The UK government is to make the official age for retirement, increase from 65 to 70 but there are literally thousands of people currently employed who arenâ€™t actually sure when they are officially due to retire. Retirement is a choice and some people choose to work well into their 70â€™s, in the same way some people can retire at 40, if they can afford to. The government do control when you can access your state and private pensions however.
So do you know when you can officially retire and receive your state pension? If you are currently aged less than 50, you will be facing an extra 3-5 years on being able to pick up your official state pension, depending on the government at the time.
There are many things to consider about working at this age, there are no rules against building up a larger pension now and simply working on a more flexible and part time basis as many older workers do now.
Where these rules are affecting the current economic situation, is that anyone aged 65 can be forced into taking retirement even if they didnâ€™t want to finish work just yet, so although this seems like a trivial detail, it can and may affect your working life in the future.
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