New plan to cut state pension age to 63 as we cant all work into our 70s | Personal Finance | Finance [Video]

Politicians say we have to hike the retirement age to keep the state pension affordable as life expectancy rises. The issue is that workers cannot keep up. They may live for longer, but they’re falling ill earlier.

Those who do manual jobs find it particularly difficult to carry on working on their late 60s, as their bodies pack up.

Many will be forced to scrape by on state benefits until they can finally claim their pension. Some labourers will die without getting a penny, despite making years of National Insurance contributions.

This has been a problem for years but it’s set to get worse.

The state pension age has already been pushed to 66 for both men and women. Between 2026 and 2028, it will increase to 67.

The plan is to increase it to age 68 by 2046 but this could happen sooner.

Young people joining the workforce today face the grim prospect of having to work on into their 70s. That’s a tall order (especially …