The date when people must be 68 to draw a state pension - formerly scheduled for 2046 - will be brought forward to the mid-2030s, Chancellor George Osborne will announce later.
Plans to be announced in Mr Osborne's Autumn Statement mean the age could rise again to 69 by the late 2040s.
The alteration is said to be deemed necessary as life expectancy is rising.
Moving the change forward will ensure "the country can offer people decent pensions", a government source said.
The move would affect people now aged in their 40s and below.
Mr Osborne is due to deliver his statement to the House of Commons at 11:15 GMT. Among the measures reported so far are:
- Car tax discs to be scrapped and replaced by electronic vehicle excise duty system
- Another £1bn of cuts from Whitehall budgets for each of the next three years
- An extra £150m to update and build kitchens and dining rooms in English primary schools
- A move towards subsidising offshore wind farms instead of onshore wind farms
- Plans for £375bn of investment in energy, transport, communications, and water projects
- Selling off the government's 40% stake in the Eurostar rail service
- A further £50m to redevelop Gatwick Airport's railway station
- Financial support for the development of a new nuclear power station at Wylfa, north Wales
- A confirmation that a UK guarantee has now been agreed for the £1bn Northern Line extension to Battersea in London
- Improvements to the A50 around Uttoxeter, in Staffordshire, and improvements to the A14 around the port of Felixstowe in Suffolk
A new formula will increase the state pension age to keep pace with increasing life expectancy.
The government will say that people should spend on average no more than one-third of their adult lives in retirement.
This means people now in their 20s would have to work until they are 70, many observers believe.
The BBC has also learned that the chancellor will cap business rate increases in England and Wales to 2% next year, rather than the rate of inflation, in an effort to boost firms and High Streets.
The BBC will have full coverage of the Autumn Statement.
- Live text and video coverage on the BBC News website
- News Channel extensive coverage 08:30 - 21:30 GMT
- BBC2 special programme 11:00 - 14:00 GMT
- Radio 5 Shelagh Fogarty live from Westminster from 11:15 - 14:00 GMT
The government has already announced the state pension age will increase to 66 by 2020 and 67 by 2028; these dates will not change.
But it said in a statement: "Under current estimates of life expectancy the principle being confirmed today implies the SPA (state pension age) rise to 68 could come forward to the mid-2030s, from its current date of 2046, rising to 69 by the late 2040s.
"This will affect people in their forties and below; no-one over 50 will have a retirement age of 68 or more."
A review of the way the state pension age is calculated, announced earlier this year, will be informed by "up-to-date" life-expectancy figures.
A government source said: "This is part of the government's long-term plan to secure a responsible recovery.
"It is a difficult decision to make sure there is a fair deal across future generations and that the country can live within its means.
"It will help make sure the country can offer people decent pensions in their old age in a way that with increasing life expectancy the country can also afford."
* The BBC will have full coverage of the Autumn Statement with live text and video and analysis on the BBC News website, coverage all day on the BBC News Channel, a BBC2 special programme from 11:00 - 14:00 GMT and a BBC Radio 5 Live special from 11:15 - 14:00 GMT
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