His plan - to save £400 million over the next 50 years - could see the retirement age rise to 70-years-old by 2050. That means anyone aged 30 would have to work until 69, while those younger than that will have to work for even longer.
Critics have slammed the move as a "work till you drop" scheme, while others have hailed it the end of retirements.
If you're screaming 'Why have they done this?' into your computer screen right now here's the basic gist. The official age HAS to rise because people are living longer...the Government still plan for the average person to spend a third of their adult life in retirement.
Check out what people have been saying...
Retirement age to be raised to when your coffin is being lowered into the ground. #AutumnStatement— Steph Dickinson (@EccentricSteph) December 5, 2013
No need to raise retirement age if housing was affordable, energy costs were kept low, profits were redistributed #AutumnStatement— Jonny Keyworth (@jonnykeyworth) December 5, 2013
Wonder what age my generation will be working to if retirement age to be lifted to 70...105? #AutumnStatement— Natasha Lytton (@Natashalytton) December 5, 2013
The good news is that we won't have to worry about poverty in retirement. The bad news is that we won't be retiring #AutumnStatement— Labour Linzi (@LabourLinzi) December 5, 2013
But we think this news raises a different set of questions. Like will your career survive until you're 70 years old?
You might love your job now, but could you, realistically, do it until you're grey? Could now be the right time to find a stable and long-lasting career that won't react quite so unexpectedly to economic downfalls like teaching?
Job satisfaction is now more important than ever because it's going to, literally, dominate your life for the next 40-years. We know, it's horrifying.
We're a little less worried about the age of retirement and more worried about what we'll be doing in the mean time. We're not the only ones...
Ugh, looks like choosing an artistic career was a mistake. Apparently the only new jobs being created are in construction. #autumnstatement— Tom Acreon (@tomacreon) November 29, 2011
Osborne 'We will increase the pension age.' Trans 'So everyone will have even longer to get jobs that aren't there.' #AutumnStatement— Tiernan Douieb (@TiernanDouieb) December 5, 2013
Don't worry, employment is up! More people in low paid, zero hours, part time jobs. Whoop! #AutumnStatement— Gareth Hughes (@grchughes) December 5, 2013
What do you think? Will retirement be wasted on the old? Tweet us @handbagcom #AutumnStatement.
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