Call to raise state pension age
A report said that the state pension age (UK) should be raised sooner and further than already planned, in order to fund higher state pensions, reduce public debt, and reflect the population trend of longer, healthier lives.
This generation is enjoying longer lives and longer periods of retirement than any of its predecessors.
This is a result of improved standards of living, medical advances and other factors and is clearly very good news in many ways. But these big changes also create a number of significant challenges, especially to the government’s fiscal position through higher costs of state pensions, health and long-term care.
This challenge is compounded in the UK (and other advanced economies) by the retirement of the baby-boom generation during the next two decades.