Retirement is an exciting stage in life, with fresh opportunities and experiences around the corner. Careful financial planning is the key to making the most of your new freedoms – in particular, knowing when you’ll have access to your State Pension. The current State Pension age is 66 years. However, from 6 May 2026, the government will gradually raise the State Pension age to 67 for anyone born on or after 5 April 1960.
Why is the State Pension age rising?
A key reason why the State Pension age is rising is that people are living longer. Gradually increasing the pension age helps to manage the costs of an ageing population. The International Longevity Centre predicts that by 2050, the UK’s state pension age will have risen to 71 years old. This is likely to impact how people plan for retirement in the future.
Factoring the change into financial planning for retirement
With the rising State Pension age and fluctuations in the cost of living, many retirees will need to reassess how they save for the future. If you’re concerned about how the changing State Pension age could financially impact you, reach out to an accredited financial advisor.
FAQs:
How does the State Pension age impact me?
The upcoming changes will only apply to you if you were born on or after 5 April 1960. Note that if you are in a couple, your eligibility for means-tested pension age benefits is determined by the age of the older person in the couple.
Will the State Pension age increase impact when I can buy a retirement home?
No, you can buy one of our retirement properties at any time, so long as you’re over 18 and able to meet the financial conditions of a mortgage. However, you must be 60 years or over to live in one of our retirement homes.
Can I still plan to retire at 66?
When you retire is your choice; what’s important is that your pension savings can sustainably support your lifestyle and financial commitments.
At what age can I get my State Pension?
Find the exact date you will reach State Pension age on the GOV.UK website.
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