Gordon Brown, speaking recently in Scotland, said that there should be a national debate on raising the state pension age, and David Blunkett, Work and Pensions secretary, told the BBC News that a rise in the state pension age should be considered.
The Pension Commission has already suggested that a mixture of higher taxes, larger savings and a higher retirement age could go some way to making sure that people will not be living in poverty in their old age.
Apparently the problem is that people are living longer, and the pensions commission declares that more than 12 million people are not saving enough towards retirement. Since the government, and life insurance firms, didn’t anticipate pensioners living so long, now they are saying that, in order to be able to afford to pay out on their pensions, they will have to work to at least the age of 70.
At first sight this all looks rather bleak, but its not all bad news, because people who work longer, particularly in a job they enjoy, actually live longer. Many people think that if they retire early they will live longer, but researchers have disproved this theory. In fact, those who stop working at 55...
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