State pension age is changing again – how to check earliest age you can get payment | Personal Finance | Finance
The retirement age is currently 66 and people typically need 35 qualifying years to claim the full new state pension. Britons on the full basic state pension receive £141.85 a week and typically need 30 qualifying years to get the payments.
The age is set to increase to 67 between 2026 and 2028 with some analysts predicting the age will increase further as the Government looks to curb its spending.
People can find out the earliest age they can claim the state pension using a tool on the Government website.
The useful tool can help a person find out several things to help them plan ahead such as:
- When they will reach State Pension age
- Their Pension Credit qualifying age
- When they will be eligible for free bus travel.
READ MORE: Half a million pensioners to miss out on state pension rise due to where they live
To use the tool, a person will need to input their date of birth, and the tool will then confirm when they will reach retirement age.
The tool also shows when a person will be able to Pension Credit, which provides support for pensioners on low incomes.
Pension Credit is separate from the state pension and a person can claim the benefit even if they have other income, savings or they own their home.
Tom Selby, head of retirement policy at wealth advisers AJ Bell, previously warned the state pension age will rise beyond 68.
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Laura Suter, head of personal finance at AJ Bell, said the Government needs to provide clarity to pensioners hit by the cost of living crisis.
She said: “Pensioners need clarity from the new prime minister over what the state pension is likely to rise by next year, so they have the certainty to plan ahead of a difficult winter.
“While Sunak’s predecessor, Liz Truss, committed to the triple lock in what turned out to be her final Prime Minister’s Questions, the Chancellor, Jeremy Hunt, had pointedly refused to do so before her intervention.
“Given the current focus on fiscal conservatism, it is hard to be absolutely confident whether or not Truss’ triple lock commitment will be retained by Sunak.”
