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The state of your state pension


By: Matthew Harrington Date: 12 November 2018
Category: Lovewell Blake Financial Planning

From Tuesday 6 November, both men and women will be able to claim their State Pension from their 65th birthday.

At first glance, this may not seem to be much of an issue, but up until 2010 women were able to claim their pension at age 60. However this has been increasing ever since then to where we are now, and it will continue to go up.

It has already been confirmed that the State Pension will increase to 66 by October 2020, and 67 by 2028. The Government has also accepted the findings of the Cridland review which recommended the starting age should rise further, to 68, by 2039!

At the time of writing, it is estimated that the average State Pension for a woman is £126 per week, and for a man it is £154 per week and the maximum amount is £164.35 per week, or £8,546.20 a year.

Do you know what you will receive from your State Pension?
There are a number of reasons why you may not receive the full State Pension when you retire . You may have been contracted-out, had a period of low earnings, or taken time out from work to start a family.

There could be other reasons, but the key thing is that you can find out what you have built up in your State Pension. It is easy to find the information online, via the government website, or you can download a paper application and post it off to DWP.

The State Pension may only form a part of your retirement income, and so to help plan for the retirement you want, it is important that you review all your pensions to have a good understanding of what you will receive, when you will receive it and how the benefits will be paid.

Please do contact us if we can help you plan for your retirement.
 
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