Retirement Age – Born in 1959

Last updated on July 25th, 2017

When Can I Retire if I was Born in 1959?

The age at which you can take your state pension changes quite quickly for quite a few people, in particular women, for a period of time until it gets to a state pension age of 67 for both women and men.

But for those who were born in 1959 the retirement age (at least the age at which you can draw your state pension benefits) has been fixed at age 66 for both men and women.  So you can retire in 2025. In fact anyone who was born on or after 6th October 1954 has a retirement age of 66. So if you were planning to retire at age 65 (or perhaps in the dim and distant past women had ideas of retiring at age 60) then you will need to rethink.

Pension Age Increases

The reason for the increase in retirement ages beyond 65 has been put down to the fact that life expectancy is increasing and it is only fair and equitable that people spend the same proportion of their working lives in retirement. This means that future generations (who are the ones that actually pay for pensions in payment) will not be unduly penalised by having to pay more for the pensioner population.

 

You can check out how much State pension you might get by checking out our guide.  You also still have time to increase your pension by making payments to a personal or occupational pension if you are able to do that.