In the UK, the age at which people can receive the state pension continues to rise. Economists say it is inevitable that young people entering the labor force now will have to continue working into their 70s before they can start taking advantage of the social safety net.
Every time the pension age increases, more and more people become stranded at an age where they are unable to work or receive government support due to illness or disability. With life expectancy in the UK no longer increasing overall, many people, especially in disadvantaged communities, could die long before they can start accessing the fund. And some people who have reached pension age may find that while government benefits could help them survive their golden years, they can hardly afford to enjoy them.
Everyone agrees that the system needs major reform. So why is it so difficult to change?The answer is a Guardian columnist. Polly Toynbee explain to michael safiis a political system that favors wealthier, older voters over the interests of poorer, younger voters.
Private pension schemes are being billed as a solution to pressure on the state pension. But millions of Brits are leaving money on the table. There are things you can do if you have a full-time job, and even if you don't. This could increase your private pension savings by thousands of pounds over the next few decades. The Guardian's deputy money editor is rupert jonesshares his advice.
Photo: Joe Giddens/Pennsylvania
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