How much will you have to live on when you retire? It can be hard to work out exactly, but a good way to start is to Check your State Pension online.
Your State Pension is based on your own National Insurance record, so it’s important to check regularly. The full amount of new State Pension is currently £164.35 a week, which works out around £8,500 a year – but not everyone will get this amount.
Your State Pension is a good foundation, but you should consider how much you’d like in your pension pot when you retire, and think carefully about saving for your future.
If you’re working, then the best way to save is usually through a workplace pension. Employers have to offer you one if you are eligible – it’s the law. And when you pay in, your boss pays in too. In most cases so does the Government, so your pension (in most circumstances) should keep growing.
We have some guidance that may help you think about improving your State Pension, and other types of savings too. This guidance is based on the current rules, and it’s important to remember that the rules could change in the future. Make sure you regularly check your State Pension over the years to see if the rules have changed.