A retirement age of over 70 may be needed by 2050, worldwide

Due to the rapid aging of the population worldwide, it may be necessary to raise the age limit of those entitled to a state pension to 71 by 2050, VG.hu wrote referring to a recent report by the British International Longevity Center (ILC), which deals with the social effects of old age.

However, they also point out that not everyone shares this opinion of the ILC. According to a survey, 90 percent of British people are very worried about the proposal, because if someone over fifty or sixty is laid off, it will be very difficult for him to find a job.

They mention that Ros Altmann former British Secretary of State for Pensions does not support raising the retirement age to 71, for several reasons. According to him, this would have the most negative impact on women and the poorest, because they would have to work practically “to the point of exhaustion” or live in poverty on a low private pension until they reach the age of 71. According to statistics, the 10 percent of the population with the lowest income are not healthy after their early fifties. This also means that they are more likely to die before the age of 71. And what about the people — and there are millions of them across the country — who have been paying into Social Security their entire working lives, and then suddenly they’re told that because others are expected to live longer, they can’t retire yet, but have to should they drag on for a few more years? – insists Altmann.

Andrew Scott according to the economist, retirement is already starting to disappear, because many people are working after reaching the age limit. In other words, not everyone stops as soon as the law allows. He believes that everything should be rethought. Among other things, if the age limit were to be raised, we would also need elderly-friendly workplaces, as well as a better health and care system.

In connection with the Hungarian pension reform due in 2025, it was rumored that the government might be planning to raise the retirement age, but this was done by the Ministry of Finance last year. András Farkas related to this, he said that raising the age limit is not at all relevant yet, around 2040 will be the first moment when it will really become very difficult to finance the Hungarian pension system, if the conditions remain the same as now. We add that 2050 is only 10 years away from there.

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