Warning as millions of workers could have to work longer under state pension age shake-up

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Lakhs of workers may have to work longer hours due to the change in the state pension age.

People are being warned to plan ahead for change so that they have the necessary cash retirement,

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2GG65H4 Frustrated woman counting bills, sitting at desk, financial problemscredit: Alamy

at what age can you get state pension Currently it is 66 and it will increase to 67 by 2028.

An increase of 68 has already been determined between 2044 and 2046 – but it could be earlier.

Review When You Can Use Your State Pension Work and Pensions Department.

This could see an increase of 68 per cent going forward until 2037 – and it means that millions of Britons born between 6 April 1970 and 5 April 1978 could face long waits to access their retirement cash.

Martin Lewis urged 1 million people to check whether they were making £3,300.  missing from
I was 66 years old and I was told that I have zero state pension after a big mistake

State pension is based on the number of years of National Insurance contribution You earn up to £185.15 per week and this is currently worth it, although this amount increases every year.

you can access a Workplace or personal pension at the age preceding the state pension.

It is currently 55, But also in the future 57 . can grow up toWhich means you can wait longer to access that cash as well.

you can Stop working first if you have access to cash Not in pensions, such as income from savings or investments.

A review of the state pension age will consider whether a longer life expectancy means Britons must work longer.

However, the earlier change in the retirement age is yet to be decided and is yet to be passed into law.

Richard Egling, senior personal finance expert at NerdWallet, said: “For many people, reaching the state pension Age is the beginning of a new chapter in their life as it is a time when there can be significant changes in lifestyle like reducing working hours or planning to retire completely.

“However, a change in the state pension age could lead to financial problems and stress, especially during the current cost of life crisis, as people would have to wait longer than expected to claim their state pension.

“This could see people working past their state pension age because, depending on their financial situation, they can’t afford to retire.”

State pension alone is unlikely enough to live for a comfortable retirementThat said, and there are other ways to increase income later in life by acting now.

“It is never too early to think about paying in private pensions to help achieve more comfortable financial security in later life,” he said.

Millions of people are now automatically paid in pension through their workplace.

That means you can have extra cash in retirement on top of a state pension.

Here’s how you can increase your personal or state pension cash for retirement.

Check Your State Pension Eligibility

National Insurance contributions Usually taken directly from your salary if you are employed or through self-assessment for self-employed.

You must have at least ten years’ worth to qualify for the new state pension national insurance You need at least 35 eligible National Insurance years to contribute, and receive the maximum.

If people were unemployed, low-income, or self-employed, they often had gaps.

You can see how many years you have made NI payments and view any missing years official website,

If you don’t already have an account, you will need to create a Government Gateway account online.

you can also request a statement online, on the phone or by post, but by writing to: Office of National Insurance Contributions and Employers, HM Revenue and Customs, BX9 1AN

The closer you get to retirement, the more important it is to check how many years you have.

If you have a gap that means you can’t reach 35 qualifying years, you can still take action so that you don’t miss out on cash – This way.

Claim National Insurance Credit

National Insurance Credit is a way to maintain your National Insurance record when you are not making National Insurance contributions through work.

They help build up qualifying years over time, which you can use to qualify for a basic state pension and other benefits.

You can get the National Insurance Credit if the following are applicable:

  • You are on job seekers allowance and not in education or working 16 hours or more a week or you are unemployed and looking for work but not on job seekers allowance
  • you are sick, disabled or on sick pay
  • you are on maternity, paternity or adoption pay
  • You are a parent who has registered for child benefits for a child under the age of 12, you wish to transfer credit from your spouse or you are a foster caregiver
  • You are a carer on a carer’s allowance, on income support and providing regular and adequate care or you are caring for one or more sick or disabled person at least 20 hours a week
  • You are a family member who is above 16 years of age but below the state pension age and you are 12. caring for a child under the age of
  • You are on the Working Tax Credit or Universal Credit
  • you are on a training course or jury service
  • your partner is in the armed forces
  • you have been wrongly imprisoned

you can see A complete list of who is eligible to claim the credit on the government website.

It explains the circumstances where you will need to make a claim and when you will receive it automatically.

You must either apply online or contact your local job center to receive the credit.

You can check how to apply for each on the same page.

You may also be deprived of the all-important credit if the wrong parent is claiming child benefits. Here’s what you need to know.

find lost pension pot

Keeping track of where your pension pot is can be difficult.

If you change jobs regularly you may have several – that’s because companies require employees to auto-enroll in a pension plan to boost their retirement.

It May Mean You Have Too Many Workplace Pension Pot — But Nearly 1.6 million savers They have lost track of where they are.

A new online tool, called the Pension Dashboard, is expected to help workers track these savings – but it won’t go live until 2025.

Meanwhile, your employer should be able to tell you where your pension amount is if you are self-enrolled in a scheme.

There may be a website you can log into where you can see who manages your pension, how it is invested and changes your contributions.

Pension providers also have to send annual statements to plan members, so check old paperwork or emails.

Check online if a provider has merged or been sold to another company as this could mean that someone else is in charge of your pension.

If you still can’t find your lost utensils, you can contact Pension Tracing Service.

It is a free government service that lets you find your workplace or personal pension scheme or any other person if you allow.

Check how your pension is invested

Savers can increase how much they have invested in the stock market, which can increase the value of the pension pot. Up to £100,000 by the time he retires.

usually you can By paying more in pension, the amount you have in retirement will increase Every month or week through work.

But for whoever is already saving the most, especially in cost of living crises, there is still a way to grow a nest egg.

The money you save in a pension is invested to help your money grow over time.

Money contributed to a workplace pension goes into something called the default fund.

Your money will automatically be invested in stocks and shares (equity), bonds and some money is also kept in the form of cash.

With the expectation of increasing returns, savers can choose to increase the amount they hold in equities.

The default fund allocation for stocks and shares varies depending on the provider and your age, and can be anywhere between 35% and 100%, reveals research from accountancy firm EY Show.

Especially for young savers, taking more risk with their pension may be the only way to ensure a decent income in retirement in the years to come and avoid working long hours.

The older you are, the less risk you are generally advised to take with your pension savings, but all investors should “look under the bonnet” to see if they have the right level of investment risk.

Of course investments can go up and down, so think carefully about the changes and talk to your pension provider to help you understand.

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Meanwhile a pension expert Told how a lifetime ISA and SIPP can give you extra cash in retirement.

and Martin Lewis warns that more than One million pensioners are deprived of £3,300 per year On top of the state pension.

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