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State pension age to increase to 67 by April 2028

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The government will increase the state pension age to 67 by April 2028 in a move it said would save the UK almost £60bn. The change was announced by George Osborne in his autumn statement and will be phased in over two years from April 2026.

The state pension age was previously set to increase to 67 by 2036, and the decision to bring the date forward will affect all those aged between 42 and 51 who had expected to retire at 66.

The chancellor said the change would not affect anyone already within 14 years of reaching state pension age and would save £59bn between the 2026/27 financial year and 2035/36, when the 67 retirement age was due to come into effect.

This is not necessarily just a single political party decision either – Labour was to increase the state pension age to 66 from 2026. Although the government has already brought forward these plans to 2020.

The fact is with rising life expectancy it is almost inevitable that the state pension age will increase along with it. When the state pension was originally introduced over a century ago you had to be over 70 to receive it – and life expectancy was significantly lower then so far fewer people would receive the pension and even then only for a few years. The Government has talked about linking the state pension age to rising life expectancy.

The fact is our current state retirement system will become less and less affordable, putting ever greater importance on personal provision for retirement. And although this seems far in the future it is actually an issue for today. Planning starts now and this change will impact the financial planning of millions of people over the coming decades.

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