Axa has issued research that showed that nearly 70% of people surveyed expect to have to work until they are 70 and that they also expect the State Pension Age to increase form 65 to 70.
Many people were said to have no confidence about a safe and secure retirement.
Our view
The reality is that we are living longer. This is a real cost on the state both in terms of increased health care but also in terms of having to pay out state pensions for longer. This means that the Government needs more money to maintain current benefit and service levels or they will have to cut benefits.
How will they do this? It would seem logical to make us work longer and pay more in tax which in turn means that you will be retired for a shorter time and less in pensions will be paid out.