On Tuesday I could have retired at 65, but today the government has announced that the rise in state pension age from 65 to 68 which shouldn’t have happened until between 2044 and 2046 at the absolute earliest will now happen in 2039.
That means that today’s 40 somethings (and I’m not giving away any more than that!!), i.e. those of us born between 6 April 1970 and 5 April 1978, will be affected by the change. For those of you reading this still lucky enough to be in your mid 30s or 20s, that doesn’t mean that you won’t be affected – your likely retirement age will be 69 or even 70 respectively.
Looking on the bright side, 70 today is very different to 70 fifty years ago – my parents are in their mid 70s and have a more active lifestyle than many 40 year olds I could mention. And more than that, it’s a few more years to take advantage of the compound effect of saving into a personal pension scheme …
For more detail in relation to these changes to the state pension age, please see yesterday’s article from the Financial Reporter here
To understand more about the State Pension in general check out the very user friendly Pensions Advisory Service here
With help calculating your age on any given day in the future have a look at My Age Calculator here
Or if you would like to speak to us, or a qualified Financial Advisor, about your personal pension situation or plans for retirement, please contact us and we will be pleased to help you or introduce you to one of our colleagues at Cullen Wealth.