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Home  »News  »Finance News

Forced retirement 'a waste of money'

30/04/2010

Making people finish working when they reach retirement age is a "a huge waste of resources", according to a leading advisor to the pension industry. Dr Ros Altman, independent pensions expert and a governor of the London School of Economics, said keeping older people will help future growth. She noted: "[Forced retirement] has a double negative effect on the economy. Firstly, those who retire will pay less tax, secondly they will have less money to spend as they earn less. If people are able and willing or even eager to work, why are we stopping them?" "We have made such amazing advances in healthcare, life expectancy, working practices and yet somehow retirement and pensions policy has failed to keep up with the new realities," she added. Her comments follow research from Age UK, which revealed that forced retirement cost the UK last year an estimated £3.5 billion in lost economic output. Get a free equity release guide and find out how you can get some additional income. Posted by Jez Walters.

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