What is the retirement age in the UK скачать в хорошем качестве

What is the retirement age in the UK

In a nutshell: UK retirement age Capital at risk. Some links are affiliate links - we may earn a commission if you use them. Top picks for personal pension providers: https://www.nutsaboutmoney.com/pensio... State Pension age calculator: https://www.nutsaboutmoney.com/pensio... Find out how much you might need for retirement with our pension calculator: https://www.nutsaboutmoney.com/pensio... Learn more about personal pensions: https://www.nutsaboutmoney.com/pensio... We’re in a bit of a changeover period in the UK when it comes to retirement age, that’s because the State Pension age is going up! The State Pension age is the age you’ll get the State Pension, which is the pension from the government, that you’ll get if you’ve paid enough National Insurance contributions over your lifetime, and it’s 35 years to get the full amount and 10 years to get the minimum. Currently, it’s 66 years old, but from 2026 it’s rising to 67, and from 2044, it’s rising to 68. However, it doesn’t switch from 66 to 67 overnight. Instead, and it seems confusing, but let’s say you turn 66 in April 2026, your retirement age will be actually 66 and 1 month. And if your birthday is in May, it will be 66 and 2 months. Get it? This goes up all the way to 66 and 11 months for those born at the start of March of 2027, and then 67 from then on. It’s 67 until 2044, although this date could change, when it uses the same logic and goes up one month at a time, until the retirement age becomes 68. You can easily estimate your retirement age by using our State Pension age calculator (above). Most people retire around the State Pension age, as the State Pension is a welcome boost to their retirement income, and can be their only source of income. But the State Pension alone is not enough to live on for most people, it won’t cover all the essentials and is far below the minimum income recommended in retirement. You can learn more about how much you might need with our pension calculator (above). Anyway, where I was going with that, is that you need a private pension alongside the State Pension, which is a pension all in your name, and often set up through your work, and you can open your own one called a personal pension. Saving money into private pensions is tax-free, so you won’t pay any tax on your income if you add it to your pension, which can really boost your total pension pot over time. If you’ve started to build up a large private pension, you might be able to retire earlier than the State Pension age, and depending on how much you’re able to save could be many years before. Whatever your goals, either a comfortable retirement or early retirement, it’s a great idea to save as much as you can reasonably afford into your private pension, it really will change your life in retirement, and the earlier you start, even if you’re very young, can have a significant impact on your retirement income. I typically recommend making the most of your pension from work, by saving 5% of your salary so your employer has to add 3% of your salary to your pension by law, and then continue saving into a personal pension, which is one you set up yourself, and so can pick a great pension provider, one that’s easy to use, has great performance, great customer service and things like a great mobile app. Good luck saving for your future, and like and subscribe for more useful pension videos.