Planning for your retirement can never start too early and with a change to the State Pension age on the horizon, it’s important for everyone to understand how this will affect them.
Your State Pension age is the earliest age you can start receiving your State Pension and may be different to the age you can get a workplace or personal pension.
It can be claimed when a person reaches their official State pension age which currently depends on a person’s gender and date of birth.
However, the UK Government is in the process of raising State Pension ages to 66 across the board and there are plans to increase it to 68 in the coming years, reports the Daily Record.
From September 6, anyone born between September 6, 1954 and October 5, 1954 will see their State Pension age increase from 65 to 66.
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And from October 6, everyone will reach State Pension on their 66th birthday.
State Pension payments can be received by anyone who has at least 10 years of National Insurance contributions and has reached State Pension age.
With all the State Pension age changes, some people may feel unsure about when they can retire.
The UK Government has provided a free and easy to use tool which can give an exact date for qualification.
On the Gov.uk website, it’s possible to check on an individual’s State Pension age using only the person’s gender and date of birth.
The tool provides information on when the user will:
How to use the Pension Age tool
Choose whether you are looking to calculate your State Pension age or bus pass age – you can do one, then check the other.
Once the State Pension age option is selected, input your date of birth.
Next, select whether you’re a man or woman.
The final screen reveals the exact date that you will reach State Pension age.
Check your State Pension age here.
-- to www.somersetlive.co.uk