People are failing to save enough for their retirement, it has been said.
Older individuals in the UK may be well advised to store as much cash as possible in such as or in the near future for when they finish work permanently.
That is if comments made by Keith Churchouse,
director at Churchouse Financial Planning, are anything to go by, as he believes the government will increase the state pension age sooner rather than later.
Boosting the threshold at which people are entitled to receive financial assistance following their career would help relieve some of the pressure on the public purse in the aftermath of the global economic downturn.
Therefore, implementing such a legislative change could prove attractive for the administration as it seeks ways of tackling the after-effects of the recession.
And Mr Churchouse has urged Britons to anticipate this alteration and take a proactive stance towards how they are going to deal with it.
He explained that the raising of the state pension age to 67 is "inevitable" and went on to note he expects a further increase to 68 is likely to occur in the next 40 years or so.
With this in mind, the expert insisted it is a "very good idea" for people eager to retire around their 67th birthday to "take action now" in terms of storing more money in savings accounts as it is "well known that the UK public are not saving enough for their retirement".
Mr Chruchouse stated that the increasing life expectancy across the country means that everyone needs to try to save more to make sure they have a "comfortable lifestyle" in retirement.
However, this may prove easier said than done as, according to research conducted by ethical bank Triodos, the Independent Commission on Banking's recent reform report did not do enough to help people attempting to plan for the future financially.
This comes after one specialist insisted that is an essential purchase for any older Britons considering heading off on a gap year in the near future.
Research published yesterday (September 20th) by Post Office Travel Insurance revealed that 25 per cent of over 55s are thinking about the possibility of enjoying an extended single trip travel excursion around the world in the next two years.
Gap years are traditionally thought of as something more popular among the younger generation, but the study revealed that just 19 per cent of student account holders are planning to go away at present due to financial restraints.
However, this trend is seemingly changing as so-called "grey gappers" are eager to experience destinations like Australia and New Zealand.
Sarah Munro of the Post Office reminded such people that taking out travel insurance prior to leaving the UK is vital.
