State Pension Age Review – What It Could Mean for Your Retirement

The government has launched another review of the state pension age, led by Minister Liz Kendall.

Right now, it’s 66 for both men and women, rising to 67 from May 2026 for those born after April 1960. A further increase to 68 is pencilled in for the 2040s, although that hasn’t been confirmed in law.

This isn’t unusual — the Department for Work and Pensions must review the pension age every six years to check the system’s sustainability. But it does raise the question: will you need to wait even longer before you can claim it?

Why it’s under review

The state pension already costs around £150 billion a year, with forecasts putting the bill above £170 billion by 2030.

A major driver is the ‘triple lock’ guarantee — the promise to raise pensions each year by the highest of inflation, average earnings, or 2.5%. Critics say this could make the system financially unsustainable within a decade.

Raising the pension age is often politically easier than cutting benefits, as it affects future retirees more than current ones. This review’s findings aren’t due until 2029, following the last report in 2023.

What it could mean for you

If you’re in your 40s or younger, there’s a real possibility you may need to work longer before your state pension starts.

Even if your age stays the same, the state pension alone may not be enough to deliver the lifestyle you want. The government’s online calculator will tell you your current pension age — but it’s just as important to plan how you’ll bridge any gap between finishing work and that state income kicking in.

How to prepare

This is where Flourish planning matters. Steps to strengthen your position include:

• Boost private or workplace pension contributions – These benefit from tax relief, helping your money grow faster.

• Review your investment strategy – Ensure your pension is set up for both long-term growth and steady income when you need it.

• Explore other income sources – ISAs, rental income, or part-time work can all help bridge gaps.

• Get professional guidance – A financial planner can make sure your pensions, investments, and tax planning work together for your retirement goals.

The takeaway: Relying solely on the state pension has always been risky. With another review underway, building your own financial safety net is more important than ever — so you stay in control of when and how you retire.