State Pension age will rise to 68 'within 10 years' and 'won't come back down'
The State Pension age is set to increase to 68 "within 10 years" and it's unlikely to decrease, a pensions expert has cautioned. The Department for Work and Pensions (DWP) has scheduled the State Pension age to rise to 67 between 2026 and 2028, with a further increment to 68 expected between 2044 and 2046.
It means millions of people will have to "wait longer" to retire. Pensions writer Paul Davies said: "So the State Pension age at the moment is 66. The bad news for you and for me is that it's going up and it might go up even more rapidly in future."
However, due to an ageing population, younger and middle-aged workers may be bracing for an extended working life before they can retire. Mr Davies said: "But the likelihood is that that will be brought forward. And the state pension age of 68 will happen in probably 10 years."
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He added: "What happens after that is anyone's guess. But I can't see it being brought back down again. So people are going to have to wait longer for their state pension for longer."
Mr Davies also clarified the rationale behind the changes: "Initially it was to do with life expectancy so it was set at 65 when life expectancy was around 85, in that people would have about 20 years to claim their state pension. And then as life expectancy went up, so did the State Pension age.
"It is also cheaper for the government You know it's a huge cost to fund the state pensions. And making people wait a few years meant that the government could defer some costs."
Your State Pension age is the earliest age you can start receiving your State Pension, , reports Birmingham Live. The government regularly reviews the State Pension age and cautions on its website that this age may change in the future.