Working longer could raise £13bn


Enabling people to work one more year after the state pension age could result in a GDP increase of 1% or £13bn, says L&G's Adrian Boulding

Speaking at the launch of the Centre for Retirement Reform, Boulding put forward his case for an increase in the state pension age saying such a move will enable people to work longer to pay off debt as well as raising their standard of living in retirement. With the average debt per adult of £32,000, excluding mortgages, dwarfing average earnings of £24,000 and pension income of just £11,000 per year, Boulding said working longer could have a huge impact. "If people worked longer, deferred taking their pension and used half of their extra income to pay down debt then they could do th...

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