Planning Your Future – Know Your State Pension. Planning for the future doesn’t just involve knowing your private and work pensions and their value. The state pension makes up two-fifths of most household incomes, so it’s well worth getting some idea as to what you might expect from it before you get there.
How much State Pension Can I get?
You can get a forecast for your State Pension by visiting https://yourstatepension.campaign.gov.uk/.You can also find out when you can get it and how to increase it if you can.
When can I claim State Pension?
By 2037 the government is hoping to raise the age at which you can claim State Pension to 68. It will affect those born between 1970 and 1978. Read the full Fix My Pension news article here.
You can find out when you can claim your State Pension by visiting https://www.gov.uk/state-pension-age.
Once you’ve worked out what your total pension pot, including State Pension, might be, you can ascertain whether you need to save more to secure a better future.
Planning Your Future – Know Your State Pension
Andrew Colyer-Worsell, senior pension adviser from Fix My Pension, said “It’s a good idea to get the full picture on your financial future, and the State Pension plays a big part in that. However, it’s unlikely to be enough to give you enough of an income alone. Saving into a private pension as well, will help plug the deficit. An Independent Financial Adviser can help you calculate how much extra you need to save to get the pension you need.”