State Pension Age is on the Move Again

Effective financial planning provides for your present monetary needs, but the process also accounts for retirement finance. One big piece of the financial puzzle is in play this month, as the state pension age continues its upward trajectory, impacting Britons nearing the much anticipated milestone.

The state pension age once stood at 65 for men and 60 for women. The march to parity, set in motion by past governments, was reached last November, when the state pension age leveled out at 65 years of age for both men and women. In another cost-saving measure deigned to stabilise future payment obligations, the state pension age has now climbed to 66. The change will be implemented over the course of the coming year, slated to be in place by October, 2020.

What’s Your Pension Age?

The new pension age policy creates complicated conditions, which can be hard to follow, determining your pension age during the transition. The gradual climb essentially means people born at different times will also reach retirement age at different times during year. If you’re approaching retirement and need clarity, it’s possible to check your date using the government calculator. Express recently spelled out some of the parameters in a timely article tracking state pension changes.

According to the piece, workers born between December 6, 1953 and Jan 5, 1954 will reach state pension age on March 6 of this year.

If you were born during the period spanning January 6, 1954 and February 5 of the same year, your state pension age date lands on May 6, 2019.

The next group of pensioners, those born between February 6, 1954 and March 5, 1954 reached state pension age on July 6.

As the figures shake out for would-be retirees, UK workers on the front end of the curve have a state pension age of 65 years, 5 months. Those on the trailing end of the time span qualify for pensions at age 65 years, 4 months, and 1 day.

The calculations reflect pensioners birth dates and gender, determining precisely when benefits can be delivered. Qualified persons can submit pension applications as far as four months ahead of reaching pension age, either online, or by following procedures outlined at If questions remain leading up to your pension date, a letter can be sent explaining the process.

Some pensioners may opt to defer payment, which can result in their receiving a larger amount. To be eligible, one must delay payment for a prescribed period of time.

Are You Ready?

As the state pension age takes another step away from aging workers, looking forward to retirement, many UK families are wholly unprepared for the event. Online loans are available whilst you’re working, guaranteed by your pending payday, but you may not enjoy the same access to cash after leaving your job. Do you have sufficient investments and savings in reserve to supplement your pension during retirement? If you’re like many UK workers, the state pension is the only financial resource available to you after leaving the workforce.

Savings are woefully lacking in many UK households; a substantial number of UK workers fear they’ll never retire. The vulnerable group of low earners diverges from the general earning population, with many members having faced a significant financial crisis during the past year. Of the would-be pensioners facing shaky financial ground, Express reports more than 80 per cent fear running out of money during their golden years.

Paying the state pension is a mighty government expense, so it’s not surprising seeing legislators turn to a higher pension age for future budget relief. Unfortunately for many UK workers on their way toward retirement, a rising pension age only adds to their already challenging pension prospects.

Paul graduated in 2001 with a degree in Finance. Since then he has gone on to work for several of the UK's most well-known financial institutions.

An avid blogger and a huge football fan, Paul is here to guide you through the ins and outs of personal finance and perhaps save you some money in the process!

Leave a Comment

Your email address will not be published. Required fields are marked *