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Liverpool Echo
Liverpool Echo
World
James Andrews & Sophie McCoid

State pension age rises next week with millions missing out

The State Pension age is set to rise next week, with millions of people forced to wait longer than they'd planned to claim it.

From October 6 if you want to claim your state pension you will have to be 66.

That means anyone born after October 5, 1954 will have a state pension age of at least 66. For some women that is six years after the date they were originally told they could claim, reports Mirror Online.

This is also the first rise to affect men as well as women as the government looks to cut costs as people live longer lives.

Further rises to 67 and 68 are planned in the next few years.

Aegon pensions director Steven Cameron said: "From 6 October, both men and women will have to wait until age 66 to receive their state pension, and this is set to increase further in the future.

"Recent increases in the qualifying age have aimed to make the state pension more affordable as we live longer."

In the past 10 years the state pension age has undergone significant changes.

Back in 2010, women could claim their state pension from 60, while men could claim theirs at 65.

By 2018, women had seen their state pension age rise to 65 - and there it remains despite repeated legal challenges to the move.

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The equalised state pension age will rise to 66 next week, and then again to 67 in 2028 and to 68 from 2037.

The value of the state pension was also put into perspective by Aegon.

It calculated that, at current prices, you would need £336,500 worth of savings to replace the full state pension of £175.20 a week.

Cameron said: "This may seem huge, but for most people, relying on the state pension alone won’t provide the lifestyle they aspire to in retirement.

“This is why it’s vital to plan ahead for the retirement you want by making additional personal provision, for example by saving through a workplace or personal pension.

"And the sooner people start on that journey the longer their contributions have to grow with investment returns."

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