Because people are living longer, many governments are raising the age at which citizens can claim a state pension. Although this policy has serious drawbacks for some workers, I believe its advantages outweigh its disadvantages, provided that it is introduced gradually and with protection for those who cannot continue working.
The main advantage is that it helps to keep pension systems affordable. In most countries, pensions are paid largely from the taxes of people currently in work. As life expectancy rises and birth rates fall, there are fewer workers supporting each retired person, and without reform the cost would have to be met by much higher taxes or cuts to other services. Raising the pension age spreads this burden more fairly between generations. In addition, many older people are healthy and wish to keep working, and their experience is valuable to employers, particularly in industries facing a shortage of skilled staff.
However, the policy also has clear disadvantages. Not everyone can work into their late sixties. People in physically demanding jobs, such as construction workers or nurses, may suffer from health problems that make continued work painful or impossible. Moreover, life expectancy is often lower among people on low incomes, so a higher pension age means they receive their pension for fewer years than wealthier citizens. Finally, older workers who lose their jobs may find it hard to be hired again, leaving them in financial difficulty until they reach the new pension age.
On balance, I believe raising the pension age is a necessary response to an ageing population. Nevertheless, governments must reduce the disadvantages by announcing changes well in advance, offering earlier support to those whose health prevents them from working, and encouraging employers to retrain and retain older staff.