A review of state pension age is about to wrap up and many fear that they may have to work longer or face a less comfortable retirement. The state pension age is already due to rise from 66 to 67 by 2028 and to 68 by 2046, and any further changes could derail millions of retirement plans. Here’s what you need to know.
Because it is unaffordable for the government. State pension age was set at 65 in 1926 and lowered to 60 for women in 1940. A person born in the 1920s had a life expectancy of about 70. Today, people live over a decade longer on average and often spend more than 20 years in retirement. The state pension costs over £100 billion
