State pension UK: DWP payment will increase but concern it ‘doesn’t meet’ Britons’ needs | Personal Finance | Finance


State Pension payments provide important financial support to millions of retired people across the country. Overseen by the Department for Work and Pensions (DWP), the payments are likely to vary for individuals dependent on their National Insurance contributions. It is worth noting, however, that those who were contracted out before April 6, 2016 may receive less than the full state pension amount.

“The Department for Work and Pensions recently released data which showed the average single pensioner has an income which is 28 percent higher than the state pension.

“In order to achieve this level of income or indeed, an even more comfortable retirement, people will have to ensure they have built up an adequate pension pot of their own.

“They must also consider how other assets, such as their property wealth, might play a part in boosting their funds.”

Many people are reliant on the state pension to finance their later life costs and to help them meet retirement goals.

Indeed, it is the case the state pension serves as the primary source of income for many older people. 

Recently, spoke to Clare Julian, Wealth Manager at JM Finn, who provided further insight on this issue.

She said: “The state pension – people should be under no illusion that is ever going to be enough for your life in retirement.

“Due to the fact we are an ageing population, there are going to be a lot more people at retirement age, and in retirement, than there are that are working. 

“You can really only see this going one way.

“You should still be looking at private arrangements, and what you can put into place to save for your own retirement.”

For those who are looking to see how much their state pension will provide them with, the Government has laid out steps to take.

Perhaps most easily is the state pension forecast tool online which offers Britons a chance to see how much state pension they are set to receive, when, and how they could potentially increase the sum.

Britons will also be able to request this to be sent by post, by calling the Future Pension Centre. 

Do you have a money dilemma which you’d like a financial expert’s opinion on? If you would like to ask one of our finance experts a question, please email your query to Unfortunately we cannot respond to every email.

Source link


Please enter your comment!
Please enter your name here