Check online to see how much you’ll get in retirement from the state pension.
BRITONS can get a free online estimate of their state pension when they retire.
The state pension, which can provide retirees with thousands of pounds per year, is an important part of any retirement planning.
You can get an estimate of how much a person will get when they reach state pension age by looking up a state pension forecast online.
When someone reaches state pension age, the forecast estimates how much state pension they will receive.
It also shows how many qualifying years a person has on their NI record.
People can also use the service to see if they are eligible for a raise in their state pension.
The following is a list of all the data that can be gleaned from the forecasting tool:
It’s important to remember that the estimate is just that: an estimate. It’s not a guarantee of someone’s state pension income, and it’s based on current law, which may change in the future.
The forecast also excludes any inflation-related increases in the state pension.
To keep up with the cost of living, the state pension is increased every year.
This service is only available to people who have not yet started receiving their state pension; anyone who is receiving or has deferred their state pension is not eligible.
The number of qualifying years on a person’s NI record has a direct impact on the amount of state pension they are entitled to.
Working or receiving NI credits can be used to accumulate qualifying years.
When people reach retirement age in the United Kingdom, they usually need to have worked for at least 10 years to be eligible for a state pension.
The Government Gateway is primarily used to access the ‘check your state pension’ tool.
To use it, people will need a Government Gateway account, but anyone without one should be able to create one using their National Insurance number.
There are other ways to get a forecast if someone does not want to use the online service and will reach state pension age in more than 30 days.
They can request a forecast by calling the Future Pension Centre at 0800 731 0175.
They can also fill out and mail a BR19 application form.
Within 10 working days, the forecast should arrive.
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