In 2014, we were told this would happen – but the UK Government has now announced they will legislate to raise the age at which you can access your pension from 55 now to 57 in 2028. If you were born after 1971 you will be affected!
So why are they doing it? Simply put people are living “too long” and may be in danger of running out of money too early, therefore delaying their retirement by “a couple of years” may help alleviate some of this added pressure. In fact, this change is probably only the beginning and it was touted in 2014 that the new age would actually match state pension age minus 10 years, if this becomes the case when the state pension rises to 68, other pensions will then rise to 58!
As always, as legislation changes – your local experts remain vigilant. Get in touch with your local, jargon free team to guarantee your very own Financial Fortress!