State pension age predicted to rise to 68 earlier than expected – are you affected?
Campaigner appeals for state pension release for dying people
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The rise to 68 is said to happen between 2044 and 2046, but this may not be the case for long. The Government is considering pushing this increase further to bring it forward to 2037 to 2039.
Confirmation of the decision will be published in the review by May 7, 2023.
The Government is going ahead with the review due to the growing population and people on average living longer.
As the number of people over state pension age increases, the Government needs to make sure that decisions on how to manage its costs are robust, fair and transparent for taxpayers now and in the future.
It states: “It must also ensure that as the population becomes older, the state pension continues to provide the foundation for retirement planning and financial security.”
Any further updates on the proposal and the increases can be found on the Government website.
Britons can use the tool available to check when they will reach state pension age.
As a result they will be able to claim their sum from the Government.
Additionally, individuals can monitor when their Pension Credit qualifying age is.
The free bus travel age is the final part of key information the calculator provides.
To get all this information, people will need their date of birth, and the tool will provide them with the date at which they will reach state pension age.
It will also provide them with the specific age they are currently set to reach eligibility.
Britons can now keep working after they reach state pension age, if they so wish.
Once someone reaches state pension age, they will be entitled to the state pension.
The amount of state pension someone receives depends on their National Insurance record.
The full new state pension is £185.15 per week
People will usually need at least 10 qualifying years on your National Insurance record to get any state pension. They do not have to be 10 qualifying years in a row.
If someone reached state pension age before April 6 2016, they’ll get a different amount under the basic state pension rules.
The full basic state pension is £141.85 per week.
Britons usually need a total of 30 qualifying years of National Insurance contributions or credits to get the full basic state pension.
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