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Governments are Changing Retirement Plans

Changing Retirement PlansGovernments are changing retirement plans all around the world or cash strapped and are looking for ways to reduce the cost of all of their expenses. This includes the cost of labor which has a payroll component as well as a benefits component. Benefits includes the amount of money they need to set aside to pay pensions in the future.

The private industry has already gone in this direction and governments will follow over the next 10 years. If you are already retired or planning to retire in the next 5 years, you are probably ok. However anyone with a longer retirement horizon, should take control of their future. Plan for a retirement with a reduced government pension.

They are reducing government pensions they are reducing benefits in terms of vision health and prescription coverage and people around the world should be ready for this when it comes time for the retirement. We all know people with great pensions and benefits packages after retirement. Over the next 20 years this is going to change drastically. Once the baby boomers are gone, rich pensions will no longer be the norm.

Changing Retirement Plans – Take Control of Your Future

Government employees who may be retiring 10, 15 or 20 years they find themselves without a retirement pension. We should be setting aside money now just in case so that they have the kind of retirement quality of life looking for.

This is something that all governments are looking at and to be better prepared everyone should be taking things into their own hands to avoid not having the quality of life that they would like to have When they retire.

We will have more on this subject in future posts.

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