The sooner you start saving for your retirement the more secure your future will be

Saving for your retirement may not seem important when you’re starting out. But the sooner you start saving for your retirement the more secure your future will be.

 

Having a personal or occupational pension
The sooner you start putting money into your own personal or occupational pension, the more time you have for it to build up.

When planning your retirement there are three main types of pension you need to consider. These are State Pensions, personal pensions and occupational pensions.

State Pension
The Sate Pension is paid to those who are eligible, over State Pension age and who have claimed it. You may be eligible for the following types of State Pension:

Basic State Pension
Additional State Pension
For men born before 6 December 1953, the current State Pension age is 65.

For women born after 5 April 1950 but before 6 December 1953, their State Pension age is between 60 and 65.

Increase in State Pension age to 66
Under the Pensions Act 2011 women’s State Pension age will increase more quickly to 65 between April 2016 and November 2018. From December 2018 the State Pension age for both men and women will start to increase to reach 66 in October 2020.

These changes affect you if you’re:

A woman born on or after 6 April 1953

A man born on or after 6 December 1953

The current law already provides for the State Pension age to increase to:

67 between 2034 and 2036

68 between 2044 and 2046