At what age will I be able to retire - I am 55 now and I am note sure if I will get my pension when I am 60?

Answer 1

Here's the latest info on that:

Currently, the State Pension age is 65 for men and between 60 and 65 for women. Women's State Pension age will gradually increase to 65 between 2010 and 2020.

* if you were born on or before 5 April 1950, you can get your State Pension at 60
* if you were born between 6 April 1950 and 5 April 1955, you can get your State Pension when you are between 60 and 65
* if you were born on or after 6 April 1955, you can get your State Pension at 65

You apparently were born in 1951. That means (extrapolating from the above) that you should be able to draw your pension, assuming you are a female who has contributed for at least ten years into the UK National Insurance system to be eligible for at least a partial pension) from the age of 61/62.

Here's the official table which is reproduced on a local government site (2nd link below):
Date of Birth State Retirement Age
Before 6th April 1950 60
6th April 1950-5th April 1951 Between 60 & 61
6th April 1951-5th April 1952 Between 61 & 62
6th April 1952-5th April 1953 Between 61 & 62
6th April 1953-5th April 1954 Between 62 & 63
6th April 1954-5th April 1955 Between 64 & 65
After 5th April 1955 65

The UK state pension system can be "gamed". You can get credit for a certain number of years in which you received child allowances. If you still lack sufficient credits you can "buy" additional years (Class 3 contributions, £7.55 p.w. or Class 2 contributions (if eligible), £2.10 p.w.) -- but only for gaps in the past six years: http://www.direct.gov.uk/MoneyTaxAndBenefits/PensionsAndRetirement/FinancialPlanningForRetirement/FinancialPlanningArticles/fs/en?CONTENT_ID=10021384&chk=XOkGFY
There are "totalisation" agreements with some other countries (EU/EEA/Switzerland/USA) and a rather unfair discrimination against UK retirees in countries other than those (forfeiture of COLAs). You'll find lots of info online.

Answer 2

State Pension is covered by Andy above.

But you can 'Retire' from a Company scheme, AVC, Private Pension or SIPP from age 50 onwards (this will be 'early retirement', so the amount you get will be less than what you have been promised at age 65) and continue to work.

Answer 3

That depends entirely upon the pension and benefit plans at your company. In my company, you need a combined total of 85 points (age plus years of service) to retire and get full pension benefits.

Answer 4

65 years it's the perfect age to retire

Answer 5

It depend the mandatory age of the labor code in a certain country if you are in u. k. look the labor code and if in your age is capable to work then why not, rather counting days and star at home or home for the aged people keep on work and roam and be happy.

Answer 6

I think is 62 or they might have move it up, you could start to collect when you get to 59 but not much, when you retired at 62 you get everything unless they move it up

Answer 7

It used to be 60 for women, not any more.
It will depend upon what you can afford to live on. You might get to 65 and find you STILL can't afford to live on what they offer you.
Welcome to the 21st century!

Answer 8

You really need to talk to a financial planner...they usually have these at banks and they don't even charge for the service, at least not here in Canada...good luck....