State Pension payments could account for nearly 75% of total retirement income for some people
New analysis by Standard Life has calculated the proportion of retirement income that will come from the State Pension for people with different sized pension pots, highlighting the importance of different income streams in later life and how the payment from the Department for Work and Pensions can play a significant role.
Standard Life said these figures demonstrate that the State Pension plays a crucial role in supplementing people’s income in retirement, regardless of the size of their pot. “The State Pension age is currently 66, and is set to rise to 67 by 2028. If you’re planning to retire before this age, make sure you’ll have enough income from personal and occupational pensions or other savings and investments to plug the gap.”
Changes to the State Pension age Your State Pension age is the earliest age you can start receiving State Pension. You can check your State Pension age on the UK Government’s website here. Remember that modern, flexible workplace and personal pension plans normally let you start taking your money from the age of 55, rising to 57 in 2028. So, you could access your pension benefits before you receive your State Pension.
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