Women's state pension age will increase gradually to 65 between April 2016 and November 2018.
Today's announcement that Britain's state pension age will increase to age 67 starting from 2026 is not far out of line with other nations.
The state pension age will increase to 66 from 2020, the chancellor said today, costing everyone under the age of 57 at least £5,000 in lost income.
However, the autumn statement says that is likely the increase to 68 will be brought forward to the mid-2030s, and that the state pension age will increase to 69 by the late 2040s.
Towers Watson, the consulting actuary, calculates that, on current projections, the retirement age will increase to 68 in 2041 (five years earlier than planned) and to 70 by 2065.This is painful but welcome.
A recent government report, Future of an Ageing Population, points out that the proportion of the working-age population aged between 50 and the state pension age will increase from 26% in 2012 to 35% in 2050 – a rise of some 8 million people.
These include not only miners and the like, but also shift workers such as bus drivers and factory workers doing repetitive tasks—altogether, an estimated 6% of the workforce.For other Italians, the minimum retirement age will increase next year, but only to 58 instead of 60.
Siegel warns that retirement age will increase from 62 to 73 and possibly even 80.
Under recent legislation, the women's state pension age will increase more quickly to 65 between April 2016 and November 2018.
However, as revealed by' the positive and statistically significant coefficient of age2, age will increase to a certain level and then welfare will start to decrease.
