THE DAILY TELEGRAPH: The need to work into retirement is no respecter of class or skills. Money is tight for everyone retiring this year whether they’re stacking shelves in supermarkets or have worked all their lives as a solicitor.
The double whammy of the rising cost of living combined with the stock market crash has had a massive impact on pensions and annuities. Average energy bills are £177 higher than they were three years ago and you don’t need statistics in a newspaper to tell you that the cost of your weekly shopping is painfully expensive.
This year will see 1.8 million company pensions suffering as a result of the recent stock market drop, with, at its lowest point, £120 billion being wiped off the value of pensions.
According to PricewaterhouseCoopers, many pension holders will have seen their past five years’ contributions to their pension wiped out, while annuity rates have taken a beating too. All the experts are suggesting that 2011 will not be a financially prudent year to retire. » | Xenios Thrasyvoulou | Tuesday, September 06, 2011
