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Do you know your current pension age?

27 Oct 2020

pension age

Pension age refers to the age at which you can draw your pension without it being reduced because you are drawing early, or increased because you chose to draw it later. 

How do I find out my current pension age?

You can check the current pension age on your state pension: www.gov.uk/check-state-pension

Your state pension age will depend on your age and gender, the amount you will receive depends on the years paid in during your working life. It is of course possible that the state pension age may increase in the future, but the above provides useful food for thought.

You should regularly check your State Pension age to help with planning for your retirement.

Is my state pension enough?

Your state pension is a weekly payment that you receive from the government when you reach state pension age. The amount of your state pension will differ depending on when you retire and how much you contributed during your working life.

The future of the state pension has been an ongoing cause for concern. The Government Actuary Department forecast that without intervention, the ‘National Insurance Fund’ – the fund which collects National Insurance contributions – could be depleted as early as 2032.

So while the state pension should form part of your retirement income, it’s prudent to also consider other options when planning your retirement savings.

Where can I turn for advice on pensions?

At Generation Wealth Management we understand that saving for retirement can seem daunting. However, starting early and planning well are the two lynchpins to securing a healthy income for your future.

You will have questions, about how much you need to fund your retirement, when you should start to build your retirement pension pot, how this long term plan can fit around your immediate liquidity. Our experts can provide the answers to those questions.

When should I start saving?

Age doesn’t matter; whether your retirement is just around the corner or whether you’re a millennial with many years to build a healthy pension pot, the sooner you start saving the sooner your money can start to grow.

If you would like to work out your current pension age and to ascertain how much you currently have to retire on, speak to one of our wealth management experts.

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