The state pension age could rise by the end of the 2030s, it has been reported. It would mean millions of Brits having to work longer.
Currently, the state pension age is 66. But under new plans by the Government, it has been reported, the retirement age might go up to 68 by the end of the 2030s.
The Express reports a Government review on the state pension age is currently ongoing, with potentially significant results. The Government has stated the review will consider whether the rules around pensionable age are appropriate.
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Life expectancy data and other evidence will be considered. A Government announcement stated: "As the number of people over state pension age increases, due to a growing population and people on average living longer, the Government needs to make sure that decisions on how to manage its costs are, robust, fair and transparent for taxpayers now and in the future.
"It must also ensure that as the population becomes older, the state pension continues to provide the foundation for retirement planning and financial security." The review is considering whether the increase to age 68 should be between 2037 and 2039. However, The Sun reported the Treasury is said to want the change to 68 to come in as early as 2035.
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