State Pension Age Set to Rise to 67, Affecting Millions

The UK State Pension age is set to increase from 66 to 67 between 2026 and 2028, with a further rise to 68 planned for the mid-2040s, potentially delaying retirement payments for around three million people if brought forward. To qualify for any State Pension, individuals must have at least 10 years of National Insurance (NI) contributions, while receiving the full New State Pension of £230.25 per week typically requires about 35 years of NI contributions, though some may need more if they were 'contracted out.' Over 13 million people currently rely on the State Pension as a key source of income in retirement, making awareness of these requirements crucial. The increase in pension age and eligibility rules may impact retirement planning, especially for those who depend primarily on the State Pension. Additional benefits may end or change when reaching State Pension age, so it is important for retirees to check their entitlements. Workplace and private pensions can supplement State Pension income, but understanding NI contribution requirements is vital for maximizing retirement benefits.