Fixed retirement age is a dated concept
AT A TIME when inflation is heading towards 10%, adding to this the cost of a purchase tax commencing from 8%, (with an estimated administration cost in the region of 4%) it is hardly a suitable time to introduce such an unaffordable-for-many cost of living increase to cover the island’s ever-increasing Social Security expenditure.
In order to deal with this realistically long-term, islanders have to work out just how many years they can expect to live in a state of not earning and the loss of earnings involved. Not having an income for in the region of 20 years and enjoying a comfortable lifestyle is unaffordable for most people.
It is therefore logical and realistic to get away from the unaffordable dated concept of a comfortable retirement at an ever-increasing fixed age. Finding a suitable occupation to earn an income as long as one is mentally and physically capable to do so, preferably with reduced hours and at a slower pace, is surely the way forward, and needs to be supported by all concerned.
If taxes have to go up now, then the obvious place is to tax the online imports that destroy the local shopping centres.
MARK HESSE