Pensions be Aware

If you are anything like me, and I hope you’re not !! I regularly, one might say unhealthily, check various websites that calculate when I can retire.

When will I get my pension?

State pension calculator - check your age and entitlement

Sad but true. Armed with various criteria of how many holidays I wish to have per year, the age of my children and my aspirations for them, I am faced with an ever increasing age at which I can hang up my laptop and take up a potter’s wheel (not really). No matter how many times I try to input different options there are only so many things that can be adjusted, to kid myself that I have two thirty year olds in work and home owners doesn’t really cut the mustard!

Earlier this week we had a landmark day whereby women will qualify for the state pension at the same age as men, currently 65.

What does this mean? Women who are 65 on 6th November will be the first women to have to wait till the age of 65 to qualify for a state pension. The frightening fact is that as time goes on we will see this increasing to 66 by 2020 and 67 by 2028, That’s something to look forward to – NOT….

The increase is linked to our life expectancy so basically we are being asked to work for as long as possible and then live for as long as possible.

It has been well documented over the past few years that women will have a lower state pension than men due to their lower paid jobs and time taken off to raise a family ultimately delivering lower National Insurance contributions. It is women in their 50s and above who are seeing the biggest impact but we also need to make sure that women coming up through the ranks are not put at a disadvantage when it comes to their retirement age, whenever that may be.

WASPI ( Women Against State Pension Age Inequality )  are out there fighting our battles for those unaware of when we can retire and claim the state pension. But as with so many things preparation is better than reparation and the sooner we are educated on what one considers a bore in your 20s, a necessity in your 50s and your life support in your 60s!

Note to self, state pension calculator must do later ………….

November 09, 2018 — Barbara Warren

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