While I commented yesterday that the budget seemed to be almost entirely positive from a financial planning perspective, there was one small sting in the tail which became apparent as we analysed the budget document itself as well as the various accompanying consultation documents.
The paper states that the government intends to increase the minimum age at which pension benefits can be taken from 55 to 57. The minimum pension age will then be increased in line with the state pension age, which, in turn, will be linked to average life expectancy.
As I alluded to in my blog a few months ago, it will become more important to take a holistic view on retirement planning to ensure that these new restrictions don’t get in the way of your retirement dreams.
While I don’t want to take anything away from yesterdays budget, which was, by all accounts revolutionary from a financial planning perspective, it is the smaller (and in some cases more important) details like this that won’t be included in the BBC news coverage!
