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The state pension age is rising. It is currently 66, and by 2028 it will reach 67. But what does that actually mean for the people approaching retirement, and does it really mean everyone will have to work longer?
In this episode, Helen is joined by Jonathan Cribb and Heidi Karjalainen to examine one of the biggest questions facing the pensions system: how high should the state pension age be? They discuss why it has been rising, what the state pension is designed to do, and how changes to the pension age affect work, retirement and government spending.
They also look at who is able to keep working into their late 60s, who is not, and whether a single state pension age makes sense for everyone. Along the way, they explore how the UK compares with other countries, what happens to people who cannot work up to pension age, and whether the state pension system is financially sustainable in the long run.
Zooming in discussion questions:
These are a set of questions designed for A Level economics students to discuss, written by teacher Will Haines.
1. What is the current State Pension rate, and what is the total annual amount an individual would receive?
2. Assess the potential benefits and drawbacks of linking the State Pension age to life expectancy?
3. What factors should the government consider when determining the State Pension age and rate?
Host
Helen Miller
Helen joined the IFS in 2007. She has almost two decades of experience analysing UK fiscal policy and providing trusted advice to policymakers.
Participants
Jonathan Cribb
Jonathan joined IFS in 2011. His research areas includes: pensions, ageing and demographic change, public sector pay, housing, and inequalities.
Heidi Karjalainen
Heidi is a Senior Research Economist in the Retirement, Saving & Ageing sector. Her current research is on pensions and saving for retirement.
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