Money, Retirement, Wealth
New Year’s resolution? Get to know your pension age(s)
Did you know that the phased increases to State Pension age (SPA) reached 66 for both men and women in October 2020 and it’s set to rise further? The minimum age for taking funds from a personal pension is also set to rise in 2028. Getting to know your pension ages, and what you can expect to receive, is vital in creating your retirement plan.
Your State Pension – age 66, 67 or older?
To find out your State Pension age, visit the government website www.gov.uk/statepension-age. The State Pension is paid to anyone who has made at least ten years’ worth of National Insurance contributions during their working lifetime. The maximum payment is currently £175.20 a week (£9,110.40 a year), but how much you get depends on how many years you contributed for Some people who have accrued Additional State Pension may get more than this ‘maximum’. To check your State Pension forecast, go to www.gov.uk/check-state-pension.
Currently, savers who pay into either a workplace or individual personal pension can access their pension pot at age 55. In September 2020, the government confirmed this would rise to 57 in 2028. The change, which has been prompted by increased life expectancy, will mean that those who are currently 47 or under and wish to pursue this option will have to wait an extra couple of years.
Getting to know your pension ages, and what you can expect to receive, is vital in creating your retirement plan.
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WHO WE ARE
Financial advisors who specialise in pensions.
Together we have over 80 years of experience in pensions and retirement advice, and we pride ourselves on giving our clients a professional service with a personal approach
We have all the expertise, experience and knowledge you would expect from financial advisers. We focus on pensions so that we can give you a superior service for your retirement planning.
We take time to get to know you and build a strong and secure working relationship so that you know you can depend on us. We want you to have peace of mind that we are helping you to make the best decisions for your future.
We won’t blind you with jargon or limit your choices. We make sure our advice is easy to understand and open. It’s essential that you feel your financial future is in safe hands, so we work hard to earn your trust.