State Pension Age to Hit 71 in 26 Years

A report issued today by the International Longevity Centre has suggested that the UK State Pension age will need to hit age 71 by 2050.

This is only 26 years away and highlights the fact that we are an ageing population that is living longer with an expected workforce.  The state pension age increases from age 66 to 67 between 2026 and 2028 and then age 68 from 2044.  It is therefore not a huge leap to expect State Pension age to increase to 69,70 or 71 by 2050.  The reality is:

A recent ONS report suggested that:

• There will be an increase in people age 85 and older from 1.6m to 2.6m within 15 years.
• There are 34.5 million economically active people today and 20 million inactive.  With Artificial Intelligence and technology developments there will be even more economically inactive.
• UK population today at 69 million is projected to rise to 73.7 million by mid-2036 and to 76.6 million by mid-2046. 
• We are living longer meaning:
• More people claiming state pensions.
• More people needing NHS treatment and care.
• More people needing social care in old age.
• Less people paying National Insurance Contributions that fund these services.

Comment

The social security system is already under massive strain, and this looks likely to get worse over the years.

We need a massive overhaul on planning for an ageing population and the government, whichever colour it is, needs to get a grip, tax us all accordingly and fund new solutions father than playing politics and bowing down to idiot journalists that railed at 1% NIC increase a few years ago, then pulled back and now even cut from January (employees) and April (self employed).

Politicians have failed to address the social services system and its funding for 50 years now and should all hang their heads in shame.