The state’s retirement age will rise again next week as millions are forced to wait longer

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From October 6, you will have to be 66 to claim your state pension, after the last increase in the retirement age takes effect.This means that anyone born after October 5, 1954 will have a legal retirement age of at least 66 – for some women, six years after they were originally told they were eligible.

It is also the first increase to affect men as well as women as the government seeks to cut costs as people live longer.

Further increases to 67 and 68 are also planned for the younger generations.

Aegon’s director of pensions, Steven Cameron, said: “From October 6, men and women will have to wait until age 66 to receive their state pension, and this is expected to increase further in the to come up.

“Recent increases in the age of eligibility have been aimed at making the state pension more affordable as we live longer. “



People have to wait longer to get their pension

Over the past 10 years, the retirement age has undergone significant changes.

In 2010, women could claim their state pension from age 60, while men could claim theirs at age 65.

By 2018, women saw their retirement age rise to 65 – and it remains there despite repeated legal challenges to that decision.

The equalized public retirement age will rise to 66 next week, then to 67 in 2028 and to 68 from 2037.



Campaign groups tried, and failed, to get the government to lower the retirement age to 60 for women

The value of the state pension was also put into perspective by Aegon.

He calculated that at current prices you would need £ 336,500 in savings to replace the state full board of £ 175.20 per week.

“It might sound like a lot, but for most people, relying solely on the state pension will not provide them with the lifestyle they want in retirement,” Cameron said.

“That’s why it’s essential to plan ahead for the retirement you want by making additional personal arrangements, for example saving through a work or personal retirement,” said Cameron asid.

“And the sooner people take this journey, the more their contributions have to increase with the return on investment. ”

He added, “To plan ahead for the retirement you want, it can pay off to consult a professional. “

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