Having an idea of where your financial resources are going at the time of your retirement is a great idea and can really benefit you further down the line, when you come to retirement you will at least have a financial plan that you are able to follow and won't feel so stressed about your financial situation. If you plan your retirement from an early age you may find that your pension pot is a lot larger than if you don't. There are a number of different pension plans that you could consider, but if you don't opt for a private company pension scheme then you could always opt for the public pension option that is available to anyone who makes the right amount of National Insurance contributions.
Within the UK a public pension is a very real possibility for anyone who works and makes regular contributions to National Insurance, this can be a great source of income once you reach the retirement age and start receiving it. Slightly less for a couple, the current UK pension income is around 107 per week for a single person.
There is a minimum period of time that you must make National Insurance contributions for if you want to be eligible for a State pension and this normally totals to around 30 years of employment within the UK. Some people don't find themselves in employment for this period of time but could still be entitled to a percentage of the State pension depending on how many years they have contributed. In some situations you may also be eligible to buy back National Insurance years to increase your pension once you reach this age.
Some drawbacks of the State pension are that in general it is quite a small amount and many people feel that it isn't enough to provide the strong, stable income that they have become accustomed to after working full time, so for this reason many people choose to combine their State pension with another source of income such as a pri
There is a minimum period of time that you must make National Insurance contributions for if you want to be eligible for a State pension and this normally totals to around 30 years of employment within the UK. Some people don't find themselves in employment for this period of time but could still be entitled to a percentage of the State pension depending on how many years they have contributed. In some situations you may also be eligible to buy back National Insurance years to increase your pension once you reach this age.
Some drawbacks of the State pension are that in general it is quite a small amount and many people feel that it isn't enough to provide the strong, stable income that they have become accustomed to after working full time, so for this reason many people choose to combine their State pension with another source of income such as a pri
There is a minimum period of time that you must make National Insurance contributions for if you want to be eligible for a State pension and this normally totals to around 30 years of employment within the UK. Some people don't find themselves in employment for this period of time but could still be entitled to a percentage of the State pension depending on how many years they have contributed. In some situations you may also be eligible to buy back National Insurance years to increase your pension once you reach this age.
Some drawbacks of the State pension are that in general it is quite a small amount and many people feel that it isn't enough to provide the strong, stable income that they have become accustomed to after working full time, so for this reason many people choose to combine their State pension with another source of income such as a private pension.
By law you have to pay National Insurance so the State pension can be a great way to supplement your private pension, considering that you have to pay it by law anyway and at least you know at retirement age you will have a guaranteed income.
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Some drawbacks of the State pension are that in general it is quite a small amount and many people feel that it isn't enough to provide the strong, stable income that they have become accustomed to after working full time, so for this reason many people choose to combine their State pension with another source of income such as a private pension.
By law you have to pay National Insurance so the State pension can be a great way to supplement your private pension, considering that you have to pay it by law anyway and at least you know at retirement age you will have a guaranteed income.
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