As the media has well publicised, the 6th October 2020 was an important date in the legislative calendar in that both men and women born between 6th October 1954 and 5th April 1960 will now have a common State Pension Age of 66. Going forward men and woman born between 6th March 1961 and 5th April 1977 can draw their State Pension no earlier than age 67. The increase in age will be implemented on a staggered basis and you can check your State Pension Age by visiting the following link.
Eventually State Pension Age will increase to age 68. The Government had initially planned this to happen from 2044 however, ministers are currently considering bringing this forward to 2037, 7 years earlier than planned.
If your State Pension entitlement forms a key component of your potential retirement income now is perhaps a good time to examine what impact the change in age will have on your retirement plans.
You may wish to think about:-
- Will I need to re think the date I intend to retire?
- Does my current investment strategy reflect the change in date I intend to take my benefits?
- What changes to my investment strategy do I need to make and how do I make them?
- Do I need to review any of my other financial arrangements?
You can obtain a forecast on your state pension by visiting the following link
If you require help or advice please contact your Broadstone consultant or email firstname.lastname@example.org