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Advances in healthcare and changes in lifestyle means that people are not only living longer but they are also staying healthy and active longer. In fact, some might say that 70 is the new 60! Think back to your Grandma and Grandad in their 60’s and it may seem like they were much older than our current generation of 60-year olds. When the state pension was introduced in 1948 people could reasonably expect to live for another 13.5 years following retirement at 65.
This has meant that over the last couple of decades, the working landscape has changed. Through either necessity or just the desire to continue to be active, people are staying in paid employment much longer. Changes have already been made to the state pension age to reflect this.
Whilst some may consider this bad news, there is one major positive that will come from this. With a longer working life comes the ability to secure a mortgage later in life, where previously this would not have been possible. Meaning that for those either planning to move or planning to buy a home later in life, funding will be easier to access.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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