Pension Age Review - The Review of the Review

The French strike and the British moan, but the pension age is rising.  The government have made plans to increase the pension age to 66by 2020, but with the baby boomers of the sixties round the corner what will be the outcome.

Life Expectancy

There is an argument that people have paid for there state pensions and they should get them, but the truth is they didn't.  With life expectancy rising from 71 in 1960 to what now stands at 80 years of age there is no doubt about the rising amount of old people who are currently walking around in a town centre market. 

This means the soon to be pensioners have contributed for only 5 years of there pension.  meaning the other 200% of the bill will hit the younger generations.  

The Baby Boomers

The people of the sixties had a log of sex, and for a while the economy benefited from this.  Everyone was thinking about saving whales and stopping global warming so the younger generations can benefit from the world.  Now a monster lies round the corner where all the Baby Boomers are becoming Granny Busters and what the younger generation would like is not to be left in a growing economic mess.  

The Current Bill

The current bill of state pensions stands at a significant 60billions pounds per year.  The number of pensioners currently sits at 12.2 million increasing to 17 million in 2030 meaning an additional 23 Billions pounds a year will need to be found on top of what has already become an increasing to the country.  

Costs not included

Yes the pension budget costs more, but so does health care, housing benefit and other figures that haven't been included in the figures.  Costs that could easily soar above 200 Billion a year.

What should it be

72! The pension age to balance costs has been very carefully calculated by some clever men who know lots about economics and stuff. But the UK government like to avoid doing that as we don't want to have a load of moody unions starting trouble for 'the better of the people'.  Which would just cause more economic damage.