Retirement expert advises people to learn about state pensions
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The state pension age is currently set at 66, and under current plans it will rise to 67 before 2030 and to 68 by 2046. However, this may all be set to change as a result of a new Government review which will look into the age change timetable. The review will consider whether the increase to 68 should be brought forward to 2037 to 2039.
Understandably, this could have major implications for when Britons can access the Department for Work and Pensions (DWP) sum.
But the review is also looking into how people are impacted differently in terms of life circumstances across the UK.
It will consider whether pensions should be given earlier in areas which are more deprived – where people are likely to die younger.
As part of the review, the Government has vowed to “examine the implications of the latest life expectancy data”.
In recent data from the Office for National Statistics (ONS) in September, life expectancy differences were made clear.
It showed some areas having a higher life expectancy than the English national average of 79.4 years.
For example, in Westminster, the life expectancy rate was recorded at 85.2 years.
But for some areas in the country, life expectancy falls slightly short of this average.
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In Manchester, for instance, the figure has been recorded at 75.5.
The UK Government previously agreed the next review of the state pension age would consider evidence from across the UK.
As a result, it states: “The review will consider differences across countries and regions including Northern Ireland.
“It will also consider the effects for individuals with different characteristics and opportunities.
“This includes those at risk of disadvantage.”
Recently, people preparing for the state pension as well as those in receipt of it have been told the “idea of a long, enjoyable retirement seems set to be consigned to the history books”.
Becky O’Connor, head of pensions and savings at Interactive Investor, added to the Guardian: “It’s no wonder today’s younger workers have little faith in the state pension being there for them at all when they stop work, with many thinking they’ll end up working forever.”
A number of Express.co.uk readers expressed their frustration with this prospect.
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User BobNarch remarked: “That’s funny, because the same thing is going to happen to the Tory party, they are consigned to history as well.”
AliMac said: “Forget the state retirement age and set your own plans. It is entirely possible if you want it.”
While Pudsey57 stated: “This is all money driven and no common sense at all.”
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