For the first time in history, the average age of the British population has exceeded 40. In the mid-1970s, it was 34. Thanks to our ever-improving longevity and the ageing of younger migrants, it is estimated the 60+ age group will account for 75% of the UK’s population growth by 2040. British people will be living longer in a population that is itself growing older.

Our lives are getting longer, yes, but this does not necessarily imply more active years. As life expectancy continues to rise, there is a natural tendency to tack these additional years onto the economically in­active phases of our life course, namely to post-retirement. This can be costly for pub­lic budgets. It’s “natural”, though, because adding them anywhere else would require a conscious change to when we retire. Polit­ically, touching retirement is risky, but this is not necessarily the problem. Many countries have already begun adopt­ing measures to prolong working life.