Colin Palmer Financial Services

The rules about pensions

Too many people put off sorting out their pension arrangements until it is far too late. The State will not provide you with the income that you need in retirement so you must take responsibility for yourself or face the fact that one day you will not be able to afford the holidays, a car, nice clothes. Brutal but true!

It is an irrefutable fact that if the individual does not prepare to look after themselves in retirement but intends to rely upon the state they will find out, just when it is too late to do anything about it, that any benefits from the state have been dwindling in real terms since the concept of the Welfare State in 1948.

The truth is that with a population that is living longer and a reducing birth rate fewer people will be available to support the retired.

So if it took 50 years for state benefits to reach their peak and are now in decline it is probable that state benefits could become means tested way before you reach retirement age. But, with a bit of planning now, you can do a lot to help yourself to prepare for your retirement.