Retirement Age – Born in 1963

Last updated on July 25th, 2017

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.