State pension age bombshell as retirement age rise could be 'brought forward'

Raising the retirement age could be brought forward in a blow to workers. Currently, the state pension age is 66 but is expected to rise to 67 in 2028 and 68 in 2046.

But a Government review published in 2023 suggested the rise to 68 should be brought forward to 2041. Other reports say it should be brought in during the 2030s. This would mean that those born in the 1970s will retire at the earliest at 68, and those born in the '80s and '90s could be expected to work into their 70s. To receive the full New State Pension payment of £230.25 each week, people will need approximately 35 years' worth of National Insurance contributions.

This means that for at least 10 years, one or more of the following applied to you:

- You were employed and paid National Insurance contributions.

- You received National Insurance credits, for instance, if you were unemployed, ill, a parent or a carer.

- You made voluntary National Insurance contributions.

If you have lived or worked abroad, you might still be able to receive some New State Pension.

Martin Lewis has suggestions for those attempting to save for their pension. He said to start as early as you can so you have longer for gains to compound.

You could also start saving so you can stop working before retirement age. This can be done by saving in a high interest savings account or a private pension, set saving goals, and speak to a financial advisor.

If you have debts, consider whether it'd be better to get rid of them before starting a pension. You could instead split cash between paying off the debt and the pension, which means you're not delaying starting.