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:
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.