The past week brought another brutal reminder that we cannot rely on the state to look after us in retirement.
The government is pressing ahead with plans to charge inheritance tax on pension savings and has opened the door to increasing the state pension age even sooner.
In Britain there is a widespread, if not strange, belief that the state has a duty to provide and care for us in old age. Our free national health service and benefits system have lulled us into a false sense of security that there is some sort of Big Brother out there to help us in our hour of need.
The problem is that while we are expected to plan for the long term, the rules continue to change with every prime minister, chancellor and pension/homes/health (delete as appropriate) minister at the helm. A cut here; a new tax there; even more policy reviews.
Rule changes made by politicians today can in one fell swoop destroy long-term financial plans that have been carefully put in place.
