UK Retirees Face Poverty
I just read an unfortunate story from the UK press. According to the article, nearly 2 million people in the UK retiring before April 2010 could face poverty.
They face poverty because they do not qualify for full basic state pensions. To qualify, men currently need to have made “national insurance contributions” for 44 years, while women need to have made 39 years.
The government has decided to reduce the qualification to 30 years, but that reduction does not take effect until April 6, 2010.
Regardless, I do not see how a person can work 29 hard years, all the while having some of their money put into national insurance, and then get thrown under the bus when retirement time comes.
To fully end poverty, we need to make sure that everyone has a secure retirement. To that end, we must include the full costs of securing one’s retirement in the cost of living.
