November 30, 2005

LIVE LONGER, WORK LONGER:

Work till you drop and pay more tax for the privilege (George Jones, 01/12/2005, Daily Telegraph)

Young people will have to work into their late 60s, save more and pay higher taxes if they are to enjoy a comfortable retirement, said the Pensions Commission report published yesterday.

Even 40-year-olds could wait another year, until 66, to receive their state pension, while a 32-year-old would have to work for two more years and a 23-year-old for another three. [...]

Actuaries claimed last night that the Turner report underestimated the impact of longevity. Further and steeper rises in the retirement age would be needed - with those starting work now unlikely to get state pensions before 75.,/blockquote>
Life expectancy is already 78+ in Britain.

Posted by Orrin Judd at November 30, 2005 9:22 PM
Comments

Well,

there is ample reason to believe that todays young people will live in good health to what we consider to be extraordinary ages of more than 150 years, with 80-90% of those year productive. If this is right, where is the problem?

Posted by: gcordua at November 30, 2005 11:39 PM

gcordua:

There isn't a problem for those just starting work today.

The problem lies with GenX and the Millenials, who get to pay higher taxes to support an enormous Boomer retiree cohort, whilst attempting to save for retirement themselves.

Posted by: Michael Herdegen [TypeKey Profile Page] at December 1, 2005 1:04 AM

Doesn't DNA "die" after 120 years?

Posted by: Randall Voth at December 1, 2005 2:43 AM

Randall Voth:

No.

Think of long-lived things - sea turtles, redwoods, etc. - all with DNA.

You may be thinking of telemers, the tips of genes, which DO have a finite ability to be copied.

It does seem that 120-ish is the "natural" limit to human lifespan, but very probably it isn't an absolute limit.

However, it's likely that nobody alive today will have to worry about saving enough for an eighty year retirement.

Posted by: Michael Herdegen at December 2, 2005 3:16 PM
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