State Pension Age Rise to 67 Will Cost Affected UK Pensioners Up to £4,182 from July
The phased rise in the UK State Pension age to 67 is set to cost affected pensioners an average of up to £4,182.52 from 6 July, as the next stage of the policy change comes into effect for a new cohort of workers born after April 6, 1960.
The increase — which has been implemented in stages since April this year — affects the age at which individuals become eligible to claim their State Pension.
Rather than receiving payments from their 66th birthday, those affected must wait additional months depending on their specific date of birth before they reach their official State Pension age.
The full rise to age 67 will be phased in gradually until 2028, with workers born progressively later in the affected window facing a longer wait and therefore a greater loss of early pension payments.
Consumer finance specialist Sarah Pennells from Royal London underlined the importance of planning ahead.
She said: "As the State Pension is the foundation of most people's income in retirement, it's important to know when you're due to receive yours." Pennells advised those approaching retirement to verify their specific State Pension age using the government's online check tool or app and to adjust their broader financial planning accordingly.
Financial advisers broadly recommend increasing contributions to private pensions or exploring other savings vehicles to bridge any gap created by the delay in State Pension eligibility.
The full new State Pension is currently worth £221.20 per week.
The increase — which has been implemented in stages since April this year — affects the age at which individuals become eligible to claim their State Pension.
Rather than receiving payments from their 66th birthday, those affected must wait additional months depending on their specific date of birth before they reach their official State Pension age.
The full rise to age 67 will be phased in gradually until 2028, with workers born progressively later in the affected window facing a longer wait and therefore a greater loss of early pension payments.
Consumer finance specialist Sarah Pennells from Royal London underlined the importance of planning ahead.
She said: "As the State Pension is the foundation of most people's income in retirement, it's important to know when you're due to receive yours." Pennells advised those approaching retirement to verify their specific State Pension age using the government's online check tool or app and to adjust their broader financial planning accordingly.
Financial advisers broadly recommend increasing contributions to private pensions or exploring other savings vehicles to bridge any gap created by the delay in State Pension eligibility.
The full new State Pension is currently worth £221.20 per week.