The Government has revealed the birth dates of those who won’t be pocketing their state pension until they hit 67, as part of sweeping changes to the pension age. Starting from next year, the pension age will begin its climb from 66 to 67.
This shift is set to impact folks currently in their 50s and early 60s who might find themselves clocking in for longer than they’d planned. The DWP has given the nod that Brits born after 6 March 1961 (currently aged 64) won’t be seeing their state pension until they’re 67, reports Birmingham Live.
In addition, there are tweaks on the horizon for those born after April 1960 as the pension age ratchets up month by month. For instance, someone born between September and October 1960 will have to hold out until they’re 66 and a half before their pension comes into play.
A recent poll discovered that over one in five people couldn’t correctly pinpoint when their state pension kicks in, hinting that many might be caught off guard by the change. The pension age typically sees an uptick every couple of decades or so, mirroring increased life expectancy and an ageing population.
Some individuals in their 50s and early 60s may now need to crunch the numbers to see if their savings or private pension pot is enough to sidestep having to work extra years. This news comes hot on the heels of rumours that the Government might be mulling over fast-tracking the next rise to 68 from the current projected date of 2044.
However, there would need to be at least a decade’s notice to give people ample time to plan for retirement.
Experts at Pension Bee have clarified the situation, saying: “Currently both men and women can claim this from the age of 66, but for those born after April 5, 1960, it’ll rise gradually each month and by one month at a time, until it reaches 67 in April 2028.”
They also noted that “It’ll eventually rise to 68, affecting those born after April 1977.”
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