Plus: silent mental health crisis leaves the middle classes struggling to manage their money
Wednesday, October 9, 2019 |
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Telegraph Money | The week's most important personal finance news, analysis and expert advice, from pensions and property to investment ideas and savings tips. |
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The Telegraph take | By Stephanie Baxter Deputy personal finance editor |
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We’ve all bickered with our parents and grandparents about which generation has had it better. And when it comes to retirement, outrage about baby boomers having it all is rife. Younger generations tend to look on their elders with great envy. On top of the generous triple-locked state pension, many baby boomers (those born between 1946 and 1964) could be receiving a full two-thirds of their final salary in retirement income. Generation X – born between 1965 and 1980 – have fared less well but they could still have a decade or two worth of membership of a final salary pension. But the younger generations have it good too. Auto-enrolment has allowed more than 10 million employees to build a pension pot which their employer contributes to. And older women will argue that the gender gap has narrowed across the younger generations. Younger women now live in a world in which they, as well as men, can independently plan for retirement. Millions of women born in the 1950s affected by the increase in state pension age lost their court battle last week, Many will retire as much as six years later than planned and face significantly worse retirement prospects. Equality between the sexes is something to aspire to – but many of the affected women were not prepared for such a sharp increase in the state pension age. Luckily, it's not too late for some Fifties women to boost their payouts. Find out more in the third part of Telegraph Money’s series investigating which generation has been the most lucky with money. We have already covered who's enjoyed the best investment returns and most quickly got onto the property ladder. Find out about how to save for your retirement, and get tips and advice on the Telegraph website, where you can subscribe for just 2 a week. It's free for 30 days. Try it here. |
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In the Moral Money podcast |
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