In Focus: Retirement planning  

Delaying SPA increase by 7 years will cost £60bn, says IFS

However, it is still the case that life expectancies are rising when comparing people born more recently with those born in earlier generations. 

Even with a rise in the state pension age to 68, a man born in 1980 - who makes it to age 50 - would expect to receive a state pension for 17 years, the same as for a man born in 1950 - who had a state pension age of 65. 

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Equalisation of state pension ages for men and women has meant a bigger rise in the female state pension age, but a woman born in 1980 who makes it to 50 facing a state pension age of 68 could still expect to receive the state pension for 20 years.

A DWP spokesperson said: “The government is required by law to regularly review the state pension age and the next review will be published by May 7.”

sonia.rach@ft.com

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