State Retirement Age Changes Can Destroy Your Retirement Plans – Check Now | Personal finance | Finance

The statutory retirement age was traditionally 60 for women and 65 for men, but this is no longer the case. After a process of equalization of ages between the sexes, the legal retirement age is now 66 years.

But that’s not the end of changes to the retirement age, with further increases planned.

If the government’s plans go ahead, it will mean that the legal retirement age will increase at least twice in the coming years.

The current timetable shows that the legal retirement age will increase to 67 by 2028.

By 2046, the legal retirement age should rise to 68.

READ MORE: FOUR groups of retirees could be eligible for additional pension credit

It will consider whether increases at age 68 should be brought forward from 2037 to 2039.

If passed, it would mean a seven-year change to the current calendar, potentially impacting millions of Britons.

The final review is due to be published by May 7, 2023, where further clarification on the matter will be provided.

The government has provided an overview of why the review is taking place.

He said: “As the number of people over state retirement age increases, due to a growing population and people living longer on average, the government must ensure that decisions on how to manage its costs are sound, fair and transparent to taxpayers. now and in the future.

“It must also ensure that as the population ages, the state pension continues to provide the basis for retirement planning and financial security. »

Leave a Comment