MILLIONS will have to work longer under plans to increase the state pension age.
The government is battling over plans to speed up extending when people can claim the state pension.
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We explain what is going on and how to calculate your state pension age.
What is the state pension and when does the age rise?
The current state pension is paid to both men and women aged over 66.
The state pension age is already due to rise to 67 by 2028 and 68 by 2046.
A previous review from Sir John Cridland in 2017 recommended bringing that date forward to between 2037 and 2039.
But life expectancy figures have not risen as he predicted since then.
Now the government is said to be considering a change that could come as early as 2035, as The Sun revealed today.
This could see the retirement age set to rise to 68.
The Treasury is said to want this change to come in as early as 2035 — affecting those who are 54 and under today.
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But he faces opposition from Work and Pensions boss Mel Stride, who is pushing for 2042 – arguing that predicted increases in life expectancy have failed to materialise.
How will it affect you?
Those in their early fifties will be most concerned, in particular those born in April 1969 and April 1971, as they were heading towards a pension age of 67 – but this could mean they have to work one year longer.
The state pension age has been rising as Brits get older.
That means everyone will have to work a year longer under the plans, but those born after April 1971 were heading for a state pension age of 68 already.
Exactly how you’re affected will depend on when you were born – and if the proposed change becomes law.
Hargreaves Lansdown has put together estimates for The Sun on what a change could mean for you.
It’s based on how previous changes have been made with a transition from one age to another over two years.
That means that for depending on your date of birth you could have a retirement age somewhere in between – for example 67 and nine months.
You can look up your age in the table below and see the current age and year you’re set to retire – and the estimated date if changes go ahead.
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How can I work out my current state pension age?
You can use the state pension checker tool on Gov.uk.
The government tool is there to help you find out how many years of contributions you have, how much state pension you’ll get and the exact date on which you’ll receive payments.
It’s important to note that you can retire at any time, but you need to have a personal pension or retirement plan in place.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
