The UK government has tasked a Pensions Commission with reviewing the current state pension age timetable. The review will consider the impact of rising life expectancy and low interest rates on the pension system. As a result, it is likely that the state pension age will continue to rise, with potential changes on the horizon. This could make it even more vital for individuals to take control of their own retirement savings.
The UK's state pension age has been increasing in recent years, with the full state pension age currently set at 66. The government has previously stated that the state pension age will rise to 67 by 2028, and 68 by 2037. However, the review could lead to further changes, with some experts suggesting that the state pension age could rise to 70 or beyond.
With the state pension age set to continue increasing, it is essential that individuals plan for their own retirement. This may involve making the most of pension contributions, such as those available through employer schemes or individual pension plans. It is also crucial to consider other sources of income, such as savings and investments, to ensure a comfortable retirement.