Bad news folks – most of us are going to working a little bit longer than we expected.
The Work and Pensions Secretary David Gauke recently announced that the state pension age will be risen from 2037.
So anyone aged 47 or younger will have to work an extra year before they can claim their state pension.
What is the new pension age?
The new pension age is now 68 (it used to be 67) from the year 2037.
The change was originally planned for 2044, but has been brought forward as a money saving measure.
What is a state pension?
A state pension is a guaranteed income for retired citizens. While many workers have private pensions, the state pension is available for everyone who has paid National Insurance.
A private pension can be claimed on top of the state pension.
How much is the current state pension?
The most that can currently be claimed on a state pension is £122.30 per week.
You will only be eligible for this if you are a man born before 6 April 1951 or a woman born before 6 April 1953. You will also have had to made National Insurance contributions.
The amount that can be claimed on a state pension is regularly adjusted, so it’s impossible to tell what the state pension will be in 2037.
The government claim the changes will save £74 billion by 2045/46 compared with the previous proposals.