THE RETIREMENT AGE SHOULD BE RAISED TO AT LEAST 70
According to a new report the retirement age should rise to at least 70 in the richer countries by 2050 as life expectancy rises above 100.
In nations such as the UK, US, Japan and Canada The World Economic Forum had said that workers should continue until the age of 70. They say the increase will be needed, as the number of people over 65 is expected to more than triple to 2.1 billion by 2050. By that year, the number of workers per retired person will be half of what it is now, to just four.
The head of financial and infrastructure systems at the World Economic Forum, Michael Drexler, said the expected rise in longevity was the financial equivalent of climate change. He has said "We must address it now or accept that its adverse consequences will haunt future generations, putting an impossible strain on our children and grandchildren”.
Here at home the state pension age is expected to rise from 65 in 2018 to 68 by the year 2046. In a report earlier this year the Department for Work and Pensions has suggested that workers under the age of 30 may not get a state pension until they are 70.
Posted: 05/06/2017
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