Retirement Planning For Baby Boomers
Bear in mind the age when you claim your State Pension need not
necessarily be the date you retire. The age when you could start
drawing your State Pension used to be 65 for men and 60 for women,
but that is changing as we are all living longer.
These days you can take the money and keep working, or you can
delay taking the state pension and pick up enhanced benefits later.
Unfortunately if you opt to go early, you won’t get the State pension
until you reach the official retirement age (except in certain limited
circumstances) - and your benefits might be reduced if you haven't
paid the required number of qualifying years' National Insurance
Men born before 6 April 1945 usually need 44 qualifying years, but
men born on or after that date need only 30.
Women born before 6 April 1950 usually need 39 qualifying years. If
you were born on or after 6 April 1950 it drops to 30 years.