Check now if you could be impacted by this change.
Changes to state pension age were first discussed decades ago (Image: Getty Images)
The state pension age is due to change and you could be impacted.
An increase in the age is on the horizon after it was announced more than a decade ago.
In 2026, the state pension age will increase to 67 from 66. By 2028, this will be fully implemented for men and women.
There may even be a further increase from 67 to 68 between 2044 and 2046.
According to International Business Times, the increase is a response to long-term demographic and economic pressures.
The cost of state pensions is climbing with people living longer and the UK having an aging population.
Currently over £175 billion annually, the cost is projected to reach nearly 8% of GDP within 50 years, up from 5.2% today.
If you are affected by changes to their state pension age, you will receive a letter from the Department for Work and Pensions (DWP).
But this is not the only change due to happen. The Pensions Act 2014 which raised the State Pension age also tweaked its phasing.
As a result, people born between March 6, 1961, and April 5, 1977, will be eligible to claim the State Pension once they turn 67.
If you are hoping to retire, this change could impact you (Image: Getty Images)
A review which could see the age being increased even further is needed to ensure the system is sustainable, says Chancellor Rachel Reeves.
Rachel Vahey, head of public policy at AJ Bell, said: “There is an increase to age 68 pencilled in for 2046, but a faster increase is definitely on the cards.
“The first two reviews of the state pension age advocated bringing this forward, but successive governments have treated the issue like a hot potato.
“This latest state pension age review, however, may eventually force the government’s hand.”
The change has now been confirmed by the government.
