And people will have to be persuaded to save a lot more for their old age.
Low real interest rates imply that workers should save a bigger sum for their old age in order to generate their desired income.
After three years families are expected not only to pay their own living expenses but also to start saving money for their old age.
But the changes he was proposing still meant people had to provide for their old age especially when they had got tax concessions through their pension schemes.
This is because it falls in part on money that people were setting aside anyway for their old age, which should be unaffected by the prospect of the tax, as well as on intentional legacies.
"Some people might think about quitting their new pension, but we urge them to stick with it and get saving for their old age, " said Joanne Segars, chief executive of the National Association of Pension Funds (NAPF).
Still others argue that people ought to have children so there will be someone to care for them in their old age.
Former cabinet minister David Blunkett has warned that families, neighbours and "younger older people" will have to take a more active role in caring for people in their old age.
Seniors in this group are on Medicare and have presumably paid taxes for all these years towards this program that is now caring for them in their old age, as it should be.
Welcome to Cuba, where the human spirit has been so thoroughly crushed that a nation of sheep passively waits for their predatory wolves to die of old age, safely in their beds, not a hand raised against them.
Ministers are looking at introducing a cap on the amount for which people are liable when funding their care in old age.
Another attraction for developed countries as their populations age is that it mobilises more employment to maintain living standards and help pay for the old.
The family, rather than being the source of financial support and a basis for entrepreneurial support, are now a burden to support in their old age.
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Other economies and cost cutting changes must be implemented and their implementation made a condition before raising taxes to pay for old age health care.
For example, if a 65 year old waits until age 70 to collect, their monthly benefit will be approximately 40 percent more.
Although Italian men must wait until 65 before they officially qualify for an old-age pension from the state, those who have got 35 years of contributions under their belts can retire and draw state pensions when they are 57.
By cashing out their home equity now, many Americans may be spending what has been a vital cushion in old age for past generations.
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