For those of you born in 1972, you may be wondering when is your retirement age?
There have been many changes in the last few years in terms of the age at which people can draw their State pension in the UK. Pension ages started at 60 for women and 65 for men but have already been equalised upwards for women and now both men and women are faced with retiring at ever higher ages. Read More
If you were born in 1971 then you may be wondering when your retirement age is. And in this context we are talking about the age that you can take your State pension benefits in the UK.
There have been quite a few changes to retirement ages since the state pension was introduced when men retired at 65 and women retired at age 60. Since then retirement ages have been equalised between men and women and also increased. Read More
The subject of retirement ages has become very complicated in recent years as the government sets out to equalise state pension ages between men and women. So if you were born in 1970 then you may be wondering when is your retirement age?
Initially men and women had retirement ages of 65 and 60 respectively but the retirement age was changed for women to 65 and subsequently for both men and women has been increased beyond this. Read More
When Can I Retire?Were you were born in 1969 and you are wondering when you can retire?
Well it firstly depends on whether you are thinking about when you can take you personal or occupational pension benefits, or whether you are wondering when you can claim your state pension.
For non-state pension benefits, the minimum age at which you can start taking your money out is age 55 (apart from special situations like in serious ill health when other rules may apply). Although for some pensions you may not get penalised for taking benefits early so you may wish to wait as long as possible before claiming pension benefits. Read More
In his budget today George Osborne, Chancellor of the Exchequer, announced a new Lifetime ISA which was aimed at helping younger people to save more for their retirement (or for a first home purchase). The age at which the proceeds of the Lifetime ISA could be taken for retirement purposes (if the government bonus was included in the proceeds) was set at age 60.
For this reason we are asking ‘is the minimum retirement age going to increase to age 60?’ This new product could well be the start of the introduction all round of a pensions style ISA. It is only available to those who are under the age of 40 so is aimed at younger savers initially.
Currently, the minimum age for taking savings from a personal pension is age 55 so the logical question to ask is will this be increased to age 60 at any time soon? The answer we believe is probably yes. It may not be in the next couple of years but it seems very likely that in the medium term the minimum retirement age will be 60, if not even higher.
Retirement ages are likely to keep in line in some way at least, with the increase in the State Pension Age, so increases are likely to come on an ongoing basis, although the highest state pension age announced so far is 68, so it may be some time before the minimum pension age is increased past age 60.
The fact that the Lifetime ISA has been introduced with a retirement age of 60 may indicate that it is not to long for other financial products to follow suit.
However, it is only possible to save £4,000 a year into a Lifetime ISA so it is also possible that there is a bit of a way to go before this replaces the current pensions system, if indeed it does. Contribution limits would need to be increased to enable people to save up a reasonable amount of money for their retirement.
Anyone who is eligible for the Lifetime ISA in 2017 is going to have a state pension age of 68 (or possibly 67+ if they were born in 1977/78) so they would be eligible to withdraw their savings around 8 years before their state pension was due for payment. Some may have an even higher state pension age if those are increased in future years.
Born in 1968Were you born in 1968 and are you wondering what your retirement age is? (And by retirement age we mean the age at which you can claim your state pension). If you are in this situation then it does not matter if you are a man or a woman as retirement ages have been equalised so you will both have the same retirement age. Read More
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
What is my retirement age if I was born in 1970? (Updated March 2023)There have been many changes to State pension age as well as proposals for changes which has made things very confusing for people.
For those born in 1970 there were changes both in the Pension Act 2007 and in the Pensions Act 2014.
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.
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.
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.
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.