State Pension: will UK age increase, uncertain future for over-60s as retirement age may rise - review news
Nearly half of workers aren’t saving for retirement — and pensioners risk falling behind 📉
- Government launches fresh review into raising the state pension age
- Plans to increase age from 66 to 67 by 2028 are already in place
- Over-60s, especially those born 1957–1962, could be most affected by future hikes
- Nearly half of working-age adults aren’t saving for retirement, triggering wider concern
- Pensions Commission revived to address fears future retirees will be poorer than today’s
The Government has confirmed it will review the state pension age once again, raising fresh questions over when today’s workers — and especially those in their 50s and 60s — will be able to retire.
While the current state pension age is 66, plans are already in place to raise it to 67 between 2026 and 2028.
A potential move to 68 had been expected to be reviewed after the general election — but now Work and Pensions Secretary Liz Kendall has now confirmed that process is already under way.
What does it mean for people in their 60s?
While no decision has yet been made, over-60s — particularly those born between 1957 and 1962 — will be watching closely. These are the people most likely to be affected if the government accelerates or extends the state pension age hike to 68.
Currently, people can claim the state pension at 66, but if the age rises faster than planned, some in their early 60s could face delays to retirement or financial planning gaps.
A statutory review is required by law every six years, and considers life expectancy, demographics, and economic conditions.
But this time, the review comes amid mounting pressure on public finances, and fears that a growing number of people will be entering retirement with too little to live on.
No immediate changes to the retirement age have been made, and any changes would still need to go through consultation and be passed by Parliament.
Why the potential change?
Kendall linked the review to wider worries about the adequacy of future retirement incomes, as she also revived the Pensions Commission, a body tasked with making long-term recommendations to improve the system.
“Put simply, unless we act, tomorrow’s pensioners will be poorer than today’s,” Kendall said. “Almost half of the working age population isn’t saving anything for their retirement at all.”
According to government data, 45% of working-age adults are not saving anything into a pension. And those who are saving are often not putting away enough.
Kendall warned that if action isn’t taken now, those retiring in the 2050s could receive £800 less per year than today’s pensioners — a drop made worse by the rising cost of living.
She acknowledged the difficulty of the task, saying: “Many workers are more concerned about putting food on the table and keeping a roof over their heads than saving for a retirement that seems a long, long way away.”
Are you struggling to make ends meet as costs continue to rise? You can now send your stories to us online via YourWorld at yourworld.net/submit. It's free to use and, once checked, your story will appear on our website and, space allowing, in our newspapers.