Long gone are the days when men retired at 65 and women at 60. The situation is now a little more fluid, depending on when you were born.
Recently, the Government announced plans to extend retirement age to 68. It had been due to rise by a year – from the current age of 67 – in 2044, but this will now happen in 2037.
Pensions experts say more than six million people will be affected by the change, which will leave anyone aged 47 or younger having to work for an extra 12 months before they can claim their state pension.
The change will be brought in over two years, and will affect everyone born between 6 April 1970 and 5 April 1978, who under current legislation had been due to retire at 67 but will now work a year longer.
No one born on or before 5 April 1970 will see a change to their current state pension age.
There is also no change for those born after 6 April 1978, whose state pension age was already due to rise to 68.
In short, we are all working longer, which may give us a little more time to plan – but not much.
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