Born in 1970s? Millions could wait longer to retire as state pension age could rise SEVEN years earlier
A RISE in the state pension age to 68 could be brought forward meaning Brits could have to work longer.
The age at which you can can get the retirement cash is currently 66 and that's due to rise to 67 by 2028.
An increase to 68 has already been set out to happen between 2044 and 2046 – but that could take place earlier.
The government has unveiled a review of the state pension age that could see that rise as early as 2037.
It means millions of Brits born in the 1970s could face a longer wait to access their retirement cash.
The Department for Work and Pensions (DWP) has launched a review of the State Pension age thatt will consider if longer life expectancy means that Brits should work longer.
The government must review the state pension age regularly and it will report on its findings by 7 May, 2023.
Any change would still have to be written into law and the review couldfind that the current plans to change the age from 2044 are appropriate.
Most read in Money
This pie & mash shop hides AMAZING 3 bed property worth more than £1 million
Universal Credit, PIP and other benefit payment dates confirmed
Ten big finance changes coming in 2022 – and what they mean for your pocket
Is the furlough scheme being brought back?
A previous review in 2017 said that the earlier rise in 2037 should be considered in the review launched today.
Helen Morrissey, pensions and retirement analyst at Hargreaves Lansdown said: "Part of the review will look at changes in life expectancy.
"While it had been proposed that the increase in State Pension Age to age 68 should be moved forward to 2037-2039, an analysis of the latest life expectancy data as part of this review could stop this in its tracks.
"Recent data from Public Health England showed a man in Kensington has a life expectancy at birth of 84.2 and a healthy life expectancy of 61.3.
"Meanwhile a man in Blackpool has a life expectancy of 74 but a healthy life expectancy of 53.7."
The state pension is currently worth £179.60 a week and that will increase to £185.15 next April.
We pay for your stories!
Do you have a story for The Sun Money team?
Email us at [email protected]
Source: Read Full Article