State pension forecast explained as new calls push for retirement age to be 'pushed back' to 75

The Government offers an online service on Gov.uk where individuals can verify their state pension age by entering their date of birth. This tool reveals both when they'll reach pension age and their actual retirement age.

A separate state pension forecast tool is also available, showing how much state pension individuals could receive and when they can claim it. The forecast tool can also highlight ways to potentially increase pension payments.

To ensure certainty about their retirement plans, Britons are encouraged to check their state pension age and forecast tools as soon as possible.

The state pension is not paid automatically and must be claimed when approaching pension age.

Officials warn the pension age is subject to regular review and could change again in the future, urging people to confirm their details now so they can plan for their future efficiently.

A prominent economist has called for dramatic pension reform, proposing the retirement age should increase to 75 to prevent financial collapse of the system.

The fiscal watchdog revealed the system for increasing pension payments now costs £15.5billion annually, far exceeding the original £5billion yearly estimate.

Tom McPhail, who presents the Pensions Monkey podcast, argues that significant changes are essential to maintain the retirement benefit's long-term viability.

His proposal follows warnings from the Office for Budget Responsibility that the triple lock mechanism has become financially unsustainable for taxpayers.

"With people living longer and healthier lives, it makes sense to think carefully about when state support should begin. Otherwise, the system may simply become unsustainable," McPhail wrote in The Times.

The intervention coincides with Pensions Minister Liz Kendall's confirmation that a pension age review will form part of the newly established Pensions Commission.

The retirement age currently stands at 66, requiring a minimum of 10 years' National Insurance contributions for eligibility.

From 2026 to 2027, this threshold will increase to 67, with the exact timing dependent on individual birth dates. Some workers may face a month's additional wait compared to those born merely a day earlier.

Further increases are scheduled, with the pension age set to reach 68 between 2044 and 2046. These adjustments, established through 2014 legislation, apply equally to men and women.

Speculation suggests Labour's forthcoming pension review might accelerate the timeline for reaching age 68. A third assessment is examining whether the threshold should eventually reach 70 within approximately two decades, reflecting rising life expectancy.

While workers can retire before reaching state pension age using private pensions, Government benefits remain inaccessible until the official threshold is met.

McPhail advocates for "a radical reset" of the pension system, maintaining universal payments at identical rates regardless of location, health status or wealth, whilst shifting the eligibility age to approximately 75.

"At this point and given the fiscal pressures, new solutions are needed," he stated, noting the current age of 66 will increase to 67 by 2028 and 68 by 2046.

Demographic projections show the retired population will expand from 12.6 million to 19.5 million over five decades, marking a 55 per cent increase.

The economist stressed that any Labour government decision to extend the pension age past 67 would require a thorough transition strategy. He emphasised the necessity for "enhanced support for individuals nearing retirement who are already struggling financially."

He cautioned: "The short-term fiscal benefits must not come at the cost of long-term societal inequality."