Although pensioners have probably seen worse days, especially through the previous Conservative Government, in the nineties, life is still particularly tough for a large percentage of this age group.
Balancing the finances at the end of each month is no easy feat, and with the way the price of living is currently rising so astronomically, this is definitely becoming more and more difficult.
There is very little money left at the end of each month to go out and enjoy the niceties of life. By the time food has been purchased, the over 50 life insurance premium has been paid and the utility bills are covered, there my be nothing left at all and this can be a very depressing state of play.
Of course, people have been encouraged to take out private pensions for decades now. But when you actually sit down and do the maths, on these, you soon realise that you have to pay exceptionally and unrealistically high amounts into these funds to get anything out of them that could be considered worthwhile in the slightest.
Pension funds are not worth what previous governments have purported - that is an absolute fact. A far better way for pensioners to increase their income in retirement is to take out the highest interest bonds you can find on the market. These guarantee the percentage increase you have signed up to and allow you the flexibility of withdrawing the funds as and when you want when you have retired.
