Ruth Porter appears on Newsnight
Porter argued that it is a myth that the amount of money in the system is enough to care for us in our old age. A large part of the bill for old age is being passed on to future generations – through the national debt, which future generations will have to pay back, by the current working generation who are facing massive cuts to their benefits and also through tax hikes.
People are living longer and all the government is doing is raising the retirement age to 67 in 2028, which is far too little. It is important that the retirement age is put up in the next ten years, Ruth argued.
People need to be encouraged to save for old-age, but are prevented from doing so currently because of high taxes. We need a society in which we are not overly taxed and not burdening the next generation with debt.
Watch here. Segment starts at 9.20.