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Liverpool Echo
Liverpool Echo
World
Kate Lally

Full State Pension during retirement and how many years you'll have to work first

Planning for your retirement can never start too early, especially after so much uncertainty in recent years.

However, a recent survey carried out by Opinium on behalf of Hargreaves Lansdown found that over one-third (34%) of people aged 45-54 have no plan in place for their remaining working years. This compares to roughly a quarter of 35-to-44-year-olds and 25-34-year-olds who had no plan for the time between age 50 and retirement.

Some 41% of those in the 45-54 age group said they planned to continue in their current job and work full time. A further 10% said they would stay in the same role but move to part time hours, and just 5% planned to stop work completely.

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Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown told the ECHO : "These findings point to a worrying lack of planning among those closest to retirement on how they plan to spend their remaining working years. However, we are also seeing some encouraging signs, particularly among younger age groups, notably the shift away from a cliff edge retirement where people choose to retire completely on one day.

"We are also seeing younger generations planning to use the time from age 50 to retirement as an opportunity to try something new. It is hugely positive to see people embrace this time as an opportunity to inject new life into their career rather than just counting down the days until they finish working.”

The figures come as the latest increase in the UK State Pension age has led to record highs in employment among 65-year-olds, while also prompting those living in poorer areas to work for longer. A Full State Pension is not available to everyone, and you will need to have worked for a certain number of years to be eligible.

In order to qualify for the State Pension, you need make National Insurance contributions. You need a minimum of 10 years' worth of contributions to get anything at all. In order to get a full state pension you need to 35 years' worth of contributions.

The age at which you can start claiming is currently 66 for men and women. It will rise to 67 by 2028, and 68 between 2037 and 2039.

When can I get my State Pension?

Check your State Pension age using the free Gov.uk online tool here.

How much is the State Pension?

The full new State Pension is £179.60 per week.

The actual amount you get depends on your National Insurance record.

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