Retirement age calculator: What does state pension age rise mean for you? | Personal Finance | Finance
The state pension age currently sits at 66 years old. However, increases have been pencilled in which will boost the age up by two years.
The first of these increases is set for 2028, when the state pension age will rise to 67.
Following that, another hike will occur by 2046, taking the state pension age up to 68.
The state pension age dictates when people can begin claiming their state pension entitlement.
Britons can check exactly when they will reach state pension age via the Government website.
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When starting the process, users will be given two options.
They can opt to calculate their state pension age, which will also include their Pension Credit qualifying age, or alternatively they can calculate their bus pass age.
Regardless of which option they choose, users will then be asked to enter their date of birth. The calculator should then produce results based on which option they selected.
If someone chose the state pension age option, they will be provided with information on what their state pension age is, the exact date they will reach state pension age, and when they can get Pension Credit, if they qualify.
The older version of the state pension, known as the basic state pension, is worth considerably less, at just £137.60 per week.
However, the basic state pension is only given to people who reached state pension age before April 6, 2016, meaning anyone retiring in the future will get the new version instead.
The full new state pension will increase this year to £185.15, providing eligible pensioners with an extra £5.55 per week.
Further increases to the value of the state pension will occur each year by at least 2.5 percent, under the terms of the triple lock policy.
That means people retiring in many years time can expect to receive a more generous state pension than what is currently available.
