The timetable for the State Pension Age is back in the spotlight, with the government reviewing whether the planned rise to 68 should happen sooner than the current legislated schedule of April 2044 to April 2046. According to a report by The Times, Treasury officials have told the Office for Budget Responsibility that the current policy is now to bring the increase forward by at least seven years, potentially to between 2037 and 2039.

The move is expected to save the government around £6 billion a year from 2037, compared with previous forecasts.

For those currently in their late 40s to mid-50s, the proposed change could mean waiting longer than expected before becoming eligible for their State Pension. Even a one-year delay could affect retirement income planning for some, particularly where the State Pension is expected to fund essential living costs.

Although no final decision has been made, with recommendations not due until 2027, the proposal serves as a reminder of the value of building flexibility into your retirement plans. Regularly reviewing your retirement strategy, checking your State Pension forecast, and ensuring your private pensions, savings and investments are on track can help reduce uncertainty. The greater the proportion of your retirement income that comes from your own resources, the more control you are likely to have over when and how you retire, regardless of any changes to the State Pension age.

We can help you review your retirement provisions, identify any potential shortfall, and consider whether small adjustments now could help keep your plans on course. If you would like to speak with your Financial Planner here at Eldon, then please do not hesitate to get in touch with us.