State pension age is set to rise to 68 – when will you be able to retire?

State Pension: Expert outlines criteria to qualify

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Traditionally, state pension age was 60 for women and 65 for men, but significant changes took place. It meant age equalisation occurred for both men and women at 65, and then the state pension age subsequently rose to 66.

However, this is not the end of the changes which will occur when it comes to the state pension age.

At present, two further increases are set in legislation – a gradual rise to 67, and then a gradual rise to 68.

The rise to 68 is currently planned for between 2044 and 2046, but this may not be the case for long.

The Government is currently consulting on pushing this increase further, and a review is considering if the timetable should be brought forward to 2037 to 2039.

The plans have not yet been decided, and the situation will become more clear when the review is published by May 7, 2023.

The reason for the review has been explained, with the Government stating: “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.”

Fortunately, Britons do not have to try to keep up with state pension age changes alone. 

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Instead, they will be able to receive help through a tool available on the Government’s website.

It helps individuals to check when they will reach state pension age, and thus when they will be able to claim their sum from the Government.

The tool also provides guidance on when a person’s Pension Credit qualifying age is.

The free bus travel age is the final part of key information the calculator provides.

The process is designed to be a simple one to enable individuals to get the answers they are looking for.

All they will need to do is enter their date of birth, and the tool will provide them with the date at which they will reach state pension age.

It will also provide them with the specific age they are currently set to reach eligibility.

Britons can now keep working after they reach state pension age, if they so wish.

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This is because a default retirement age, or forced retirement at 65, no longer exists. 

The state pension age is continuously kept under review.

It means it could change again in the future, with Britons having to adapt to this.

Changes will depend on different factors such as life expectancy amongst people in the UK. 

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