As the cost of living crisis continues, many older Britons approaching retirement may want to double check when they will start to receive this cash boost in order to plan for their future. State pension age needs to be reached to be able to get the state pension, but this threshold is currently rising.
The state pension age is currently 66 for both men and women in the UK.
From April 2026 the state pension age will begin further increases to 66, and then to 67 by March 2028. It is expected to reach 68 by around 2044.
A state pension age review which looks at whether the rules around pensionable age are appropriate will be published by May 7, 2023.
However there is an online tool which shows a person when they will reach state pension age.
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The online system doesn’t take long to use, and people could be able to find out when they can claim the state pension within a matter of seconds.
People can find out their state pension age, their pension credit qualifying age and when they’ll be eligible for free bus travel.
Britons can follow the instructions on the Government website and put in their details to get the information.
The user will be asked to put in their date of birth, and press continue.
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The forecast tool provides an idea of how much state pension someone is due to get once they become eligible by reaching state pension age.
The state pension is based on National Insurance (NI) contributions. The more qualifying years someone has, the more state pension they will be able to get.
To get the full state pension, 35 years of NI contributions may be required, and 10 years are needed to get anything at all.
Qualifying years are accumulated through working, but can also be earned by receiving certain benefits or making voluntary contributions.
That means if someone has gaps in their NI record which are preventing them from getting the maximum state pension, they could boost their entitlement using benefits or voluntary contributions.
The LV= Wealth and Wellbeing Research Programme, a quarterly survey of 4,000 UK adults, found more than three-quarters (77 percent) of working adults could not say how much the state pension is.
Not everyone will get the full state pension, and those using it can find out how much state pension they can get, as well as when it’s possible to get it and how to increase it, if that’s possible.
If people choose not to take their state pension from the state pension age, the amount they are entitled to will gradually rise.
For every year they delay it, the amount they can receive will rise by around 5.8 percent.
