More than a quarter of people aged 50 and over have altered their retirement plans following changes to the state pension age, research shows.

Retirement Advantage surveyed 1,003 individuals and found that 66% were aware of changes to the state pension age and 28% were rethinking their retirement age or income as a result.

Women were the most likely to have changed their plans, as 35% had done so, compared to 21% of men.

Since April 2010, the state pension age has gradually increased for women from 60 to 65 in November 2018.

It is set to increase to 66 for both men and women between December 2018 and October 2020, and to 67 between 2026 and 2028.

Among the over-50s who have changed their plans, 61% now expect to retire between 1 and 5 years later than they had originally planned, and 23% will retire 6 to 10 years later.

Andrew Tully, pensions technical director at Retirement Advantage, said:

"These findings make clear the significant impact the changes to the state pension age are having on retirement plans.

"It's also clear the equalisation of state pension age is changing women's plans to a greater degree than men.

"Getting advice now is one of the best ways of ensuring your retirement plans stay on track."

Get in touch to discuss your retirement planning.

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