Major changes are due to take place from 2026The state pension age is due to change from next year.
Brits are being alerted to upcoming changes affecting when they can claim the state pension.
Some people approaching pension age will likely have to wait a bit longer before they can claim, and it may mean they have to work for longer than they would have hoped.
The Government will be gradually raising the state pension age from 66, which it currently stands at, over the next couple of years, impacting people aged in their early 60s and below.
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The pension age will be rising to 67.
There have also been reports the Government may also be considering bringing the rise to 68 forward from the current planned date of 2044.
Ministers said they would have to give at least 10 years’ notice of this to allow people to plan for retirement.
The pension age generally increases every couple of decades or so reflecting life expectancy and the ageing population.
The pension age will rise from May 2026 – around a year from now.
The changes will affect those born in or after April 1960 – that is people who will be turning 65 this year.
The changes, which the Government said would happen between 2026 and 2028, will have a big impact on people currently in their 50s and early 60s as most of them will likely have to wait until they are 67 to get their state pension.
Depending on what savings they have, they may have to work longer.
Jonathan Cribb, an associate director at the Institute of Fiscal Studies (IFS), said: “The Government will shortly be considering whether to bring forward the following age rise to 68, which is currently scheduled for 2044.
“It is poorer people in their mid 60s who are hit most by state pension age increases.
“They also often have little savings or private pensions to fall back on.
“We know that poverty rates rose substantially among those in their mid 60s following previous pension age increases.”