The State Pension age is set to increase, with experts conflicted on whether it should rise sooner. After the change was announced more than a decade ago, it may finally come into play soon.

In 2026, the State Pension age will increase to 67 from 66. By 2028, this will be fully implemented for men and women. The change has been looming for a while, but now, it’s drawing closer. There may even be a further increase from 67 to 68 between 2044 and 2046.

You may be wondering why the State Pension age is rising. According to International Business Times, the increase is a response to long-term demographic and economic pressures.

With people living longer and the population ageing, the cost of state pensions is climbing.

Currently over £175 billion annually, the cost is projected to reach nearly 8% of GDP within 50 years, up from 5.2% today.

All those affected by changes to their State Pension age will receive a letter from the Department for Work and Pensions (DWP).

The Pensions Act 2014 which raised the State Pension age also tweaked its phasing. As a result, people born between March 6, 1961, and April 5, 1977, will be eligible to claim the State Pension once they turn 67.

Chancellor Rachel Reeves last month said a review which could see the age being increased even further is needed to ensure the system is “sustainable and affordable”.

The Government review is due to report in March 2029 and Ms Reeves said it was “right” to look at the age at which people can receive the state pension as life expectancy increases.

Rachel Vahey, head of public policy at AJ Bell, said: “There is an increase to age 68 pencilled in for 2046, but a faster increase is definitely on the cards.

“The first two reviews of the state pension age advocated bringing this forward, but successive governments have treated the issue like a hot potato. This latest state pension age review, however, may eventually force the government’s hand.”