We saw a report recently that got us thinking about retirement age or Normal Retirement Age (NRA) as many refer to it.
The age to qualify for the State Pension is rising.
If you are due to retire in 2028 or later, you will be at least 68 before the State Pension will kick in. Until 2014, 65 was the magic age when you would qualify for the State Pension.
Why is this happening?
Well we are all living longer and the cost of providing pensions to the State is going to rise as more and more people will be claiming this benefit.
In the report by solicitors William Fry, they surveyed over 55 year olds and found that 63% of employees want or believe that they will have to work past the age of 66 (and perhaps into their 70s).
Don’t know your Retirement age?
Why not ask your pension manager.