Expert reveals tips on how to save for retirement
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The state pension is relied upon by millions of British pensioners, so it is vital people know when they can begin receiving it. Changes to the state pension age could have an impact on the retirement plans of future pensioners.
Current state pension age
At present, the state pension age is set at 66 in the UK.
This is the earliest point people can start receiving their state pension.
The state pension age is the same for both men and women, although this was not always the case.
Previously, women were able to retire five years earlier than men.
The state pension age for women was subsequently raised from age 60 to 65, in line with the previous state pension age for men.
A gradual increase to the state pension age for both men and women took place, bringing it to today’s level.
Two further changes are currently scheduled which will increase the state pension age.
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State pension age changes
By 2028, the state pension age is set to rise to 67.
A second increase will then be implemented by 2046, bringing the state pension age to 68.
This means people retiring in the future may have to wait longer to start receiving their state pension.
The full new state pension is currently worth £179.60.
This provides £9,339.20 for a full 12 months.
However, the state pension increases every year by at least 2.5 percent under the terms of the triple lock policy.
The value of the state pension could therefore be significantly higher for future generations.
Check state pension age
Britons can use the Gov.uk website to get a projection of what their state pension age will be.
The service can show not only what their state pension age could be, but also the exact date they would reach it.
They can also use the service to find out when they will be eligible for a free bus pass.
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