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Will Pension Age Have to Rise to 70

To help pay for the ageing population, it was reported by PricewaterhouseCoopers, that the state pension age must be increased to 70 by 2046.  Currently, at this time it is proposed to be 68.



The report argues that an additional £20 billion of spending cuts or tax rises will be needed by 2020 to reduce public debt to a more manageable level.  They suggest that this extra revenue is generated through increases to the level of VAT to 24% or by increasing national insurance contributions by 2p for both emplyer and employees.

A review commissioned by the Government indicated that long-term care costs should be funded by additional taxes paid by pensioners and care to individuals should be capped at £35,000.

Homeowners aged over 55 years who are concerned about their pension and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.