25 June 2025, 19:40 | Updated: 25 June 2025, 21:28
The countdown to retirement!
Picture:
Alamy
Retirement is coming later and later in the United Kingdom, as life expectancy increases and public finances worsen.
And so, the dream of retiring at 67 is becoming just that for many Brits and could soon be a thing of the past.
We’ve taken a look at the current retirement landscape, what it means for you and when you might expect to retire.
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STATE PENSION LETTER.
Picture:
Alamy
What is the current retirement age and when is it changing?
Currently, Brits get access to their state pension at 66.
However, by 2028, this is expected to rise to 67 and by 2046, the age of retirement will be 68.
Recent Government reviews, however, suggest this increase in retirement age could be brought forward.
A recent state pension age review, published in 2023, recommended moving the retirement age to 68 by 2041 – but some reports say it could even be brought forward to the 2030s.
How will you be affected?
Put simply, the younger you are, the longer you will work.
For those born in the 1970s, retirement age will be 68 at the absolute earliest.
Meanwhile, Brits born in the 80s and 90s can expect to feel the brunt of these changes and could be expected to work well into their 70s.
How can you retire early?
Well, just because you don’t have access to your state pension doesn’t mean you can’t retire.
- Start saving early, be that in a high-interest savings account or in a private pension.
- Set saving goals.
- Ask a financial advisor for the best way to both save and increase your wealth.