Someone born today is unlikely to receive their state pension until age 77, while their children will be working into their mid-80s, PwC has calculated.

Plans to link the state pension age to longevity, after increasing it to 67 by 2028, will mean it will have to rise to 68 by 2031, which will affect those aged 48 or younger now. People in their late 30s today can expect to wait until they’re 70 to receive their state pension, PwC said.

Its projections are based on the rate the state pension age has been accelerating and analysis of future life expectancies, and also taking into account recent ONS figures that one-third of babies born in 2012 are expected to survive to celebrate their 100th birthday.

Although people born today will be working for longer, they will spend as long in retirement, around 20 years on average.

PwC head of pensions Raj Mody said: “Many people born today face working from 17 to 77. Most people will want to stop working sooner but may not be able to afford to bridge the gap to the start of their state pension. The rising state pension age puts even more pressure on people to save. Even those people in middle age today whose state pension age might shift by a couple of years may want to start revising their plans now.”

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