With more changes to the state pension age coming next year (2018), many people are confused about when they will be able to start claiming, and how much cash they will receive from their pension. One of the quickest ways to find out is to use the Government’s own pension calculator.
Today the Daily Express has a quick summary of the upcoming changes –
“People in their 40s right now face having to work for another year as their pension age is pushed back… The old basic State Pension rules apply to any man born before April 6, 1951, and any woman born before April 6, 1953… Anyone born after this date qualifies for the new State Pension, and will start to receive payments at a later retirement age… Brits can however keep on working well past their retirement age – the mandatory retirement age has been removed in 2011… This means you can technically work for as long as you want to, and claim your pension payouts, given you fulfill all the requirements for your job… “The State Pension age will increase every few months, reaching 66 by 2020,” a report from the Government Actuary’s Department said… This means that the age will incrementally keep increasing until it evens out at 65 for both men and women later next year… After that the retirement age will continue to rise, reaching 67 by 2028.”