Those in their twenties could be expected to work until they reach 70.
As the state pension age grows in order to accommodate the ageing population, those under 30 may have to work much longer than generations before them.
Recent reports state that increasing the age at which the pension can be claimed is one of the most effective ways of bringing the overall cost down.
Pushing back the state pension age to 68 between 2037 and 2039, was a suggestion by John Cridland, the author of one of the reports. At the current rate at which the age is rising, this would only occur by 2046.
Mr Cridland also stated that over a decade, the state pension age should not increase by more than a year. This is on the assumption that there are no exceptional changes to the data used.
Setting out more detail was the second report by the Government Actuary’s Department. This outlined how ages would increase, depending upon the rise in life expectancy.
As it stands, the current state pension age for men is 65 and 64 for women. By 2018, the latter will have risen to 65 as it gradually rises in the coming months.
It will then continue to increase, reaching 66 in 2020.
After that, it will gradually climb to 67; those born in 1961 and beyond will be the first to obtain their pension at that particular age.
Following that, the next planned growth in the state pension will be for those born in 1977. The gradual increase at that time will result in everyone born after 6 April 1978 collecting their pension at age 68.
As a method of dealing with the rise in life expectancy and ageing population, these rises are likely to be brought forward.
Commenting on the suggested changes was Tom McPhail. The head of retirement policy at investment firm Hargreaves Lansdown stated: “This report is going to be particularly unwelcome for anyone in their early 40s, as they are now likely to see their state pension age pushed back another year. For those in their 30s and younger it reinforces the expectation of a state pension from age 70, which means an extra two years of work.”
