Have you checked your state pension forecast?

Well that's a bit pants isn't it?

Breakdown

Estimate based on your National Insurance record up to 5 April 2016
£131.65 a week


Estimate if you contribute another 6 years before April 2041
£155.65 a week


£155.65 is the most you can get

When you reach £155.65, you still need to pay National Insurance until 2041 as it funds other state benefits and the NHS.

So I work another 6 years to get £155.65, then, assuming the retirement age remains the same (and it likely won't) I work for around 20 years for no conceivable or tangible benefit?
 
I've got 6 years of gaps...it says I need 8 more years contributions for the full pension.

But I'm sure the criteria will change multiple times before I get to pension age anyway, hell I think it'll be lucky if there's a state pension at all by the time I'm 80*




*The age it will be probably raised to by the time I get there :p
 
MissChief said:
So I work another 6 years to get £155.65, then, assuming the retirement age remains the same (and it likely won't) I work for around 20 years for no conceivable or tangible benefit?
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If that was really the case, why not stop working.

Oh wait people also like having money right now :p
 
Hmmm .... I have 25 years left to pay 11 years worth of contributions to hit the maximum and the only gap shown is when I was at university. So looks fine to me.
 
If this is your only source of income when you're retired, good luck!

I won't even bother claiming mine. Even at max allowance, that's less then what we currently spend a day.
 
Arthur Hucksake said:
I plan to just keep working until I drop dead. Mrs doesn't like the plan, but I can't afford a private pension.
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That's why there is a basic state pension of £8k a year for you.

If you wife qualifies for a partial/full pension then you get another pension income.

Also a pension is just tax efficient savings stored away to be used for income at retirement. If you have savings then you can use that as well.
 
FurryLemon said:
If this is your only source of income when you're retired, good luck!

I won't even bother claiming mine. Even at max allowance, that's less then what we currently spend a day.
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You spend more than £155 a day? On what exactly?

Edit -

Also you might as well claim it and put the money in a saving account for any grand children etc.
 
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Is it really relevant what our pensions are going to be?

It's age 68 at the moment. By the time us 30-somethings are 68, it'll have gone up to 78 and we'll be dead by then. That's exactly what the gov't is banking on.

However, there is a twist: if we do actually manage to make it to 78, pensions won't exist any more! The gov't wins whichever way.

Death and taxes, literally.
 
Pawnless Endgame said:
Is it really relevant what our pensions are going to be?

It's age 68 at the moment. By the time us 30-somethings are 68, it'll have gone up to 78 and we'll be dead by then. That's exactly what the gov't is banking on.

However, there is a twist: if we do actually manage to make it to 78, pensions won't exist any more! The gov't wins whichever way.
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Something will exist. We're not going to let old people live in absolute poverty :p.

We don't even let non-retired people live in poverty.

It's what we pay taxes for.
 
Currently £87. Predicted to be £156.65 by the time I'm retirement age.

My workplace pension is forecast to be about £430/wk, so total £586.

Living to 68 is the real challenge..
 
Bonjour said:
Currently £87. Predicted to be £156.65 by the time I'm retirement age.

My workplace pension is forecast to be about £430/wk, so total £586.

Living to 68 is the real challenge..
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Can always retire early with your workplace pension. Use 25% lump sum to effectively borrow against the state pension.

Then get a boost when you turn 68.
 
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