Retirement age increase to 68 brought forward in surprise Government announcement

Retirement age increase to 68 brought forward in surprise Government announcement

Retirement age increase to 68 brought forward in surprise Government announcement

I would like to see more flexibility in state pension age: perhaps with a flexible band of ages at which the pension could start, or perhaps allowing people to take their state pension at a lower age, either because they are seriously ill or because they have worked for more than 50 years.

Steven Cameron, pensions director at Aegon said that the new measures show future generations can not retire on state provision. A blanket increase in state pension age will be particularly concerning for those who through health concerns, job pressures or lack of employment opportunity simply can't keep working into their late 60s.

The change is in line with increases in life expectancy, the government said.

This is the first government review of the state pension.

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It's still the case that the state pension is likely to form the lion's share of the retirement income for a majority of people - so delaying the age at which you get it is a serious step, and should not be embarked upon lightly. In 2017, a 65-year-old can now expect to live for another 22.8 years, or 33.6 per cent of their adult life.

The UK government now spends 5.2 per cent of GDP on the state pension.

Today's announcement agrees with the timetable set out by John Cridland CBE in March 2017, which proposed bringing forward the increase in state pension age to 68 between 2037 and 2039.

The offiical retirement age had not been due to rise to 68 by 2046, but this will change under the new proposals, as the Government looks to make savings amid rising life expectancy. "However, most people want to retire early and know they can't - and for some retirement at any age is now just a dream".

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'We can not allow this Government to push people to work longer and longer to pay for its failed austerity agenda.

But the DWP said that keeping the state pension age at 66 would cost more than £250 billion over the period to 2045/46, compared with the Government's plans. He added: "It's ironic that the government is proceeding with an accelerated increase in the state pension age days after statistics show improvements in life expectancy may be levelling off, meaning this increase may be less justified on affordability grounds".

The median life expectancy for a male in the United Kingdom is 86, and 89 for a female.

Secretary of State for Work and Pensions David Gauke said: 'Since 1948 the state pension has been an important part of society, providing financial security to all in later life. The Tories said they would replace it with a double lock in 2020, scrapping the 2.5 percent provision. If they can afford to wait longer, they can get more state pension; but if they cannot manage until that age, it is just too bad.

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"This is the double bite of austerity - workers are expected to work longer and could now be at risk of dying sooner".

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