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Do you want to wait until you are 68 before you retire or would you prefer to stop work at 55?
State Pension ages are currently set to increase to 68 for men and women.
Currently, the State Pension age is 65 for men and 60 for women, but from 5th April this year (2010) over the next 10 years, the state pension ages for both men and women will be brought into line gradually so that both men and women's retirement ages will be 65.
But it doesn't end there!
Between 2024 and 2046 the State Pension age will increase for both men and women.
This increase will also be gradual, happening over two years every decade.
This will mean that:
- State Pension age for men and women will increase from 65 to 66 between April 2024 and April 2026
- State Pension age for men and women will increase from 66 to 67 between April 2034 and April 2036
- State Pension age for men and women will increase from 67 to 68 between April 2044 and April 2046
This means that someone aged 30 now, could face another 38 years before they receive their State Pension.
Act now to avoid retiring at 68
Contact us today to set up a pension that can start from aged 55 - make sure you are young enough to enjoy your retirement.
Bradshaw Bennett - taking care of your financial future
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