People in their mid-50s will have a £17,000 shortfall in their retirement if a planned change to the state pension age goes ahead in 2035 lauriehavelock explores how can you make up the difference ⤵️
People in their mid-50s will have a £17,000 shortfall to make up in their retirement if a planned change to the state pension age goes ahead in 2035.. Under the current law, the state pension age is due to rise from 66 to 67 by 2028, and then up again to 68 some time between 2044 and 2046.
Workers aged 57 or younger, for whom a year’s lost full state pension would be worth less, £13,594 after inflation. The reason why it’s less is they will be retiring sooner and so inflation will not have pushed the amount up as much. “The state pension age being brought forward to 2046 is the current legal position, and the government’s policy is to bring it forward to 2039,” he explained. “But the government will be taking a big political risk bringing it forward any further, as if they try to pass a law in this parliament it may well not go through.”
This may not be appropriate for everyone, however, particularly those with ongoing health conditions or other limiting factors. “Many older workers face health problems or are working fewer hours due to caring responsibilities,” said Guy.
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