State Pension changes: everything you need to know

17 January 2019

The State Pension is likely to be a key source of income for many people when they retire. In recent years there have been a number of changes to the State Pension.

How much will you get?

A single person’s State Pension is currently £164.35 per week, however, in order to receive this, you have to have paid 35 years’ National Insurance contributions.

When will you get your pension?

For anyone born after 6 December 1953, state pension age is being graduated towards age 66, but not in an equitable manner. The table below demonstrates when state pension age is reached.

 

State pension age table

How do you find out your entitlement?

You can find out what your State Pension entitlement is by logging on to the UK Government Gateway. This will detail your National Insurance record and when you will get your State Pension.

Do you have enough to fund your dream retirement?

Most people's State Pension will not be enough to fund all the things they want to achieve whilst in retirement. Whether it be a luxury cruise, holidays abroad or renovating your home, you'll need another source of income other than your State Pension.

 

Please contact Chris Slatter on cslatter@ellacottswealth.co.uk or 01295 250401 for more information and advice about how to ensure you have sufficient pension savings for you to be able to enjoy retirement.