A substantial number of adult Britons experience uncertainty regarding how much money they will receive for their state pension and when they can start to draw it, including individuals who are now approaching the age for retirement.
According to a new study, close to a quarter of UK citizens confirmed they did not know what the current state pension age was. This includes 10 per cent of respondents in the category of 55- to 64-year-olds.
Furthermore, the report highlighted that 22 per cent of those surveyed didn’t know how much the state pension would provide them with. This percentage of people rose to 29 per cent for respondents aged between 55 and 64. Meanwhile, 20 per cent of people aged 65 or older were also unsure how much they would receive.
UK workers with doubts that the state pension will provide them with sufficient income when they cease employment often reach out to retirement planning specialists in Shrophsire, Staffordshire and other counties. Wealth managers advise that it is never too early to start planning for retirement, and help their clients create a sound strategy that helps them enjoy adequate provisions in later life.
For the 2023/24 tax year, the full pension is £203.85, and it is paid by the government every four weeks after a person has reached the state pension age. The current state pension age for both women and men is 66, but this is likely to increase gradually from 2026 onwards.