Work out what your State Pension is

Currently the full state pension is £179.60 per week (woo yeah). It’s not exactly going to give you the lifestyle of the Queen, but it is money from the government that you are entitled to.

The amount that you will receive depends on your National Insurance record – you need a minimum of ten years contributions to get any State Pension.

35 years on your record is the amount you need to get the full whack.

Who will it suit?

Anyone approaching retirement who is older than 66!

In October 2020, the State Pension age was 66 for men and women. It is currently gradually increasing, and it now depends on when you were born.

What does it cost?

Nothing! But you do have to claim it, it won’t just happen automatically. You can do this via the Gov website or by contacting the Pension Service. You should receive a letter before you reach the appropriate age.

What are the drawbacks?

You can’t rely on the State Pension alone to live off as it’s simply not enough. You must have your own workplace / private pension to retire off too. If you need help choosing a pension provider, check out our own table to help you here - https://www.boringmoney.co.uk/pensions/pensions/.

Pensions can be frustrating to get your head around but the Government’s MoneyHelper website contains heaps of useful links and information to help you. 

Where can I find out more?

Check out your State Pension age here and forecast here.

Our own State Pension guide.