It’s the biggest change happening to the state pension in years
The pension age is rising from next year.
Millions of Brits will not be able to claim their state pension until they turn 67.
One of the biggest pension changes in years will start happening from 2026 as the age people can claim rises from 66 to 67.
It will leave millions having to work for longer.
READ MORE: HMRC confirms the state pensioners who will have £300 deducted from bank accounts
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Seismic changes such as these can understandably be confusing, so it’s important households get their heads around them so they can plan their finances.
Everyone born after March 6, 1961 (currently aged up to 64) will not get their state pension until they are 67.
Others will not be able to claim until a few months after their 66th birthday due to the way the age is being gradually increased.
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It’s the first time the state pension age has been increased for years and will doubtless be unpopular with many who have to wait longer to retire.
The claimant age is increased every two decades or so to reflect the ageing population.
It is planned to rise again to 68 in the mid-2040s, but it’s likely this date will be brought forwards with a Government review currently ongoing.
Head of public policy at AJ Bell, Rachel Vahey, said: “An increase to state pension age from 66 to 67 is already slated to happen between 2026 and 2028.
“But it’s less clear what will happen after that.
“There is also an increase to age 68 pencilled in for 2046, but a faster increase is definitely on the cards.”
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