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

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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.

READ MORE: FOUR groups of pensioners could be eligible for extra Pension Credit

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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