The state retirement age will rise beyond 68! 5 things you should know | Personal Finances | Finance


Until recently, the state’s retirement age was set in stone. Men could claim it from 65 years old, women at 60 years old. Not anymore. Both men and women are expected to work until the age of 66, but many will have to stay even longer than that. Here are five things you need to do now.

1. Confirm your state retirement age. Do you think you know when you can retire? Maybe it’s time to think again. When the retirement age for women rose from 60 to 65 and then to 66, many people did not realize what it meant to them.

It was a disaster for 3.8 million women born in the 1950s, some of whom only discovered shortly before they expected to retire that they would have to work for another five or six years.

They are still fighting for compensation under the Waspi banner, which stands for Women Against State Pension Inequality.

So make sure you know your retirement age. From 2026, the state’s retirement age will start to rise again, until it reaches 67 in 2028.

The state retirement age could start to climb to 68 as early as 2037. Thereafter, it will continue to increase with life expectancy, perhaps up to age 70 or even later. So be sure when you can finally stop working or face similar shock to Waspi women.

2. Find out how much state pension you will receive. The new state basic pension is £ 179.60 per week, but don’t assume you’ll get that much. You must have contributed to National Insurance (NI) for 35 years during your working life to be entitled to the full amount.

If you earned less than that, your pension will be reduced proportionately. Those with less than 10 years of NI contributions will get nothing.

Get your state retirement forecast online or print Form BR19 at Otherwise, call the Future Pension Center on 0800 731 0175.

READ MORE: National Pensioners’ Insurance Contributions Will Go Up And Go Up And YOUR State Pension Is Next At Risk

3. Fill in the gaps in your national insurance record. Many fail to contribute to NI because they took time off to raise a family, interrupted their careers, reduced their working hours or went through periods of unemployment, said Andrew Tully, technical director of Canada -Life.

Others have lost while working overseas. “Check where you are at by visiting, and see if you can bridge the gap by claiming NI credits,” Tully advised.

If you were unable to work due to maternity leave, disability or illness, or if you were raising children under 12 and showing family allowances, you may be eligible.

Registered host families, or those caring for a sick disabled person for at least 20 hours per week, may also be eligible. The same applies to the unemployed looking for a job or benefiting from a jobseeker’s allowance, or enrolled in approved full-time training.

It’s easy to get confused. So call the NI helpline on 0300 200 3500 or +44 191 203 7010 if you are outside the UK.

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4. Consider purchasing additional years of eligibility. If you still have a state pension deficit, you can make up for it by purchasing voluntary Class 3 national insurance contributions, said Helen Morrissey, senior pensions and pensions analyst at Hargreaves Lansdown.

Buying a full extra year will cost £ 800, but will net you around £ 250 in extra income for life, she said. “NI’s voluntary payment can be amortized in just over three years, and in most cases you can backdate claims for six years. “

5. Check if you are eligible for the pension credit. If it looks like retirement is going to be difficult, check what state benefits you are eligible for. Most important is the pension credit, a means-tested payment that supplements the state pension at £ 177.10 for singles and £ 270.30 for couples. Those who do not claim lose an average of £ 1,600 per year.

The pension credit is also a gateway benefit for all types of state support, from a free television license if over 75 to reduced municipal tax payments.

If you need help, contact the free government funded referral service online or through its pension helpline 0800 011 3797. For more help visit .uk or call 0808 802 2000, or contact your local Citizens Council.


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