A Cabinet minster warned the state pension age could rise to 68 within the next 10 years.
It could be increased due to the "pretty hairy" state of the public finances, it has been revealed.
Work and Pensions Secretary Mel Stride said a call will be made in the next six months.
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Currently, the state pension age is 66 for men and women which will rise to 67 by 2028.
The Government previously said it will then go up again to 68 by 2039.
But there is speculation the increase to 68 could be brought forward to as early as 2033.
Raising the age would cost millions of people aged between 51-57 up to around £10,000 each.
Mr Stride suggested the pension age could go up even though life expectancy isn't increasing.
He told MPs: "I think there are various moving parts in assessing where we should go with the state pension age.
"One of them is life expectancy and more precisely, what proportion of your life should we expect people to have in retirement as opposed to not in retirement?"
He added: "Another is the cost, and if you look at the consequences of us living longer, and you look at that, for example, as expressed in the financial stability report that the OBR (Office for Budget Responsibility) produces every year, where it casts out 50 years and says 'what are the public finances likely to look like given the demographic change that’s going on?', the cost of pensions being an element within that, it all gets pretty hairy.
"So there is also certainly this other element of 'what's the cost going to be?'
"I think there are other issues – intergenerational fairness, when you look at the split between how long somebody works to support those that are not working."
Previously, a review of state pension age in 2017 suggested retirement should make up a third of a person's life.
Mr Stride said it was a "factor to consider" as the findings would be made public before May and "some time in the New Year".
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