Retirement Age – Born in 1982

Last updated on April 10th, 2023

Generation Y/Millennials

If you were born in 1982 then you are part of what is known as ‘Generation Y’ or the Millenials. This can include anyone born up until the year 2000, as definitions vary.

Those born in this time are seen to be more tech savvy but also have problems in terms of buying their own homes and saving for retirement. One issue that they also have right now is that they do not know exactly when they are going to be able to retire!

The current legislation dictates that those who are born before April 1977 have a specific retirement age for their State pension, but those who are born after that date may still be liable for increases to their retirement age in future legislation.

Retirement in 2050

At present, people born after 1977 have a retirement age of their 68th birthday. So for those born in 1982, you would currently retire in 2050.

However, there will be reviews of the retirement age carried out every 6 years. These reviews may lead to new legislation that will increase the retirement age for those whose state pension age is not yet set in stone (and that includes you).

The first review in 2017 recommended that the retirement age for someone born in 1982 to be 68. However, the second review recommended that State Pension age increase to 69 starting in 2046 so this would include you and would make your retirement date 2051.

This change may or may not be enacted in future legislation.

Future Changes

Any changes to retirement ages in future will need to give the people affected at least 10 years notice and can only happen once every 10 years. Obviously at this point you have more than 10 years to retirement, so there is plenty of time for things to change and new legislation to be introduced.

The idea behind the increase in retirement ages is that it is only fair that people of different generations spend the same percentage of their lives in retirement. The figure that the government is working on has been stated as a third of someone’s working life. As life expectancy increases, so should the retirement age.