It doesn’t pay to neglect your pension. Whether it’s personal, occupational, or state supplied, the future of pensions is a financial matter that needs to be faced today. Explore the historical and political influences on pensions, and see what the UK’s future pensioners can expect to receive in their retirement.
Did You Know?
- The average weekly household income for pensioners in 2017 was estimated to be £393. In 2028, this is set to increase to an average of £479 per week.
- Between 1995 and 2017, weekly household pensioner income increased an estimated 1.76 times, from £223 per week, to £393. Between 2017 and 2028, pension income will only increase 1.2 times, from £393 to £479.
- Not everyone qualifies for the state pension. Previous requirements were 30 years of National Insurance contributions through work, but recent changes to the pension guidelines will see this increase to 35 years of contributions.
- On 20th July 2017, it was announced that the proposed state pension age of 68 was brought forward from 2044-2046 to 2037-2039. This will affect six million people aged 39-47 and millions more under the age of 39.
- To calculate how much money you need to save for a pension, consider the amount you want to receive annually when you’ve retired, how much you can afford to save monthly now, and the age you’d like to retire.
- It’s never too late to start saving for your pension, but the earlier you start, the better. Many people find that they are forced to choose between retiring early and having a low pension, or retiring later in life in order to benefit from a larger pot.
- Read our helpful guide - "Is it ever too late to start a pension?"