With the rising costs of living affecting every aspect of almost everyone’s finances, there’s no time like the present to start considering retirement planning.
Unfortunately, the Government has significantly increased the state pension age over a number of years. The state pension age is currently 66 years old for both men and women, but it may be different depending on exactly when you were born. You can check your state pension age on the Government’s website.
The state pension age is constantly under review to account for costs and changing life expectancy. The age increased to 66 only in 2021 and is expected to rise to 68 between 2044 and 2046.
However, earlier this year, the Government announced plans to bring the timetable forward so it will become 68 between 2037 and 2039. Although this means a longer wait for a lot of people, it gives greater reason to start contributing to private pension schemes and focus on a retirement strategy.
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Disclaimer
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.