The state pension is a vital safety net for millions of people, paying out a guaranteed sum of money each week.
Savers are being alerted to numerous DWP blunders that could slash your state pension savings. Fresh data is sparking debate over whether the full state pension amount is sufficient for retirees.
For couples, the PLSA calculates that a "basic" retirement costs £22,400 per annum. If both partners receive the full state pension, they'll meet the minimum income level needed, reports the Express. Despite this, the State Pension remains a crucial part of the financial planning for an increasing number of ageing Brits. To qualify for the full state pension, you need 35 qualifying years on your National Insurance record and at least ten to receive any amount.
Importantly, claiming this benefit also gives you National Insurance Credits. This means that stay-at-home parents can still build up their state pension entitlement and could get up to 12 years' worth of credits. There are lots of other benefits that automatically give you NI credits, which is why it is important to claim anything you might be entitled to. These include:
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