Research shows that families from the working classes are more likely to suffer from the later retirement age. Currently nearly 1 in 5 lower class British men die before they reach the current retirement age of 65. As the retirement age rises to 66 in 2020 and later to 68, this will further disproportionately affect the poorer members of society as even fewer get to actually draw the pensions they have paid into all their working lives.
19% of men in blue collar jobs die before they reach pensionable age compared to just 7% of middle class, white collar professionals. Working class women are also more than twice as likely to die before they reach the current pension age of 60, compared to just 4% of their wealthier counterparts.
As well as the less economically fortunate people not living to draw their pension, those that do live into retirement will typically only be pensioned for 14 years compared to an average of 18 years for middle and upper class men. Women also see a four year gap between the social classes when it comes to how long they will receive their pensions for.
Related Posts :
