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Will the age of retirement soon disappear?

The UK government has revealed that the age at which men can claim the state pension will increase to 66 years by 2016 which is around a decade earlier than the government had initially forecast. There is a growing feeling that the government is moving towards the abolishment of a statutory retirement age which many of the older generation have been calling out for. So when could this happen?

The move to increase the state pension age for men is likely to be followed by a similar move for women with the government citing healthier lifestyles and longer living as the initial reasons for the increase. The move will save the UK government billions of pounds in the long run in additional pension payments and will at least start to address the benefits problem which has been culminating for many years in the UK.

This move will also place pressure on the employment market because more people will need to work longer which could lead to less places for the youth of today. As a consequence, we will need to see more growth in the UK economy to allow the younger generation to join the employment ladder and keep them out of the benefits trap.

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