Let's increase the state pension age to 70 now

happy senior adult couple...

The pensions gulf widened last week as chancellor George Osborne protected current pensioners but left young people wondering if they will ever be able to retiree.

Once again today's pensioners were spared the pain if austerity measures as Osborne announced pensions would not be included in the cap on welfare payments.
And in further consolation to the over-60s approaching state retirement age and those already at state pension age, they will be given the opportunity to buy extra years pension credits.

That means those who have not built up sufficient working years to receive the full state pension will be able to buy years and receive the full amount.

Although the reason behind this move wasn't made explicit the top up will be available before the single tier state pension is introduced in 2016.

This leads to the assumption that those retiring before 2016 are upset that they may not get as much under the old system as someone under the new system.

The Chancellor has once again pandered to this silver lobbying. But has this group of babyboomers who constantly moan that the changes aren't fair ever thought whether the benefits they are so keen to defend and keep taking are unfair on the next generation?

The Autumn Statement pushed back the state retirement age for those in their 30s and 40s to 69 and it could hit 70 in the bit too distant future. Do the babyboomers think that this is fair? While they're fighting for a few quid extra a week do they think about the younger generations who will have to work ever longer to pay for these perks?

The Intergenerational Foundation called for Osborne to be more even-handed when it comes to spreading the austerity burden and raise the state pension age to 70 right away. I can saw I disagree with this policy. With the medical advances being made and longevity increasing, not just for younger people but for older ones, those retiring today will still spend 20 or more years in retirement - and many older people are perfectly healthy and able to work.

The government keeps telling us that we must stop relying on the state, that we must take more individual responsibility, and this I agree with. What I disagree with is that this mantra only seems to apply to those who are still working rather than those who are ready to book their next cruise.
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