Would you like to work until you are over 70?

Over the last few months there has been a constant drip feed of negative news regarding the UK pension age which is expected to increase significantly in the medium to longer term. There are now estimates that the national pension age will increase to 72 years over the next 20 years in order to allow the government to "balance its books". So would you like to work until you are over 70?

There are two very different trains of thought with regards to this proposed increase in the pension age, with many people believing they have a lot more to offer into their later years and others looking to enjoy their retirement. For many people the option of retiring early is something of a dream as the cost of living in the UK continues to rise and the real value of the UK state pension continues to fall. There's also the fact that those "with money in retirement" will likely be required to pay more tax, a factor which is seeing more and more people looking at potentially moving overseas.

The pincer movement of a reduced value of the state pension, an increase in cost of living and increased taxation is certainly giving many pensioners food for thought.