Your State Pension is an important part of planning your finances in retirement, but it’s also an easy one to forget!
It’ll probably be a regular part of your income from the age you’re able to claim it, so it’s worth factoring into your plans from the start.
Your money
How much you get is based on your National Insurance record. When you reach your State Pension Age (based on your date of birth and current rules), you can start claiming it.
Your National Insurance record includes contributions paid while you’re employed and when you are unable to work.
Currently, the full amount of State Pension is £221.20 per week (April 2024).
Your State Pension Age won’t always be the same age you’ve chosen to take your pension savings in your Citi Pension plan. That means there’s probably some planning to do to make sure that you have enough money to cover the gap between one and the other starting.
Long time coming
Reaching your State Pension Age doesn’t mean that you have to start claiming your State Pension. If you wanted to, you could delay claiming it, which means your payments will increase once you do start taking it.
Don’t forget, ‘retirement’ doesn’t have to mean ‘no work’. If you’re still earning a salary at your State Pension Age, you might decide you don’t need your State Pension just yet.
Delaying isn’t right for everyone, but it can be a useful option to know about when you are planning your income in retirement.
Dont just take our word for it
You can get free information, guidance and advice on state, personal and workplace pensions on the Money Helper website.
NIdirect (in Northern Ireland)Find out about the State Pension and other types of pensions and saving for your retirement on the official government website for Northern Ireland.
Age UKThe Age UK website has some really helpful information about the State Pension, and where to get help and guidance with planning.