2044 – that was when the age of first receiving the state pension was due to increase from 65 to 68. Unfortunately for anyone currently aged 39 to 47 that’s no longer the case, as the change-over date is being brought closer following an announcement from the government.
The change will now occur several years earlier, being phased in over a period from 2037 and 2039. That will mean some six million men and women will find themselves working longer into their sixties than they had anticipated before being able to claim their state pension.
The action has been taken in part due to increasing lifespans of the UK’s population, and the recognition that older people are still able to contribute significantly to the workforce. But it’s also a cost-saving exercise that will aid the treasury to the tune of £74bn by 2045/46.
David Gauke is the current Secretary of State for Work and Pensions, and he commented: “as life expectancy continues to rise and the number of people in receipt of state pension increases, we need to ensure that we have a fair and sustainable system that is reflective of modern life and protected for future generations.”
This is a complex issue and any state pension changes can affect people differently depending on their birthdate and gender, so we’d always recommend speaking to a specialist pensions advisor who will be able to untangle your particular circumstances and offer advice in relation to how far the state pension will be able to go in terms of giving you a desirable quality of life in retirement. The short answer is usually: you’re going to need an additional income from somewhere.
In addition you can check our your own state pension age via the government’s website here.