The chancellor’s failure to announce an immediate end to the UK’s default retirement age (DRA) is “disappointing”, one expert has claimed.
Knowing that they could still lose their jobs at any time “without good reason” could see many people aged over 65 years turn to equity release schemes as a way of boosting their finances.
Chancellor George Osborne did say that the DRA will be reviewed, but some experts have said that this is not enough.
According to independent policy adviser Dr Ros Altmann, the DRA is an ageist measure, which should have been “outlawed long ago”.
“Older people both want to and need to work longer, they are fit and healthy and most are capable of working well past age 65,” she said.
“This age discrimination in the workplace should be ended as soon as possible.”
Homeowners who are concerned about being forced to retire could see their finances boosted by a tax-free cash lump sum by taking out an equity release plan.
Posted by Christian O’Leary
