UK Parliament petitions website<\/a>.\n<\/p>\n When will the State Pension age rise to 67?<\/p>\n
\n The State Pension age is rising from 66 to 67, with the change due to finish in March 2028. It affects people born between March 1961 and August 1977. Legislation already exists for it to rise to 68 later.\n<\/p>\n
\n Private pensions can generally be accessed from 55, rising to 57 in April 2028. Anyone who stops working before claiming their State Pension may need to fund the gap themselves.\n<\/p>\n
\n Grimsditch said: \u201cThe practical issue for most people isn\u2019t the State Pension age itself – it\u2019s the gap before it. Private pensions can generally be accessed from 55, rising to 57 in April 2028, while the State Pension now arrives at 67.\n<\/p>\n
\n “Someone who stops working at 63 through ill health or caring responsibilities is funding four years entirely from their own provision.\n<\/p>\n
\n “That\u2019s the question the petition is really about, and it\u2019s worth planning for regardless of what happens to it.\u201d\n<\/p>\n
How much is the State Pension?<\/p>\n
\n The full new State Pension is \u00a3241.30 a week, or \u00a312,547.60 a year. The amount people receive depends on their National Insurance record, so checking your State Pension forecast can help you understand what to expect.\n<\/p>\n
\n Grimsditch said: \u201cIt also matters because the State Pension alone was never designed to cover everything. The full new rate is \u00a3241.30 a week, or \u00a312,547.60 a year, and what you actually receive depends on your National Insurance record.\u201d\n<\/p>\n
\n Recommended reading\n<\/p>\n
How to fund retirement before State Pension age<\/p>\n
\n Workplace and personal pensions, savings and investments can provide extra retirement income. Pension contributions can benefit from tax relief, while money held outside a pension can offer another source of funds.\n<\/p>\n
\n Grimsditch said: \u201cBuilding additional income can mean a workplace or personal pension, where tax relief gives contributions a boost, or savings and investments held outside a pension. One change worth noting if you\u2019re considering a cash ISA: the annual limit for under-65s falls to \u00a312,000 from April 2027.\u201d\n<\/p>\n
\n He urged people approaching retirement to review their finances and work out how much income they will need.\n<\/p>\n
\n He said: \u201cIf you\u2019re within a decade of stopping work, the useful steps are checking your State Pension forecast, reviewing pensions you\u2019ve accumulated along the way, and working out what income you\u2019ll actually need.\n<\/p>\n
\n “Decisions about when to access a pension, how much to draw, and what to keep invested make a substantial difference to how long the money lasts – and that\u2019s where a qualified financial adviser earns their fee. It\u2019s never too early, or too late, to start.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The petition is approaching the 100,000 signatures needed for Parliament to consider debating the issue. Supporters argue that…\n","protected":false},"author":2,"featured_media":803656,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,4174,4175,56,54,55],"class_list":["post-803655","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/803655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=803655"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/803655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/803656"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=803655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=803655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=803655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}