retirement

Many of us will have looked on with pleasant anticipation at the news of our state pension being improved dramatically under new proposals.
 
The Government’s Headlines

• £140 per week state pension for all, it could even be as much as £155 per week. 
• Only 30 years National Insurance Contribution paid to receive a full state pension, no longer 40 years +.
• Too good to be true? Sadly, yes it is.  In our opinion, we will all be worse off.
  

1. State Pension Age Increases
 
65 for All - Men already receive state pension at age 65. State pension ages for women are being phased in to increase to age 65.  If you are a female born between April 1950 - March 1955, you have a phased retirement age between 60 and 65, if born after April 55, your retirement age is 65..

66 for All - State Pension at age 66 for Men and Women this gradually increases from 65 to age 66 from Dec 2018 to April 2020 (it may even be from 2016 for men). If born April 1959 - March 1960 you will have a phased retirement age.  If born after April 1960, retirement age is 66.

67 for All - State Pension at age 67 gradually increases from 66 to age 67 from 2026 to 2036 i.e. if you were born April 1968 - March 1969 you will be in the phased retirement age stage, if you were born after April 1969 onwards retirement age is 67.

68 for All - State Pension at age 68 from 2036 through to 2044 i.e. if you were born between April 1977 - March 1978 it is likely be phased in from ages 67 to 68 and if born after April 1978, State Pension Age is 68.

70+  Age for all - who knows? The plan is to increase state pension age with life expectancy.