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George Osborne, the Chancellor of the Exchequer, announced in last year’s Autumn Statement that the state pension age will coincide with life expectancy.
Its great that we will all be living longer!
But this means that by the years 2050 – 2060 we will have to work until age 70 before getting a state pension! I’ll be aged 62 in 2050.
This is terrifying, by 70 we should be enjoying our twilight years, shouldn’t we?
How Not To Work Until 70
- Save, Save, Save (even small amounts will build up)
- Have a private pension
- Train yourself not to spend unnecessarily (keep the credit card locked away)
- Start a small business you’re passionate about and Sell, Sell, Sell
- Optimise and set up efficient systems in your business
- Or freelance and use your skills for additional income while working
- Invest wisely for the long-term
- Plan ahead in all areas
- Don’t be fooled by perfection – Don’t put things off – Start it now, do it now!
- Let go of the lottery mentality
- Don’t wait for other people to convince you
- Don’t allow others to fill your mind with negativity
- See & enjoy the simple things in life
- Be realistic – A small step or small gain is very valuable, it may not always result in millions of pounds but it will be worth it. Likewise, you don’t have to spend millions to make a change.
- Its unlikely that everyone can fulfil all of these steps instantly, but keep the above tips in the back of your mind.
- Are you happy to work until you’re 70?? What steps will you take over the next year to prepare for your future?