From 6 October the state pension age has gone up to 66, for both men and women.
The age at which people qualify for this benefit has been gradually increasing over the past few years — and further increases are planned to reflect increased longevity. Now it is 66 for both sexes, although it will rise to 67 in stages between 2026 and 2028.
The government has also proposed a further rise to 68 between 2037 and 2039, but this is not yet law. However, if this does go ahead, it means that if you were born in the 1970s, you will have to wait up to an extra 12 months before getting your state pension.
The state pension is currently worth just over £9,100 a year and forms a key part of many people’s retirement plans. With this in mind, it makes sense to check what you will receive and when, using the government website: yourpension.gov.uk.
If you are interested in discussing your financial plan with one of our experienced financial planners at FAS, please get in touch here.
This content is for information purposes only. It does not constitute investment advice or financial advice.
