State pension deadline to top up National Insurance record falls in just three months | Personal Finance | Finance
Ministers are set to publish a review into the state pension age this year by May with some predicting the age increases could be brought forward.
Becky O’Connor, director of Public Affairs at PensionBee, said Britons “have to decide” if they want to retire earlier than when they receive their state pension.
She told Express.co.uk: “The state pension delivers a maximum of roughly £10,000 a year. So if you still wanted to retire at 65 but won’t get the state pension until 68, you’d need at least an extra £30,000 in your pension to make up this shortfall.
“The Pensions and Lifetime Savings Association thinks you need around £12,800 a year for a minimum lifestyle in retirement and £23,300 for a moderate one, as a single person, to give you an idea of the total you might need for each year you are retired. You can see the difference the state pension makes to reaching these targets.”
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