UK state pension age rises to 66 and will eventually reach 68 or even 70 years old
The state pension ‘Ponzi’ scheme becomes harder to fund as people live longer and the demographic ratio of working to retired people changes. There is no fund and the scheme relies on new entrants to pay out people in retirement.
The age at which the majority of UK retirees qualify for the state pension has now officially changed to 66 following rises in the qualifying age in the last few years.
For men and women born between 6 October, 1954, and 5 April, 1960, they will miss out on at least one year of state pension income and will only start receiving their pension – worth up to £175.20 per week – when they reach age 66.
It gets worse for those born later. The government will gradually phase in an increase in the state pension age to 67, and 68. Eventually, we will all have to work until 70 to get a state pension.
Use the government’s calculator to find out your state pension age
Rishi Sunak, the UK chancellor, said he will maintain the “triple lock” pledge under a conservative government.
This means the state pension will increase each year in line with the highest of average earnings, prices (as measured by inflation) or 2.5%.
How will you be able to afford to retire?
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Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.
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By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.
There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.
If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.net or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com
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