Retirement Age – Born in 1967

What is my retirement age if I was born in 1967?

Retirement ages are a confusing subject since the government changed standard retirement ages from 60 for women and 65 for men in order to equalise them and also quickly increased them to above the age of 65 for both men and women.

However, there have been some pieces of legislation passed in the last decade or so that have set retirement ages for people born in the 50s and 60s and these are unlikely now to be changed. Read More

Retirement Age – Born in 1966

What is my retirement age if I was born in 1966?

Whether you are a man or a woman, and born in 1966, then your retirement age is the same, as retirement ages were equalised first to age 65 and then upwards to age 68 and possibly further in future.

For those who were born in 1966, legislation has been passed that specifies your retirement age and this is unlikely now to change. You will be able to draw your State pension at the age of 67. Therefore you will be able to retire in 2033.

Others who were born later, i.e. in the 70s and beyond, will have their retirement age set at 68 and possibly later so already you will be retiring earlier than other people.

It is highly unlikely that your retirement age will be increased any further at this stage now that these changes have been announced. Therefore you can make concrete plans for this retirement age.

Retirement Age Increases

The reason for the increase in retirement ages is due to the increase in life expectancy. So even with a retirement age of 67 you are still statistically likely to spend the same average percentage of your adult working life (approximately 32%) receiving a state pension as someone who retired when they were 66 or who will retire when they are 68. This means in terms of finances a retirement age makes it fair and equitable among the population as to how much people receive when they retire.

If you want to find out how much state pension you can expect to receive when you retire then check out our page on how much state pension you can get.

Retirement Age – Born in 1965

What is my retirement age if I was born in 1965?

If this question applies to you then it does not make any difference if you are male or female, your retirement age is the same, following the equalisation of retirement ages in recent years.

Originally if you were a man your retirement age would have been 65 and for a woman it would have been 60 but currently (in 2017) your retirement age – at least the age at which you can draw your state pension, is 67. So anyone who was born in 1965 will currently be able to retire in 2032.

Of course you do not have to draw your pension at this age, you can leave it for a later date if you wish. If you do you will be given an increased pension.

Now that the government has responded to the Cridland report by increasing retirement ages to 68 for those born in the 70s, it looks extremely unlikely that your retirement age will be increased any further than 67.

How Much Pension Will I Get?

If you want to find out how much pension that you could expect to get when you retire then check out our page on finding out about your state pension. It is worth checking out how much you may be able to get so that you can ensure that you have paid enough National Insurance (or at least as much as you are able to) to build up the best possible pension, as well as being able to plan to make up any shortfall you may have by making contributions to private pension schemes.

Checking your state pension entitlement will also give you a statement of NI contributions and if it is possible to make any further back payments that you may have missed.

Retirement Age – Born in 1964

What is my retirement age if I was born in 1964?

If you are a man then growing up you would have expected your retirement age to be age 65, and if you are a woman then you may have expected to retire at age 60 but things have moved on since then and now that state pension ages have been equalised and increased, this is no longer the case any more.

So whether you are a man or a woman and you were born in 1964 then your retirement age is now going to be age 67. So you will be entitled to claim your state pension benefits in 3031.

No Further Changes

There have been further reviews of retirement ages since your State pension age was set at 67 and these have not increased your retirement age any further and so it seems extremely likely that there will be no further changes to your retirement age (at least not upwards).

The government have stated that they are basing the calculation of retirement ages on the expectancy that people will spend on average around 32% of their adult working life in retirement.

How Much Pension Will I Get?

If in the meantime you want to find out how much state pension you will be entitled to, take a look at our pages showing how you can apply for a forecast of your state pension. This should give you an indication of what you will get at retirement which means that you could plan to increase your own pension with further contributions of your own.

Retirement Age – Born in 1963

Born in 1963 – When Will I Retire?

In the past the retirement ages for men and women were set at 65 and 60 respectively but changes brought about by various Pension and Finance Acts have not only equalised retirement ages but also increased them.

People who were born in 1963 are among a group whose retirement age has been increased beyond 65 due to the increase in longevity and the plan for everyone to be entitled to spend a similar amount of their adult working life (approximately one-third) in retirement.

Retirement in 2030

Therefore people born in 1963 will have a retirement age of 67 (at least the age at which you are able to draw your State pension). Further to the report by the government issued in 2017, this is extremely unlikely to increase any higher in future. This means that you will be able to draw your State pension benefits in 2030.

There is in fact a slim possibility that your retirement age will be decreased to 66 as the Labour party have stated that they intend that to be the maximum pension age for all.

You may well have a lower retirement age for any private or occupational pension schemes that you are a member of and so you may be able to take those benefits earlier than that (in fact from your 55th birthday if you chose to).

Retirement Planning

There is still time to plan for your retirement if you do not feel that you have made enough provision. You can also check how much State pension you will get to ensure that you have made all of the contributions that you are able to in order to receive the maximum possible State pension.