State pension age changes may destroy your retirement plans – check now

State Pension: Expert outlines criteria to qualify

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State pension age was traditionally 60 for women and 65 for men, but this is no longer the case. After a process of age equalisation between the sexes, the state pension age is now 66.

But this is not the end of the changes to the retirement age, with more increases planned.

If Government plans go ahead, it will mean the state pension age will increase at least twice in the coming years.

Current scheduling shows the state pension age will rise to 67 by 2028.

By 2046, the state pension age is expected to rise once again to 68.

Those retiring in the future may therefore have to adjust their expectations regarding their retirement.

Many may have already planned to retire at a certain age, but the changes to the state pension could dash these dreams.

Fortunately, Britons do not have to remain in the dark about this matter.

The Government website offers individuals a tool which shows a projection of their state pension age. 

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The tool provides a number of details as it relates to a person’s retirement.

These include:

  • When a person will reach state pension age
  • A person’s Pension Credit qualifying age
  • When individuals will be eligible for free bus travel

Individuals will have to provide their date of birth to the tool, and will be told the specific date at which they will reach state pension age.

People can also check how they might be able to increase their pension if at all possible.

Britons can continue to work past state pension age if they so wish.

This is because there is no longer a default retirement age where people were forced to retire at 65.

However, it is worth noting the state pension age is currently under review.

A review is considering whether the current rules around pensionable age are appropriate based on life expectancy and other evidence.

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It will consider whether increases to 68 should be brought forward to 2037 to 2039.

If adopted, it would mean a seven year change in the current timetable, potentially impacting millions of Britons.

The latest review must be published by May 7, 2023, where further clarity on the matter will be provided.

The Government offered insight into why the review is taking place.

It stated: “As the number of people over state pension age increases, due to a growing population and people on average living longer, the Government needs to make sure that decisions on how to manage its costs are, robust, fair and transparent for taxpayers now and in the future.

“It must also ensure that as the population becomes older, the state pension continues to provide the foundation for retirement planning and financial security.”

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