The state pension changes next month in a move that will affect millions of people.
The move, which comes into effect on October 6, will see the age rise to 66 from 65 for men and from 60 for women.
As a result, anyone born after October 5, 1954 – and therefore 64 or younger – will have to wait at least an extra year before they can start claiming their state pension, reports Cambridgeshire Live.
The Express reports that beyond this, the government aims to increase the state pension age to 67.
It says it will begin raising this incrementally through a similar process used before.
And in the long term, the state pension age will be raised to 68 between 2044 and 2046.
People can check their pension age on the government website gov.uk/state-pension-age.
But for some women, the change will amount to a six-year increase to the date they were expecting to receive the benefit.
As recently as 2010, women could claim their state pension from 60, while men could claim theirs at 65.
This changed in 2018 when women had their state pension age also increased to 65.
Further increases to the pension age are also expected for younger generations too – to 67 in 2028 and to 68 from 2037.
The Daily Record says the state pension age is regularly reviewed to make sure that it is affordable and fair.
Those who say it needs to be changed say people are living longer, and therefore spending a larger proportion of their adult life in retirement than in the past.
People are certainly living longer nowadays – and putting more strain on the government pension coffers as a result.
When the state pension was introduced in 1948, a 65-year-old could expect to spend 13.5 years in receipt of it – around 23 per cent of their adult life.
It has changed dramatically since then.
In 2017, the UK Government said a 65-year-old could expect to live for another 22.8 years, or 33.6 per cent of their adult life.
As a result, the Pensions Act 2014 amended the state pension age for men and women from 66 to 67 between 2026 and 2028.
The government also changed the way in which the increase in state pension age was phased.
This meant that rather than reaching the age on a specific date, people born between April 6, 1960 and March 5, 1961 would reach their State Pension age at 66 years and a specified number of months.
The state pension age is, of course, just the earliest moment that someone can claim their state pension.
Personal pensions may differ.
The value of the state pension was also put into perspective by life insurance and pensions company Aegon.
It calculated that, at current prices, you would need £336,500 worth of savings to replace the full state pension of £175.20 a week.
“This may seem huge, but for most people, relying on the state pension alone won’t provide the lifestyle they aspire to in retirement,” Aegon pensions director Steven Cameron said.
“This is why it’s vital to plan ahead for the retirement you want by making additional personal provision, for example by saving through a workplace or personal pension.
“And the sooner people start on that journey the longer their contributions have to grow with investment returns.”
He added: “To plan ahead for the retirement you aspire to, it can pay to seek professional advice.”
People will need at least 10 years of National Insurance contributions to receive any amount of income, regardless of when a person’s retirement age arrives.
They will need to have made at least 35 years of contributions to receive the full amount of £175.20 per week
State pension payments are guaranteed to increase every year under the triple lock system but these rules have been called into question recently.
Reports from Westminster suggest the future of the triple lock – which guarantees the state pension will always go up every year by either price inflation, earnings growth or 2.5 per cent, whichever is highest – is under debate.
Huge debts have been amassed as the government has funded furlough and other schemes during lockdown and the lock is one area where some policy experts say savings may need to be made.
However, within recent days the Times reported that Boris Johnson had over-ruled chancellor Rishi Sunak to insist the triple lock must stay in place – thus honouring a manifesto commitment.
Age UK offers advice for people with questions on the state pension.
-- to www.walesonline.co.uk