By Charlie Loran • 06 October 2020 • 10:39
THE age most people receive the state pension has now officially hit 66 after steady rises in the qualifying age in recent years, the UK pension age just keeps getting higher!
Men and women born between October 6, 1954, and April 5, 1960, will start receiving their pension on their 66th birthday.
For those born after that, there will be an increase in pension age to 67, and eventually 68, so anyone expecting to finish work before they’re 70 – might we suggest starting a kitty for savings now before its too late.
The full state pension for new recipients is worth £175.20 per week if you qualify. The government calculator can help you figure out what you may receive – click here!
To receive the full amount, various criteria including 35 qualifying years of national insurance must be met.
The age at which people receive the state pension has been increasing as people live longer, and the government has plans for the increase to 68 to be brought forward.
However, the increases have been controversial, particularly for women who have seen the most significant rise.
Campaigners claim women born in the 1950s have been treated unfairly by rapid changes and the way they were communicated to those affected.
Some of those involved in the campaign recently lost a legal challenge, claiming the move was unlawful discrimination.
Younger workers have also been urged by pension providers to consider their retirement options, with a strong likelihood of state pension age rising further as time passes.
So, if you’re planning a nice retirement in the sun, now is the time to start saving towards that dream, because the government are not going to be paying out any time soon!
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Manchester born mummy with a two year old diva (2020), living on the Costa del Sol for just short of a decade.
Former chef and restaurateur, holistic health fanatic and lover of long words.
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