State pensions

  • Do you really believe you can live on the state pension ?
  • Do you know how much the state pension is?
  • How many years do you need to contribute national insurance to get a full state pension?

Most people don’t know the answer to these questions but they have the vague notion in the back of their minds that: “if push comes to shove I can always manage on the state pension – after all millions do”.   Believe us, you don’t want to be one of them – the basic state pension is currently £95 per week and that is the full amount. If you are a woman then you may be interested to know that 2 out of 3 women  don’t qualify for  a full state pension.

The politicians have started waking up to the costs associated with us living longer, and all political parties are committed to raising the state pension age – initially to 68 but it’s quite likely to go to 70 at some point.

You can find out what you are on target to receive and when you will receive it by going clicking this link here. The good news is that the number of years contributions you need is going down – but the bad news is the age you will get it is going up!!

Recent research by Axa indicates that most people couldn’t live on the state pension – you can download their report here.

You need to make sure your pensions record is in order and you may find it is beneficial to “buy back” some years to supplement your pension – you need to take advice on this

Think of the basic state pension as a useful supplement to your retirement income – but it would be unwise to rely on it!

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