The earliest you can start receiving your State Pension is when you reach your State Pension age. Your State Pension age is worked out based on your gender and date of birth. The Government has published a State Pension age timetable on its website that spans from now until 2046. Read on to find out when you will reach your State Pension age
Why is the State Pension age rising?
Since December 2018, the State Pension age for both men and women has been increasing.
By October 2020, the State Pension age is set to be 66.
Maike Currie, director for workplace investing, Fidelity International explained: “The age at which you’re able to claim your state pension will depend upon when you’re born, and is currently under review in line with increased life expectancy.
“You may however wish to work beyond this age, either to boost your retirement pot or simply because you want to – our own research shows that almost half (45 percent) of people expect to work into their 70s.
This doesn’t change the age at which you’re able to draw upon your State Pension, but is something that if claimed while working, may impact your tax position and something you should communicate to your employer to understand how it affects your workplace pension.”
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When will I reach my State Pension age?
Those born between July 6, 1954 and August 5, 1954 will be reaching their State Pension age on May 6, 2020.
A month later on July 6, 2020, those born between August 6, 1954 and September 5, 1954 will be reaching their State Pension age.
On September 6, 2020, those born between September 6, 1954 and October 5, 1954 will reach their State Pension age.
From then on the State Pension age will be 66, with those born between October 6, 1954 and April 5, 1960 reaching their State Pension age on their 66th birthday.
Thanks to the Pensions Act 2014, the State Pension age for men and women will now increase to 67 between 2026 and 2028.
The government also changed the way in which the increase in State Pension age is phased so that rather than reaching State Pension age on a specific date, people born between April 6, 1960 and March 5, 1961 will reach their State Pension age at 66 years and the specified number of months. According to the Government’s timetable:
Those born between April 6, 1960, and May 5, 1960, will reach their State Pension age at the age of 66 years and one month.
Those born between May 6, 1960, and June 5, 1960, will reach their State Pension age at the age of 66 years and two months.
Those born between June 6, 1960, and July 5, 1960, will reach their State Pension age at the age of 66 years and three months.
Those born between July 6, 1960, and August 5, 1960, will reach their State Pension age at the age of 66 years and four months (A person born on 31 July 1960 is considered to reach the age of 66 years and 4 months on 30 November 2026).
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Those born between August 6, 1960, and September 5, 1960, will reach their State Pension age at the age of 66 years and five months.
Those born between September 6, 1960, and October 5, 1960, will reach their State Pension age at the age of 66 years and six months.
Those born between October 6, 1960, and November 5, 1960, will reach their State Pension age at the age of 66 years and seven months.
Those born between November 6, 1960, and December 5, 1960, will reach their State Pension age at the age of 66 years and eight months.
Those born between December 6, 1960, and January 5, 1961, will reach their State Pension age at the age of 66 years and nine months (A person born on 31 December 1960 is considered to reach the age of 66 years and 9 months on 30 September 2027).
Those born between January 6, 1961, and February 5, 1961, will reach their State Pension age at the age of 66 years and 10 months (A person born on 31 January 1961 is considered to reach the age of 66 years and 10 months on 30 November 2027).
Those born between February 6, 1961, and March 5, 1961, will reach their State Pension age at the age of 66 years and 11 months.
Those born between March 6, 1961, and April 5, 1977, will reach their State Pension age at the age of 67 years and one month- this is because before April 6, 1977, under the Pensions Act 2007, State Pension age was already 67.
When can I retire?
You are able to retire whenever you like, but you will need to be financially stable to do this comfortably.
Make said: “When it comes to retirement planning, the State Pension is one form of income but many will require far more in order to meet their desired standard of living in retirement.
“Therefore it’s important to consider others means of saving for the future, such as a Self-Invested Personal Pension, or a Workplace Pension.
“Auto-enrolment means that many people in work will benefit from their employer contributing to their pension on their behalf, ensuring that at least 8 percent of their salary is put away each year.”
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