PensionBee, a leading online pension provider, has launched a new State Pension Age Calculator, designed to help savers evaluate if they can retire before they are eligible to receive the contributory benefit from the Department for Work and Pensions (DWP).
The age people can claim their State Pension has risen significantly since 2010 when the entitlement age was previously 60 for women and 65 for men. Currently 66, the State Pension age is due to increase again to 67 between 2026 and 2028, with a review to reconsider the rise to 68 scheduled within two years of the next Parliament.
However, a recent survey by PensionBee revealed that the 'ideal retirement age' for British workers is 60, despite this being some time before they would be able to receive their State Pension. Meanwhile, the healthy life expectancy - the number of years you can expect to live in good health - for workers in the UK is 63, suggesting a potential pension gap for people who might want or need to retire earlier than their State Pension age.
