the triple lock guarantee.
Karen Barrett, founder of Unbiased, said it was “unlikely” the Government would implement any changes to the State Pension, given how much the proposals would hike costs.
Barrett said: “It’s essential to consider the State Pension as a supplement to your retirement income, rather than the key to funding it. That’s why it’s vital that you build up your wealth throughout your lifetime to prepare for your golden years, which includes contributing to personal and workplace pensions.
“It’s never too early – or late – to start planning for the future, especially retirement.”
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