The retirement age is sneaking up, and our online calculator lets you pinpoint how much longer you’ll be working. Presently set at 66, the state pension age is on the move. It will shift to 67 between 2026 and 2028, then ascend to 68 by 2046. This shift reflects the rising life expectancy projected for the population.

A review in 2017 proposed advancing the retirement age to 68 by 2039, a suggestion paused last March due to a slowdown in life expectancy growth. However, everything might change post the upcoming review anticipated in 2026, after the next general election.

For those born after April 6, 1960, still in the workforce, their state pension age will gradually rise. Take, for example, someone born between April 6, 1960, and May 5, 1960, who can claim their pension at 66 years and one month. On the other hand, individuals born between March 6, 1961, and April 5, 1977, will wait until 67. Anyone born after that enters the trajectory towards claiming at 68, unless legislation alters the state pension age. For those born after April 6, 1978, claiming happens at the age of 68.

Considering all this, someone born on April 4, 1977, faces around 12 years, three months, and two weeks of work before pension eligibility. Using our pensions calculator, you can determine your remaining time till retirement and even equate it to a workweek day.

However, not everyone receives the same pension amount. Depending on birth year, individuals may claim either the basic state pension or the newer version. The full new state pension stands at £203.85 per week, expected to increase by 8.5% this April due to the triple lock promise, hitting £221.20 weekly.

Qualifying years on your National Insurance record dictate the pension amount. To receive the full new state pension, you generally need 35 qualifying years, with ten years for any amount at all.

For those qualifying for the basic pension, currently at £156.20 per week, rising to £169.50 under the triple lock promise, National Insurance record again determines the amount. Men and women have different requirements based on birth year.

Further changes are afoot this year: the pension lifetime allowance is vanishing in April. Instead, there will be a cap on the tax-free lump sum you can withdraw from your pension.

Additionally, the auto-enrolment scheme is being extended, bringing younger workers into their workplace pensions sooner and abolishing the lower earnings limit on which contributions are mandatory.