Finally, something really eminently sensible from politicians:
The age for retirement will rise every five years under radical moves by the coalition to curb the £55 billion-a-year state pension bill.
New laws are expected to be introduced in this Parliament that will link pension payments to life expectancy for the first time, senior government sources told The Times.
It would mean that in just 25 years time the pension age will have risen to 70, affecting all workers now aged 40.
And it should probably be higher than that too: 75 perhaps.
The state pension is a form of social insurance: insurance against outliving your rational savings. Not a form of assurance, a way of saving for something which is likely (or certain) to happen. As such it should be paid at around and about the average lifespan.
You can retire when you want to, entirely up to you: but the state pension kicks in as a form of insurance, at around the average life span.
They\’re getting there…..