The headline in our (Dutch) newspaper ‘Pension Cut Expected’ attracted my attention this morning. The pension funds should be better now? No, in contrary. Roughly half of the (big) pension funds in the Netherlands (compulsory contribution, collective arrangements) are expected to announce a shortage and cutting payments in 2013. These cuts can vary from 3% in average up to 15%. Also contributions are expected to increase. Where is that money going?
In other countries, the situation is no different. In the UK, the penion age is increasing and people are even adviced to think about changing career, especially when doing physically demanding jobs.
A comfortabel old age is apparently not what you will expect if you are depending on collectives or state pension. The trouble is that when you are at that point, it is difficult to make a difference. For me, the thought that retirement would mean ‘more time, less money’ scared me. For a long time. That made me think and working towards a sustainable solution that makes me independent of other people’s decisions. What’s happening in these days only confirm my vision and the importance to not be reliant on those systems. Did you think of your future? Really?
- Why pension changes mean you should start saving now (blogs.confused.com)
- Pension Basics…..All You need to know (irishfinancialadviser.wordpress.com)
- State pension age: what the latest changes mean (bbc.co.uk)
- Pensions Q&A – how will pension changes affect me? (telegraph.co.uk)
- Pensioners are £4k worse off per year (moneyexpert.com)
- Axa asks staff to give up index link pensions (telegraph.co.uk)
- Pension funds ‘further into red’ (bbc.co.uk)
- Pension Shock..The Future is now (irishfinancialadviser.wordpress.com)