Kevin Peachey is a writer.
Personal finance correspondent.
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A new report suggests that raising the state pension age from 66 should be put on hold because we are not living as long as expected.
The age at which people are eligible for the state pension will go up to 67 by the year 2028, and then to 68 by the year 1948.
Life expectancy has stopped and no changes should be made for 30 years.
The state pension age is being reviewed.
The full, new flat-rate state pension for those who reached state pension age after April 2016 is £179.60 a week.
The old basic state pension for those who reached state pension age before April 2016 is over a hundred dollars a week. They may get a Pension Credit top-up.
The age at which men and women can claim the state pension has increased steadily since October last year.
The state pension age would rise to 67 this decade and to 68 in 2039 under the government's plans.
calculations ensure that no one spends more than one third of their adult life in retirement.
The official estimates of longevity have been scaled back since the plans were drawn up.
The move to 67 should not happen until 2051 and the rise to 68 before the mid-2060s, according to LCP.
The initial move would benefit 20 million people who were born in the 1960s, 1970s or early 1980s, but cost the Treasury an estimated £200 billion.
The government's plans for rapid increases in state pension age have been blown out of the water by this new analysis.
The schedule for state pension age increases has not caught up with this new world, even though the improvements in life expectancy which we had seen over the last century had almost ground to a halt.
He said the government's plans should be reexamined as a matter of urgent importance and there was no case for another state pension age increase.
The next review of the state pension age was announced by the Department for Work and Pensions earlier this month.
The government needs to make sure that its decisions on how to manage its costs are transparent and robust for taxpayers. The DWP said that the state pension should continue to provide the foundation for retirement planning and financial security as the population becomes older.
The image is from the same source.
The way state pension ages are calculated needs to be reconsidered.
The current system helps the healthy and wealthy, but not those who will die early, according to Baroness Ros Altmann.
The state pension only has flexibility for people who are healthy and wealthy. They can receive a higher amount if they start their pension later. She said that those in poor health with no private provision can't get any money sooner.
The idea of a long, enjoyable retirement seems to be consigned to the history books according to the head of pensions and savings at Interactive Investor.
Many will have spent their working lives expecting to retire at 65. They have been disappointed before and look like they will be disappointed again. It is no wonder that younger workers don't trust the state pension to be there for them when they stop working, with many thinking they will end up working forever.
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