Retirement age When can I retire

Retirement age When can I retire by Amber Rolfe Starting to think about your retirement?No matter what stage you’re at in your life, knowing when and how to retire well in advance is a great way to plan for your future, make sure you’re financially prepared, and set some clear goals for your retirement. And the earlier you plan, the more prepared you’ll be.To make sure you’re aware of your retirement age, here’s everything you need to know about when you can retire:  What age can I retire? The age you retire will largely be up to you.However, your ability to starting claiming a pension will depend on your age.The current Basic State Pension age for men is 65, and 62 for women â€" although this is set to increase to 66 for both sexes by 2020, and will continue to rise.Basic State Pension ageCan I retire early?Although you have to be a certain age to claim your State Pension, that doesn’t mean that’s the only time you can retire.Personal or workplace pensions allow you to claim from the age of 55 , so if you think yours is enough to fund your lifestyle after you stop working â€" retiring before State Pension age could be a viable option.Seven reasons you should pay into a workplace pension  Do I have to retire? There is no longer a law that states you have to retire at a certain age.You’ll be able to work past your State Pension age (if you want to), and employers can’t force you to retire, or discriminate against you based on age when hiring.However, there are some conditions where an employer is allowed to give you a ‘compulsory retirement age’ â€" although they will need to provide a fair and honest reason.For example:The employer must abide by an age limit set by law, which applies to some service jobsThe employer can force retirement if the job involves strenuous physical dutiesCan I still claim my pension if I work past the retirement age? You’ll still be able to claim your State Pension, even if you decide to carry on working past your retirement age.Delayin g it until you finish work is also an option â€" and will mean you’ll receive larger payments when you do decide to claim.However, if you’re looking to claim a personal or workplace pension while working, other rules may apply (depending on the terms you agreed upon when you signed up). Check with your workplace or pension provider to find out more.Workplace pension laws: What you need to know  How much money will I need for retirement? The amount you need will depend on your individual situation.Taking into account each potential outgoing, as well as bearing in mind additional costs (such as leisure activities and living costs) that you may not have had when you were working, is the best way to make sure your pension covers everything.Once you’ve assessed your needs, you’ll be able to plan and save for your retirement fund accordingly.Possible costs to consider could include:Basic living costs (e.g. food, rent/mortgage)Hobbies, travel, or further educationEmergencies, such as car or home repairsLong-term healthcareWhat other benefits are available when I retire?If you’re worried your pension won’t be enough â€" don’t panic.There are a range of other benefits available to help you when you reach retirement.These include:A reduction in council taxHousing benefitFree TV licenseSupport with energy bills in cold weatherHealthcare benefits (e.g. free prescriptions, flu jabs, eye tests etc.)Free bus travel and/or a senior railcardSearching for a position with the best pension scheme? View all available jobs now