The IMF is onto something – a sentence I’ve never uttered before. But that august institution says today’s 70-year-olds not only have the cognitive functions 53-year-olds had back in 2000, but are faster, stronger and more energetic than ever.
In other words, 70 isn’t really old anymore. Ergo, says the IMF, a little self-servingly, we should carry on working until at least then, rather than calling it a day at 66, as we do in the UK, and receiving a triple-locked pension that costs a fortune. If there’s one big drag on economic growth, this is it, not just in the UK but around the western world.
At around £125 billion a year, state pensions are responsible for a staggering 10 per cent or so of all government expenditure
Harsh as it sounds, it makes sense. At around £125 billion a year, state pensions are responsible for a staggering 10 per cent or so of all UK government expenditure.
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