This comes as the ONS projects that the number of individuals over the age of state pension in the UK will increase by a third to 16.9 million in 2042, up from 12.4 million now
A think tank has suggested that the state pension age should be raised to 75 by 2035.
Between 2037 and 2039, the UK government has set a plan for raising the state pension age to 68.
This comes as the Office for National Statistics (ONS) projects that the number of individuals over the age of state pension in the UK will increase by a third to 16.9 million in 2042, up from 12.4 million now.
When the state pension was launched in 1948, a 65-year-old could expect to spend 13.5 years collecting the benefit, roughly 23% of their adult life, the Department for Work and Pensions (DWP) added. However, a 65-year-old can now expect to live for another 22.8 years in retirement, or 33.6 percent of their adult life.
In recent years, the age at which people should be able to access their pension has been a point of contention.
In 2019, a think tank proposed that the state pension age be raised to 75 years.
Iain Duncan-Centre Smith’s for Social Justice (CSJ) advocated raising the retirement age to 70 by 2028 and 75 by 2035.
Evidence revealed that the UK was not responding to the requirements and possibilities of an ageing population, with hundreds of thousands of individuals aged 50 to 64 considered economically inactive, according to the research.
It was suggested that older individuals be helped to access the rewards of work by providing support to both them and their employers, such as more flexible working hours and training possibilities.
Removing barriers for older persons to stay in work has the potential to considerably contribute to individual health and the cost of public services, it continued. As a result, this report recommends for considerable changes in elder worker support.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.