DWP State Pension Age Should Increase to 71 Report

The DWP pension age of 66 is expected to rise to 67 between May 2026 and March 2028. It is expected to rise to 68 from those who retired from 2044.

However, new research suggests that workers born after April 1970 may have to work until at least 71 years old before claiming a state pension.

This can be even higher if workers continue to retire before reaching state pension age, miss out on valuable time with their grandchildren, and ruin their retirement plans.

Les Mayhew, deputy director of Global Research at the International Centre for Longevity and author of changes in pension age and demographics in reporting countries, said: The current state of the number of workers per pensioner in the state. “But if we bring preventable diseases into the equation, that needs to be increased even more.”

The state's pension age population is projected to increase by 1.7 million between mid-2022 and mid-2032, with an estimated 12-13.7 million.

This forecast explains the planned increase in state pension age at 67 for both genders.

Meanwhile, by mid-2032, more than one in 10 (10.3%) of the UK population is projected to be over 75 years old, while one in 11 (9.1%) in mid-2022 .

The 20th Annual Resignation Report for Scottish Widows showed that the younger generation wanted to retire even earlier last year.

People ages 18 to 29 want to retire at age 61 and are usually ready to work to an average of 64 if necessary, but this still makes a gap before reaching the state pension age. I'll leave it.

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A quarter (27%) of those who plan their retirements across all age groups do not feel they can afford to do it.

Pete Glancy, head of pension policy for Scotland's widows, said:

“It can take a long time before the UK saves enough to give future pensioners the results they want.”