Millions of Brits 'condemned to poverty' if retirement age is raised
Millions of Brits 'condemned to poverty' if retirement age is raised
Around 3.5 million people aged between 50 and 64 are not working because they are either caring for loved ones or suffering from their own health problems The report says any move to increase the state pension qualifying age would lengthen their ordeal. Someone looking after a frail parent, sick spouse or disabled child for at least 35 hours a week gets a Carers Allowance of just £69.70 a week.
The full new state pension is £185.15 per week and can also be topped up with other pensioner benefits such as Pension Credit.The state pension age is currently 66 for everyone and due to rise to 67 between 2026 and 2028, and then to 68 between 2044 and 2046.But speculation is mounting that the Government aims to raise the age to 68 in the 2030s.
Of the 3.5 million 50 to 64-year-olds classed as “economically inactive”, 1.3 million are ill and half a million are unpaid carers for loved ones, found analysis published today in the report Waiting For An Age: The Real Impact Of Raising The State Pension Age.Researchers found as many as 1.5 million (31 percent) of pre-retirement households have less than £5,000 saved and a total of 540,000 (11 percent) either have no savings or savings of £250 or less.
