Unless you’ve been living in a cave, you’ll know that today many Public Sector workers went on strike to protest against the Governments wishes for them to pay more into their pensions, work for longer, accept pensions based on “career average” rather than a final settlement as currently agreed and Unions have backed the action up quoting that workers will be paying more and working longer for less.
The effects of the strike is incredible. Schools have closed down and parents have been forced to arrange child care or take their children to work. Emergency services have struggled, so have public services such as bus routes and Job Centres have closed their doors.
It is incredible. It also raises the question of belief and that somethings that you believe will be there can simply vanish before your eyes. For those aged around 30 and under have been threatened with the thought that they may not even receive a state pension when they come to retirement age.
So, finances are at the front of many peoples minds. For those who have worked in public sector for years, changes to pensions is terrifying. Could it reach a point where children have to support their parents in their retirement years.
Well lets be realistic and while we have the time plan our finances for the future. If you don’t have a pension- get one! Even though private pensions could not be the most secure investment. You have to build equity, despite the recession, house prices have stabilised and now might be a great time to buy a property, especially if you are a first time buyer, as fingers crossed you shouldn’t loose any more money. It may just stay the same, but at least you have some capital which when you reach retirement, and climbed the property ladder you could release as a source of income.