A growing number of people in the UK don’t know when they will retire, due to confusion around changes in the state pension age (SPA). According to new research, 1 in 10 people are unaware of their correct pension age, and some are even underestimating it. This confusion can lead to serious financial mistakes, especially for those nearing retirement.
Here’s what’s changing, who’s affected, and how you can find out when you will get your state pension.
What Is the State Pension Age (SPA)?
The state pension age is the age at which you can start receiving your State Pension from the Department for Work and Pensions (DWP).
- Currently, the SPA is 66 years for both men and women
- For people born after 6 April 1960, it will gradually increase from 66 to 67
- For those born after 6 March 1961, the SPA will be 67
- There are plans to raise it again to 68, starting around 2044—although this may happen earlier
What’s the Problem?
The Institute for Fiscal Studies (IFS) warns that about 130,000 people either don’t know their SPA or are underestimating it.
Research shows:
- Only two-thirds of people in their early 60s correctly know their SPA is 66
- For people with an SPA between 66 and 67, only 40% know the correct age
- About 16% of people in this group are unaware or have guessed wrongly
- This lack of awareness could lead to people retiring early, budgeting wrongly, or depending on savings that won’t last.
Why This Is a Big Concern
Heidi Karjalainen, Senior Research Economist at the IFS, explained that:
- Most people rely on the state pension as a major part of their retirement income
- If they assume the wrong age, they may make poor choices about when to retire and how much to save
- People close to retirement might be caught off-guard if they expect to receive the pension earlier than they actually will
What Can Be Done?
The IFS has suggested two key actions:
- The government should send a letter to people around their 50th birthday, informing them of their likely state pension age
- There should be a guarantee that no SPA changes will be made within 10 years of a person reaching that age
- This would give people confidence and help them plan their retirement finances properly.
How to Check Your State Pension Age
To find your official SPA:
- Visit the official gov.uk website
- Enter your date of birth and gender
- It will tell you when you’ll reach SPA and how much you could get
As the state pension age continues to rise, it’s essential for everyone—especially those in their 50s and 60s—to know exactly when they can retire. With up to 130,000 people unaware of their SPA, the risks of poor financial planning are real.
Simple steps like checking your SPA online and staying informed about government updates can help you avoid unexpected shocks in your retirement years. The government is being urged to improve communication so that everyone can plan their future with confidence.
FAQ’s
What is the current UK state pension age?
The current state pension age (SPA) in the UK is 66 for both men and women.
When will the state pension age increase to 67?
The SPA will gradually rise to 67 starting from April 2026 for those born after 6 April 1960.
How can I check my exact state pension age?
You can check your SPA using the official tool on the gov.uk website by entering your date of birth and gender.
Why is knowing my SPA important?
Not knowing your state pension age can lead to poor financial planning, such as retiring too early or budgeting wrongly.
Is the pension age going up to 68 too?
Yes, a further increase to 68 is planned for 2044, though it may be brought forward based on future government decisions.
