Will the state pension age increase to 75? How old you will be when you retire revealed
THE state pension age could rise from 68 to 75 if the government takes up the recommendations of a new report, but exactly what age you'll retire at depends on when you're born.
The Centre for Social Justice (CSJ) argued this week that the state pension age should rise to 70 by 2028 and to 75 by 2035.
You can also check the government's for more information.
Of course, it's not just the age at which you receive the state pension that's changed, but also the amount you get.
You don't have to wait to reach state pension age to retire though - you can technically retire whenever you want and personal pensions can usually be accessed from age 55.
And if you don't want to get your hands on your state pension straight away its value is boosted if you defer it.
Under the current scheme, you'll get an extra 5.8 per cent for every year you defer while it's an extra 10.4 per cent a year under the old system.
Under the new scheme, payouts are added to your weekly pension payments, but under the old system you can opt for a cash lump sum that includes 2 per cent interest on top.
For more information, read our guide on what age you can retire in the UK, when you will get your pension, and how much the state pension is.
Grandparents have also been warned to claim pension credit before the August 13 deadline or they may miss out on up to £70,000.
And when it comes to personal and workplace pensions, here's how pension fees could reduce your savings pot by hundreds of thousands of pounds – and how to avoid them.
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