Individuals who worry about the continuously increasing retirement age might have been taken aback today. Economists suggest that the UK could potentially raise the eligibility age for receiving the state pension as high as 74.
The Institute for Fiscal Studies stated that action will be required by 2068 if the government aims to maintain the pension 'triple lock' system, as well as ensure that state pension expenses remain under 6% of total national income.
However, specialists mentioned that certain individuals cannot continue working well into their late sixties and early seventies. "Generally, people tend to be less active as they age, becoming physically weaker," noted Professor Brian Dolan, an authority on aging from the University of Salford.
More than a quarter of individuals over the age of 65 are unable to continue working, according to Professor Alan Walker from the University of Sheffield. "Therefore, merely increasing retirement ages won’t be effective for them. This could worsen their situation due to the extended time before they can receive their pensions."
The UK state pension age Previously, it was 60 for women and 65 for men. Now it is 66 for all, but it will gradually rise to 68 starting in 2044.
Denmark has newly increased the retirement age to 70 starting from 2040.
Individuals' levels of physical and mental health can differ greatly, yet governments must rely on average data for decision-making purposes. Therefore, what do scientific findings indicate?
Rising life expectancy
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life expectancy
has typically risen across many nations throughout the 20th and early 21st centuries, yet in recent years, the growth rate has decreased and may have stabilized.
In the United Kingdom, a female child born at the start of the 1900s was likely to reach only 52 years old. In comparison, life span for females now stands at 83.
However, the reason behind increasing the retirement age is not due to individuals' personal lifespan, but rather an economic factor.
This stems from the reality that an aging society leads to a smaller share of working individuals contributing to government funds relative to the growing number of elderly receiving state pensions. "The primary challenge lies in the political aspect, focusing on rising pension expenses," stated Professor Walker.
Regarding individuals' capacity to reach retirement age and enjoy several healthy years before facing illness, Professor Richard Faragher, a gerontologist from the University of Brighton, emphasized that we must look beyond life expectancy and take into account their "health span."
The period during which an individual is expected to remain in reasonable physical well-being throughout their lifetime is referred to as health span or active lifespan expectancy.
Regrettably, the increase in life expectancy during recent years has not been accompanied by similar improvements in healthy living duration, as stated in a 2021 House of Lords report titled The Process of Ageing: Science, Innovations, and Wellness .
For example, in 2009, males were expected to live 62.7 years in good health, whereas this figure was 63.1 in 2016 – a rise of 0.4 years. Over the same time frame, male life expectancy increased by 0.8 years.
Among women, health span decreased by 0.2 years during the same time frame, whereas life expectancy increased by 0.6 years.
In simpler terms, although life expectancy is gradually increasing, the period during which individuals live with declining health prior to death is also growing longer. "Currently, we're investing more funds to maintain elderly people in poorer health," stated Professor Faragher.
Individuals earning less, who generally rely more on state pensions compared to others, often engage in manual labor and might have to leave their jobs sooner due to deteriorating health. "Poor health usually causes those from lower socioeconomic backgrounds to retire earlier than they desire," stated Professor Faragher.
Sense of purpose
Working longer into old age does not necessarily have adverse effects on all individuals. Provided their health permits, it can offer people a feeling of significance, according to Dr Mark Cortnage, a public health specialist from Anglia Ruskin University.
A career can offer cognitive tasks, and medical professionals usually suggest maintaining mental engagement to remain alert. This could potentially reduce the chances of experiencing Alzheimer's disease or similar conditions.
However, the effectiveness of this method for preventing dementia remains unclear. Moreover, there are numerous alternative methods to maintain cognitive engagement, like participating in volunteer work or caring for grandchildren.
"Retiring late should always remain an individual decision, rather than something people are forced into for survival," stated Morgan Vine, head of policy and advocacy at Independent Age.
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Whether human life expectancy and healthy years will keep increasing remains uncertain. Some researchers have earlier asserted confidently that this trend will persist. Demographer James Vaupel has forecasted that should current patterns persist, the majority of infants born in Western nations from 2000 onward could reach the age of 100.
However, Professor David Gems, a specialist in aging research from University College London, remains doubtful. "This is an approach without biological consideration, assuming that trends will continue indefinitely, which is entirely impractical," he stated.
However, this is improbable to influence decisions regarding retirement benefits. "Individuals might experience somewhat poorer health, yet it does not automatically imply they are too unwell to continue working," stated Professor Gems.
The tough truth is that the number of elderly individuals keeps growing, while the youth population remains limited.