The UK state pension age should be raised due to rising longevity, the Institute of Directors (IoD) has said.
According to the thinktank people should only be allowed to retire at 70 years old in future.
The IoD added that this policy would help to reduce the costs of government pension provision.
This overall expense is set to grow if retirement ages are not changed, as overall longevity rates are likely to rise over the years to come.
Both the government and the Conservative opposition promise to increase the state pension age in future.
Labour has suggested that both men and women should get access to their pensions at 66 years old from 2026.
Tory proposals have put this date at 2016.
Currently, women retire at 60 and men at 65.
Graeme Leach, chief economist of the IoD, said: "The whole area of retirement needs to be looked at holistically, including how we fund the care needs which will come with increasing longevity."
He added: "Startling increases in longevity in recent decades also mean that it is unrealistic to expect to be able to fund a potential 25 to 30-year retirement from an effective 30 to 35-year working life."
Equity release plans function as an alternative source of income for older people who cannot yet access their state pensions due to their age.
Posted by Tom Papworth
