Business

State pension age predicted to rise to 68 earlier than expected – are you affected?

Today News ||

The rise to 68 is said to happen between 2044 and 2046, but this may not be the case for long. The Government is considering pushing this increase further to bring it forward to 2037 to 2039.

Confirmation of the decision will be published in the review by May 7, 2023.

The Government is going ahead with the review due to the growing population and people on average living longer.

As the number of people over state pension age increases, the Government needs to make sure that decisions on how to manage its costs are robust, fair and transparent for taxpayers now and in the future.

Ads

It states: “It must also ensure that as the population becomes older, the state pension continues to provide the foundation for retirement planning and financial security.”

READ MORE: Energy bills: Britons could save up to £189 a year with a simple hack – check now

At present, two further increases are set in legislation – a gradual rise to 67, and then a gradual rise to 68.

Any further updates on the proposal and the increases can be found on the Government website.

Britons can use the tool available to check when they will reach state pension age.

RELATED:  Shopify loses crown as tech leads stock markets falling after Fed minutes

As a result they will be able to claim their sum from the Government.

DON’T MISS:

People will usually need at least 10 qualifying years on your National Insurance record to get any state pension. They do not have to be 10 qualifying years in a row.

If someone reached state pension age before April 6 2016, they’ll get a different amount under the basic state pension rules.

The full basic state pension is £141.85 per week.

Britons usually need a total of 30 qualifying years of National Insurance contributions or credits to get the full basic state pension.

More Economy Business News Updates of Today Check Below

Today News || Business Today || World News || Headlines Today || Health || Technology News || Education News

Source

Tags
Show More

Related Articles

Back to top button
Close