Machine Learning

What you earn in retirement is generally based on what you earn while you work If you earn more, you get more in retirement If you earn less, you get less So if you earn more, it follows that you have more in retirement The reality is more complex though This is because life expectancy and inflation both grow over time This means that pensions will be less generous than expected It also means that the cost of pensions to the state or taxpayers will grow The reason for this is simple The reason for this is simple Life expectancy has grown faster than the pension system has increased benefits When the state pension was introduced in the 1940s, the average life expectancy was 65 for men and 71 for women This meant that the population was relatively young and the state pension was designed to be paid for from current tax receipts Today, life expectancy has grown to 79 for men and 83 for women This means that the pension system will have to pay out more than it did when the original assumptions were