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What will my State Pension be worth

Most people will know how much a newspaper costs, what their monthly mobile phone bill is and how much it costs to fill up their car but do they know how much their State Pension will be?

The State Pension has long been the cornerstone of the government’s approach to life after work and it forms an important foundation to most people’s retirement planning but questions like what is it,  how does it work, who qualifies and how much will it be are easier to ask than answer.

The full ‘new’ State Pension in 2018 is £164.35 per week but the actual amount depends on a person’s National Insurance record and if they haven’t made enough contributions then they won’t get the full amount.

Only when more than a certain amount of Additional State Pension has been accrued or when someone has chosen to delay taking their state pension, can a State Pension be higher than £164.35 per week.

It is, of course, important to review how much income is needed in retirement as early as possible and making a financial plan is a crucial component towards achieving your retirement objectives. This means that having an understanding about how much your State Pension could be is a sensible place to start for both you and your financial adviser.

The State Pension rules are complex and it is not possible to fully explain these in this short article but as a first port of call we recommend a visit to the government’s website at www.yourpension.gov.uk . This website has useful information sections for people in their twenties, thirties, forties, fifties, sixties and even for those who have already retired.

For those seeking a fuller picture on how much State Pension they may receive, and how it may be possible to increase it, we also recommend contacting the Future Pension Centre whose details can be found on https://www.gov.uk/future-pension-centre.