Why should you save for your retirement?
How can you save for your retirement?
How much should I save?
Pensions have gotten a lot simpler
Finding A Pension IFA
What can you expect from the State
The basic state pension from the government will give you a start, but you can’t rely on it! The current full weekly allowance for a single person is £90.70 and £145.05 for a couple (up until April 2009). This adds up to around £393 a month if you’re on your own. Think about how much you’re earning now. The state pension isn’t much is it?
However, not everyone actually qualifies for a full state pension. It depends on how much National Insurance (NI) you’ve paid during your working life. A woman with a working life of 44 years will need 39 qualifying years of making NI contributions for a full state pension, and a man with a working life of 49 years will need 44 qualifying years.
The good news is that from 2010 the number of years of NI contributions that need to be paid to gain a full state pension will be cut to just 30, for both men and women.
The government has also taken note of how much longer people are living nowadays and will be increasing the state pension age so people will have to work longer before they get their state pension. (For more details see ‘Pensions have gotten a lot simpler’).
What can you expect from the state
Employer pensions are becoming less generous
