What's the Pension Age?

The Pension Age: Explaining the Benefits of Working Longer

There is a lot of confusion about the pension age. The current UK pension age is set at 65, but this isn’t an option that everyone agrees with. Many people believe it should be raised to 67 or even higher. Some think it should be scrapped altogether. In this article, we will look at all three options & examine what they would mean for your retirement plans.
What’s the Pension Age

What’s the UK State Pension age?

The state pension age for those born before April 1960 (the ‘old system’) was 65, while 66 is set as an average retirement date by 2020 and 67 by 2028 under plans agreed between 2010-2020.

Under these schemes, the State Pension Age1 would be increased from 65 to 68 if no changes were made.

What does this mean?

This means that people will have to work up until they’re at least 68 years old – which could mean a lot of extra employment costs and family upheaval when it comes time to retire if you decide not to go down this route or your financial circumstances change dramatically over time so that you aren’t able to keep working beyond the average retirement age.

Some people also say that they have to work until their 70s for the pension fund to be able to support them financially in later life, but this isn’t true as the BBC reported that “more than half of all men and two-thirds of women aged 60 or over are now working”.

However, it’s worth noting that not everyone can afford (or is physically capable) of continuing employment beyond the State Pension Age – regardless of whether people want to retire early or not. This could lead some individuals into dire financial circumstances when they get older because there may not be enough money coming in from pensions alone at a time when many will find themselves less mobile and needing more care than ever before.

Pension Age

What Age Can I Start Drawing My Pension?

To receive your pension, you need to wait until the State Pension Age (SPA) – this is an age from 64 up for men and 63 for women. You can start drawing on it at any time after that, but if you want to get a total entitlement of £164.35 per week, then we recommend waiting until SPA before claiming.


The only exception will be if you have less than ten years left before reaching SPA because, in those circumstances, there’s no advantage in delaying as they will not increase by more than one day each year.

The State Pension Age for men is currently 66 and will rise to 67 by 2028. The SPA for women increases gradually from 61 now up to 63 in 2020 – the government has already pledged that this will eventually reach 65, but they have not yet set a date.

It’s important to note that there are exceptions where you can receive your pension benefits before reaching retirement age: if you’re aged 55-59 with less than 30 years of National Insurance Contributions (NICs2), then you get an unreduced pension so long as it’s been paid into at least one year; or if you’ve been paying NICs for more than 90% of the time over 50 full calendar months between ages 16

Working After State Pension Age

Working After State Pension Age

If you are aged between 60 and 65, it is possible to keep working while receiving your state pension. When you reach the age of 66, this changes so you will not be able to work any longer before claiming your state pension.

What Happens When You Reach State Pension Age?

When you reach 65, it will no longer be possible to work until claiming your state pension – but if you are under 65, then it is still possible to keep working while receiving benefits. If you decide that now is the time to retire, or turn 66 before reaching full retirement age – which varies depending on when you were born – this means that some money will be withdrawn from any benefits you receive.

Got Questions? Check These First

How much pension will I get at 65?

Will the State Pension age change again?

Can I retire at 60 and claim a state pension?

How much is the current state pension?

In conclusion

And that was only the beginning,

If you are concerned about the minimum pension age in your country, it may be time to invest more. This blog post will discuss why an older population should not worry as much about their retirement years and how they can save money by investing now.

The first reason is that life expectancy has increased over recent decades, so many people live longer than before, which means they also have a higher chance of experiencing those golden years without having to work for them any longer. Second, there is less demand for social security programs because fewer workers paying into these systems mean pensions aren’t going to disappear anytime soon.


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