It may well be decades away, but have you thought about how much money you’ll actually be getting when you stop working? The current state pension in the UK is soon likely to top £13,000 a year, which is a significant amount to consider as you plan for your retirement. However, it turns out that one in eight people surveyed by the UK tax authority have never checked how much they are forecasted to receive. Can you believe that?
Now, if you’re working, it’s highly likely you’ve taken time off to care for children or family members. If that’s the case, you might just qualify for National Insurance (NI) credits if you’re receiving child benefit or carer’s allowance. This is a crucial reason why experts insist on checking your state pension forecast well before you retire. You don’t want to be caught off guard, right?
So, how can you see what you are forecasted to receive? Well, it’s pretty simple. You can download the HM Revenue and Customs (HMRC) app or access the official online state pension forecast service. Just remember, to get your state pension, you’ll need to prove your identity using official photo ID. And hey, a word of caution: never click on links sent in unsolicited emails or text messages, even if they seem official. You don’t want to fall victim to a scam, trust me!
For more general information about taxes and pensions, HMRC has also launched a Tax Confident website. Plus, the government-funded, independent Money Helper website offers a free retirement guidance tool to help walk you through your options. Sounds handy, right?
Interestingly, a recent survey of 5,000 consumers by HMRC revealed the most common reason people don’t check their state pension forecast is that they feel retirement is still too far away to think about. Some folks lose track of their pension pots from previous jobs, while others worry about how career breaks might affect their entitlements. It’s quite a common concern, especially among people aged 45 to 54, who were found to be the most likely to have never checked their forecasts.
Myrtle Lloyd, HMRC’s chief customer officer, encourages everyone to check their forecast to see what they’re entitled to. “It’s important to know what you might be getting,” she says. And while we’re at it, let’s not forget about Generation Z, who are increasingly planning for a life without relying solely on a state pension. They’re certainly thinking ahead!
So, can we really afford the pensions triple lock? That’s a debate still buzzing around. As you ponder your future, why not take a moment to check your state pension forecast? You might be surprised at what you find.
Kaynak: Orijinal Haber