- Wednesday, 2 June 2010Consumers who feared that their
debt management plan would become harder to handle when they retired could be reassured by the proposals put forward by Iain Duncan Smith.
The work and pensions secretary announced on May 27th that the retirement age will be gradually increased so people can work for longer and bridge the gap between their expected income and their needs.
Just Retirement, provider of solutions for those retiring or in retirement, also welcomed these proposals but wants more flexibility for providing care.
David Cooper, marketing and distribution manager at Just Retirement, said: "The ability to reflect a change in health with an increased income will come at a time when those concerned are likely to be facing new and significant costs.
"Any review of pensions should take this into account in order to ensure individuals are able to meet their needs in retirement."
Dr Ros Altmann also welcomed the urgency with which the government had addressed the issue.
The company suggests flexibility when it comes to the retirement age because some people will not be able to work into old age due to ill health.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960