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Retirement age to increase

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Working people in their early 40s will have to wait until they are 66 years old to draw their State pension until they are 66, while 20-somethings will be 68 before they qualify, under Government plans published yesterday.

In a White Paper entitled “work longer, save more”, the Government stated it would begin to increase the State pension age from 65 to 66 in 2024, rising to 68 from 2044.

Millions of young workers will receive only £3 a week more (in today’s terms) from the state for working until 68.


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