When I'm 64 (well, maybe 67 or 68)

January 2021

The State pension is rubbish, right?

I mean, it’s not even £200* quid a week – who can live on that?

Bear in mind that this a guaranteed income, underwritten by the UK government, index-linked (with a minimum increase annually of 2.5%), for the rest of your life.

If I was to tell you that, if you were to buy this on the open market at today’s rates, it would cost you something like £360,000**, would that change your mind about its worth?

That would make it more valuable than many people’s houses.

Oh well, when you put it like that…

As ever, we would love to hear from you, if you have any comments about this or any other of our blogs, if you have any financial planning queries we can help you with, or if you just need a chat about what’s going on in your life. We are here to help.

* The Basic State Pension for 2020/21 is actually £175.20 per week for someone with a full National Insurance record

** Source Assureweb: based on annuity rate for male non-smoker in good health aged 66

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