⚠️ Heads-Up on State Pension Changes! 🎉
Hey folks, important update if you’re planning your retirement! 🔍 Starting next year, the State Pension age will begin to rise from 66 to 67, completing by 2028. So, if you were born after March 5, 1961 & before April 6, 1977, you’ll need to wait until you hit 67 to claim your pension.
Why the Change? 🚀
This adjustment has been in the works since 2014, aligning with life expectancy trends. A further increase to 68 is planned between 2044 and 2046!
Stay Informed 🗓️
The Department for Work and Pensions (DWP) will keep you in the loop with updates. Meanwhile, you can check your State Pension age online and ensure your retirement plans align with these changes.
Top-Up Your Pension 💰
If you’re looking to boost your State Pension, make sure to check any gaps in your National Insurance (NI) contributions. Some may even qualify for NI credits instead! The deadline to plug gaps dating back to 2006 is extended to April 5, 2025. Don’t sleep on this—see if it’s beneficial for you to make voluntary contributions.
Advice from the Experts 🧐
Many folks need at least 10 years of NI contributions to get any pension, and 35 years to receive the full amount. This doesn’t always mean buying back lost years though, so evaluate if topping up is the right move for you.
Tools & Resources 🔧
Head to GOV.UK for handy tools to check your State Pension age and contributions. It’s a big decision, so take advantage of these resources!
👥 Have you checked your State Pension age? Planning to top up your contributions? Let us know how you’re planning for these changes! 💭