Knowing your pension is secure is one thing but when will you be able to secure yours? (Picture: Getty)
Knowing you’ll have two coins to rub together in old age is a comfort. Unless those coins are pennies, of course.
At least we know a state pension is a guaranteed form of income for retired citizens who have paid National Insurance.
A private pension can be claimed on top of it as well, though the state is supposed to provide enough financial support for its seniors to live on.
Just how much is that exactly?
There’s been an increase this year thanks to inflation fluctuations, but what does it amount to and how many decades have you got to wait until you have a pension to take into retirement with you?
How much is the state pension?
Pensions are changing this year but how so? (Picture: PA)
State pensions will rise by three per cent (after April 6 2018), because inflation is higher than earnings by this amount.
If you are a man born after April 6 1951 or a woman born on or after April 6 1953, and have made National Insurance contributions, you are eligible for the new pension rise.
From April 6 2018, those who already reached state pension age by April 6 2016 will rake in £125.97 per week, an increase from £122.30 a week.
However pensioners who are entitled to the full new state pension will see their payments increase from £159.55 to £164.35 per week.
The change means newfangled pensioners will be nearly £250 better off by the end of the tax year. Their annual income will be increased from £8,296.60 to £8,546.20.
For those on the old basic state pension scheme, the three percent increase means pensioners will all be £189.80 better off over the course of the tax year.
Their pension will go from £6,359.60 a year to £6,549.40.
Prime Minister Theresa May is 61 and theoretically she won’t be able to claim a pension until she is 66 (Picture: EPA/Neil Hall)When can you collect your state pension?
The pension age is eventually changing to 68, though this will start in the year 2037.
The amount that can be claimed on a state pension is regularly adjusted, so it’s impossible to tell what the state pension will be in 2037.
But if you’re approaching state pension age now and think you can still claim a pension at 65, think again. The state pension age is increasing year by year.
It can be confusing to calculate, so to find out exactly when you will be able to get your pension, based on when you were born, check this Government page.
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