Bob Gibbs, Oak Wealth Planning

Bob Gibbs | Oak Wealth Planning

Independent Financial Planner, Milton Keynes

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07742 019661

The State Pension And Your Retirement

Is it enough for you?

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POSTED BY BOB GIBBS ON 10/01/2019 @ 8:00AM

Anyone living in the UK who pays National Insurance contributions for at least 10 years will qualify for the state pension. Yet so many of my younger clients don't feel they will have a state pension or know that much about it ...

We all get the state pension when we retire, but is it enough for you to live on?

We all get the state pension when we retire, but is it enough for you to live on?

copyright: grinvalds / 123rf

They have concerns. Are they valid? Well, currently the state pension is just £164.35 per week and that's currently being paid out to millions of pensioners, It has paid out to millions before and will still do so in future.

"So, what has changed?"

Well, it used to be more. The state 'second' pension (used to be called SERPS) topped up the basic state pension, and you could have over £200 per week instead. Benefits now top up the state pension for the very poor, plus you have to wait longer to get it now.

For example, ladies born in 1950 could expect to get a state pension at age 60, very soon this will be 66, then 67 in less than 10 years and 68 after that.

But it is still essential as it is an inflation-proof (subject to something called the triple lock) guaranteed income for life. It is a building block towards a comfortable retirement, but it's not enough for the majority of people to provide the lifestyle they want or have been used to.

Could you live on just £164.35 per week today? Even if your rent and your council tax were paid for you, would that be enough? You need other pensions/savings or financial reserves, and the state pension will still be there playing a small, but important part.

"Would you like to know more?"

If you'd like to find out more about the state pension and how other pensions, savings and investments can help you to live the lifestyle you want in retirement, then do give me a call on 07742 019661 or click here to ping me an email and let's see how I can help you.

Until next time ...



If you're thinking of reviewing your pensions, savings and investments then do visit and let's see how I can help you with your wealth planning!

More about Bob Gibbs ...


I am a whole of market Independent Financial Planner. What I do for people is to organise money so that people either make money or save money with the end result becoming more wealthy.

I achieve this through mortgages, insurances, savings, investments and especially Pensions, a subject I am especially passionate about. I am shocked by how little people know about such an important subject that has such a huge impact on their lives.

My mission is to understand where people are at on their retirement plan, then get them on the correct road to working less and enjoying more of life when they want! I use cashflow planning software to make this more visual and real.


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