Sorry Young Britons, You’ll Be On The Grind Until You’re 70

But don't worry if you can't retire until then—70 is the new 60, right?

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George Osborne, U.K. chancellor of the exchequer, listens during a meeting with leading U.K. scientists at No. 11 Downing Street in London, U.K., on Wednesday, Dec. 4, 2013.

Brits just entering the labor market can expect a long working life, as they will not be able to retire until the age of 70.

This reform will be announced on Thursday in chancellor George Osborne’s half-yearly statement on the state of the U.K. economy, the Guardian reports.

Part of a long-term plan to save £500 billion over the next 50 years, the increased state pension age to 70 by 2060 follows previous announcements that it will rise to 66 by 2020 and to 67 by 2028.

Speaking to the BBC in the Chinese city of Chengdu, Prime Minister David Cameron said that the proposal is meant “to turn the country around, to get us out of our difficulties with debt and deficit and to secure jobs and recovery for all our people.”

The formula of increasing the retirement age is based on life expectancy and will be decided by a review every five years by the Department of Work and Pensions.