Hard-working Britons could soon have to wait until their 70s to claim their state pension.
The state pension age is currently 66 for both men and women with this to increase to 67 between 2026 and 2028 and then to 68 between 2044 and 2046.
But an expert has warned the timetable may have to be revised. Chris Ball, managing partner at Hoxton Wealth, said: “If the state pension age is pushed to 70, we might expect this to happen around the 2040s, given the current pace of change.
“However, the Government would need to strike a careful balance between financial sustainability and ensuring that people who’ve worked for most of their lives have sufficient support in their later years.”
Mr Ball said there is a “clear trajectory” with legislation in place to move up the state pension age but there are several factors which could affect when this happens.
He explained: “The Government has already legislated for a gradual increase to 68, but whether the age will climb further will depend on factors like longevity trends, the strength of public finances, and the political landscape.”
She warned: “The prospect of the state pension age increasing to 70 and beyond is not far-fetched. With an ageing population and longer life expectancy, the Government faces growing pressure to maintain the viability of pension funds.
“While there are already plans to raise the state pension age to 68 by 2046, further increases could be introduced sooner than expected.
“Given the demographic trends, it’s likely the pension age could reach 70 by the 2050s, though no definitive timeline exists. The challenge is that many people, especially those in physically demanding jobs, may find it difficult to work into their late 60s or 70s.”
Mr Ball said that as the state pension age increases, it’s important support is in place to help people work longer.
He suggested changes to employment such as flexible working or phased retirement could help with this, as well as retraining so older workers have the skills they need.
He added: “Supporting individuals in keeping their health and wellbeing is critical. Investments in preventative healthcare and mental health support, for example, would reduce the likelihood of people being forced to leave the workforce prematurely.”
The full new state pension is currently £221.20 a week while the full basic state pension pays 169.50 a week.
