At 29, Naythan Rafferty is a long way off retirement. But despite his age, he is already piling cash into his private pension and ISA to ensure he is financially secure in his golden years over his concerns about rises in the state pension age.
The state pension age is currently 66, and was due to gradually rise to 68 between 2044 and 2046.
But the Office for Budget Responsibility, the Government’s fiscal forecaster, warned in a report published this week that this may need to be brought forward to 68 between 2037 and 2039.
Rafferty, a software engineer who earns £70,000 per year, fears that by the time he retires, the state pension may not exist or the Government will make it means-tested in a bid to boost its coffers.
Rafferty, who lives in Belfast, Northern Ireland, told The i Paper: “Thankfully, I feel I am not struggling too much for money. In all my financial planning, it might feel like I am catastrophising, but at 29 I do not know if I will get the state pension.”
