I'm near retirement - what are my options?
Are you ready to retire? Even if retirement is coming soon, you may have more options than you think. Here are some of the most important.
Tip one: Boost your State Pension
If you think you might not be in line for a full basic State Pension, it's worth seeing if you can boost it by paying voluntary National Insurance contributions.
Tip two: Work a bit longer
There is no fixed retirement age in the UK. You may be able to boost your retirement income by working a bit longer, or by putting off claiming your State Pension – or both.
Tip three: Make the most of any personal pensions
When you come to take them. You may be able to get a better deal if you shop around.
Know your State Pension age
Did you know that State Pension age is changing? Over time, women will have the same State Pension age as men. If you are a woman getting close to retirement, this might affect you.
- the State Pension age is 65 for men born before 6 April 1959
- for women born on or before 5 April 1950, State Pension age is 60
- the State Pension age for women born on or after 6 April 1950 will increase to 65 between 2010 and 2020
- from 6 April 2020 the State Pension age will be 65 for both men and women
Changes from 2024
Between 2024 and 2046 the State Pension age will increase for both men and women. This increase will be gradual, happening over two years every decade. The changes will mean that:
- State Pension age for men and women will increase from 65 to 66 between April 2024 and April 2026
- State Pension age for men and women will increase from 66 to 67 between April 2034 and April 2036
- State Pension age for men and women will increase from 67 to 68 between April 2044 and April 2046
The age you can claim your State Pension will be determined by when you were born. You can find out exactly when you will be able to claim your State Pension by using the State Pension calculator.
What are my options?
Your State Pension
The State Pension is changing. If you are over 55 you should find out what this means for you.
Track down a lost pension
If you think you may have an old pension but can't remember the details you can contact the Pension Tracing Service: