A new report by Age UK ‘Working Later, Waiting Longer’ takes an in-depth look at the people who are likely to lose out badly from the higher State Pension Age. These people might be:
- In physically demanding jobs such as the building trade which they will struggle to continue doing
- Caring for loved ones, which has caused them to scale down or give up their work in mid life
For example, Sarah, 53, cares for her mother who has Alzheimer’s and works part-time in an administrative role. Her mother is likely to need increasing care in the next few years. Sarah expects the State Pension to be her main source of retirement income and says she will not be able to retire until she receives it. She worries that the rise in the State Pension Age will ‘cut the options down’.
Problems like Sarah’s will only get worse if the Government decides to raise the State Pension Age further. Over a third of 55-64 year old women, and around a fifth of men this age have no private pension savings at all, and as many as 71% of single pensioners currently receive at least half their income from State Pensions and benefits.
Many middle aged carers also face real hardship for having to reduce or give up work to support a loved one. Age UK is urging the Government to factor in the reality facing people like this before making any decisions on the State Pension Age. The Charity is also calling for better support and more opportunities so that people can stay in a job that works for them until they reach their State Pension Age.
Read more here