Currently, old men in Britain can claim his state pension at 65 and a women at around 61, however, the age is being raised for both to 66 by 2020, 67 by 2028 and 68 by 2046 and will continue to rise and experts from accountancy firm 'PricewaterhouseCoopers' predict that babies born this year will not get their pension until they are 77 in 2089
The Organisation for Economic Co-operation and Development has reported that workers across many countries will inevitably have to wait longer for their pension including not only Britain but also Germany, France, Japan and Switzerland.
The OECD report comes as the 'Association of British Insurers' warned of a ‘chronic savings gap’ in Britain and many people are ‘increasingly resigned to working longer or downsizing to a smaller property’ in order to help pay for their retirement, due to a chronic lack of pension saving.
Steve Gay, Director of pensions at the ABI, said: "One in two people are not saving enough for retirement and many are not saving at all."Britain is a country where millions of young men and women do not have a pension or have one which will not cover the cost of a comfortable retirement.
