Should we work until the age of 71 to stop the pension system collapsing?

A recent report by the UK's International Longevity Center (ILC) suggests that the rapid ageing of society worldwide could make it necessary to raise the age of eligibility for state pensions to 71 by 2050, VG reports.A survey shows that 90 percent of those surveyed are concerned about the proposal, as more and more people in the UK are having to leave the labour market in their fifties and sixties due to redundancies and ill health. It is very difficult to find a new job at this age.

They are now in their fifth and fifth decades of retirement, and are facing a decline in their working lives.

Ros Altmann, former UK Secretary of State for Pensions, also disagrees with the ILC's proposal. He says women and the poorer sections of society would be hardest hit, as they would have to work "until they die" or live on very low private pensions until they reach the age of 71. Altmann pointed out that the lowest 10 percent of society's income earners are not expected to remain healthy beyond their early fifties, according to data, and are therefore more likely to die before the age of 71.

Economist Andrew Scott says raising the retirement age would require the creation of age-friendly jobs and better health and care systems.

VG

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