Old, Sick and Broke

A person born today will be forced to work until they are 77 years old before they become eligible for a state pension, according to a new report. The report, by the world’s largest accountancy firm PwC, also states that people in their late 30s today can expect to work until they are 70 before they can claim their state pension. The prospect of 70 and 80-year-olds in the workforce will soon become a reality, according to Professor Cary Cooper, professor of organisational psychology and health at Lancaster University Management School.

Alison Fleming, head of pensions at PwC in Scotland, said: “The era of retiring in your 60s is facing extinction with many people born today facing a future of work from 17 through to 77."

Age Scotland said that poorer people live shorter lives and so will have to sacrifice a larger portion of their retirement under the new plans.

Lindsay Scott, a spokesman for Age Scotland, said “Do not rely on the government to make provisions for your old age as you will be exceedingly disappointed...We face physical and mental decline, a loss of cognitive ability and if you are getting into a situation where you need treatment for your physical ailments and for your mental health, and you have no money, then you are in dire straits, because not only are pensions taking a beating, look what is happening to the NHS. I can think of nothing worse for your old age as to be old, sick and broke.”