Millions of men and women across the UK may have to work longer under plans to increase the state pension age.
Those born in the 1970s may have to work for almost 10 years longer to collect their state pensions.
That’s if a Department for Work and Pensions (DWP) proposal to bring forward the rise in state pension to 68 seven years early goes ahead.
The age at which you can get the state pension is currently 66, due to rise to 67 by 2028, the Mirror Online reports.
An increase to 68 has already been set out for between 2044 and 2046 but, under these proposals, this change could take place as early as 2037.
An earlier rise would affect those born between born between April 6, 1970 and April 5, 1978.
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The maximum state pension is £179.60 a week, but how much you get depends on how many credits you have.
And on the full rate, it’s worth more than £9,350 a year to individuals.
The state payment is paid to anyone who has made at least 10 years’ worth of national insurance contributions during their working lifetime, accumulated through working in the UK or top-ups such as grandparents’ credit.
Becky O’Connor, the head of pensions and savings at the website interactive investor, said: “The idea of a long, enjoyable retirement seems set to be consigned to the history books.
“It’s no wonder today’s younger workers have little faith in the state pension being there for them at all when they stop work, with many thinking they’ll end up working forever.”
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She added: “For those who find they can no longer work before they reach 68 because of age-related ill health, the inability to claim state pension presents huge issues. The age at which people can expect to start to experience health problems that might prevent them working is around 63, which could leave many people facing several years where they either have to rely on private pension provision, which may be inadequate anyway, or other benefits.”
The government said Britain’s ageing population meant it needed to make decisions on how to manage the cost of the state pension, including whether it should be paid based on life expectancy.
That could mean people in deprived areas could get their state pensions earlier than those in affluent ones because they are likely to die sooner.
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