What is more interesting is thinking about where the Government is going and indeed society as a whole. Despite our Government's slowness on changing pensions and retirement strategy, it is actually a long way ahead of most OECD countries who instead have ignored this issue as too hard to deal with and left it for the future Government's to sort out.
However, with a huge increase in over-65's and indeed 70's and over-100's there are big challenges ahead. Plus we have the more to automation of many jobs which means the economy will produce fewer jobs in the near future at the same time as the population rises. Clearly, the younger population will not be able to support the older and wealth transfer down the generations will only last one or two before the Country is in penury.
A really radical solution is called for and I would suggest this, compulsory 10-year work breaks at 40, with a mini pension created for this time and state support for parents during this time. 40 is a good age as most people are still full of youthful energy and can live full lives. It's a much better time to enjoy yourself and typically one's young family at that time.
This break will reduce pressure on the need for job creation, particularly in a world where labour is transient in any event and roles can be filled more easily. Once the age of 50 is hit you can look forward to another 25 years of work before 'real' retirement at around 75. The pension needed post-75 is a lot lower than post-65.
The merits of the above are bountiful and help with the technology challenge we are facing too. Of course, if people do not want to stop work then they will not have to - similar to having children and paternity/maternity rights now. The benefits can be arranged to be advantageous to those who take the break, but it would not be compulsory, just financially and lifestyle attractive.
It's a radial suggestion now, but in due course we are going to have to think of very innovative ways of keeping the workforce engaged until a later age as well we to share around employment opportunities in the age of automation.