Retirement: How To Start Claiming Your Pension

The state pension age of a country refers to the earliest period at which the citizens can claim retirement benefits. It varies from country to country. While in some countries the age is sixty-five years, others require the person to be at least sixty-eight years old. Moreover, this age is changing in almost all states. For instance, in the UK, the pension age rose from 65 to 66 between 2010 to 2018, respectively. Moreover, there are plans to increase them after some time further.

Claiming State Pension Age

To claim the state pension, you first need to be of the state pension age. Currently, in most countries of the world, this age is between sixty-five to sixty-eight years. For example, in the United Kingdom, this age was 65 and 64 years for men and women, respectively. However, by November 2018, the pension age for women increased and equaled to that of men at 65 years.

Besides, this age is further set to increase to 66 in October 2020. Moreover, by the end of 2028, we expect it to become sixty-eight years.

State Pension Age And How To Calculate It
State Pension Age And How To Calculate It

Calculating Retirement Age

Calculating your retirement and pension age is not as difficult as it seems. The only thing required is the state pension age of your country. Once you know that, it becomes straightforward. Then take the year in which you were born. After, add the pension age of your country. The result will be the year in which you can retire and become eligible for an old age pension.

However, some countries have different rules for men and women. Therefore, be sure to check accordingly. Also, if the above method doesn’t seem good enough, you can use various pension age calculators available online for free.

State Pension Age And How To Calculate It

Claiming Procedure

Most countries have a detailed procedure that one needs to follow to start claiming an old age pension. However, one thing remains common to all countries- Proof of Age.

Without a proper age proof and registration to the pension scheme, you cannot claim your retirement benefits.

In some countries, you get a letter of retirement four months before you reach the state pension age. Moreover, there are three methods through which you can claim your pension:

  • You can call the pension claim number of the state
  • Also, you can register yourself with the pension department of your country to make online claims
  • Moreover, you can download the pension claim form of your country and submit it to a nearby local pension center.

Increasing Pension Age

People are facing problems as the pension age rises all around the world. The increasing age means that people have to work for more years before they can retire.

Especially women, who earlier could retire in their 60s, have to struggle to keep their jobs together. Furthermore, it can even increase to 67 and 68 years in the future.

Therefore, we suggest that you do enough retirement planning beforehand to cope up with these changes.

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