A document released after Chancellor of the Exchequer George Osborne reviewed his budget proposals for parliament members said, "The government will also bring forward further proposals for future increases to the State Pension Age to help manage the ongoing challenges posed by increasing longevity," The Daily Telegraph reported Thursday.
The government had already announced plans to set the retirement age for men and women at 66 by April 2020.
The current proposal would affect 5.1 million people and save $47 billion by 2025, the Department for Work and Pensions said.
The move will not only save funding distributed by the government, but increase tax revenues as careers will be extended. However, some experts are concerned the plan is unfair to lower-income workers, who tend to die earlier than wealthier citizens, the newspaper said.
Notable deaths of 2014 [PHOTOS]
GM recalls 221,000 Cadillacs and Impalas