Raising the retiremnt age to 70 is a ludicrous idea. For one thing, given the rampant agism that prevails in the UK today, it will be hard for many to find or keep employment at that age and are likely to be on whatever the dole is called now anyway.
Dead right, Invis! The crazy thing is that there is all this discussion about extending retirement age, yet many companies are making their over fifties redundant for two reasons - if they have been there longer, the chances are they are on higher pay and secondly to get them out of the pension scheme so they can avoid the higher contributions up to 65. Currently over 25% of males over 50 are "economically inactive" as the economist call it, whilst a further 3% are unemployed and 5% are part-time. 0ver 90% of the over 65's are "economically inactive". Really this term means people who have been forced into early retirement and can't find another suitable job. The stats don't say how many of the 49% in jobs or the 18% who are self employed are actually doing their original jobs which they were trained to do. There are a hell of a lot of self employed "consultants" or "temps" who are working to scratch a living, but its not what they wanted to be doing. And this is the averaged figures for the over fifties - the figures for the over 55's and over 60's are much worse - one in every three over 60 is on benefits, and the second one is inactive.
Effectively, they are saying we'll sack you from your reasonably paid and probably skilled job to save money but we won't stop you working as an adult paperboy or shelf stacking down at B&Q, if you're lucky enough to find a vacancy!
So where all these jobs they want them to do? There are 3.9 million men over 65 and 6.6 million women over 60 and over 90% of them are not working for whatever reason - some hopes!
A higher retirement age is a sick joke!