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What age can I retire?

What age can I retire?

For some of us, the age that we can retire is a milestone date that we are desperate to reach. It can feel so close but also so far when we have a job that we don’t enjoy.

For others, they dread the idea of not having anything to do each day.

And for the rest, it can seem a million miles away.

But, what age can we retire? 55, 60, 65, 70, never?

This article will give you some indications of when you are likely to retire. This page will aim to give you information that will help you answer these questions for yourself. Remember though, this website is for information only and before you make any decisions about retirement you should speak to a financial advisor. The information on this website is to be used alongside other information to help get you started.

When will I get my state pension?

Most people retire when they get their state pension. For some, this will be all that they have and so they can’t retire before this point. For others, the state pension combined with their pension pot will hopefully give them enough to live on.

A full breakdown including exact dates for you (the transition periods make it much more complex) can be found here :

But the simplified answer is that the state pension age in the UK is currently 65, but if you were born after 1960, it will increase to 66. If you were born after 1969 and before 1977 it will be 67, and after this it will be 68.  Please note the rules have changed a lot in recent years and the government hasn’t ruled out bringing state pension age to 68 sooner.

When will I get my defined benefit pension?

Your defined benefit pension will have a set of scheme rules that set out when they will give your pension. Often this is linked to state pension ages. This can be beneficial so that it all aligns and you are not having to survive on one or the other until the other one is ready.

Some defined benefit pensions, will allow you to access it earlier, often at set dates (for example on your 60th birthday or 10 years before your state pension age). There are a very few exceptions to getting your pension more than 10 years before your state pension age. Therefore, if you are in your 30s now, you will be very fortunate to be able to retire much before 60.

When will I get my personal/defined contribution pension?

Your personal pension has more flexibility than a defined benefit or state pension. Once you are within 10 years of state pension age, you can take it whenever you want. However be warned that the earlier you take it, the smaller the pot will be and the longer it will have to last.

I want to retire as early as I can, what can I do?

If you want to retire earlier than state pension age, there are a number of options that you can consider, but at a basic level, these are some of the things you should be thinking about:

  • Can I increase the amount I am saving towards my retirement?
  • Should I use ISAs to save for my retirement?
  • Should I consider Buy to Lets as additional income for my retirement?
  • How much do I need to live on in retirement?
  • Could I semi-retire?

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