When was the last time you checked your State Pension forecast, or have you never looked at it? According to HMRC, almost seven million people or one in eight adults have never checked their State Pension.
Considering the State Pension is key to most people’s retirement planning, that’s a staggeringly high number. Therefore, as part of its Pensions Awareness Week campaign, HMRC is encouraging people of all ages to check their forecast.
You can download and use the free, secure HMRC app, and you can visit the Tax Confident website for information on tax in retirement.
‘It’s never too early, or too late, to check your State Pension forecast,’ says HMRC’s Chief Customer Officer Myrtle Lloyd. ‘Checking your forecast on the HMRC app takes just a few minutes but can make a real difference to how prepared you feel for the future.’
Don’t delay, check today
Research carried out by HMRC reveals one in eight adults (12.5%) have never actually checked their State Pension forecast. Most surprising, those aged 45 to 54 are the least likely to have checked, despite it being a key time for retirement planning.
Common excuses for delaying checking are feeling retirement is too far away to be relevant or worrying about losing track of pension pots from previous jobs. Other reasons are not knowing how to check or thinking it will be too complicated.
If any of this sounds familiar, download the app and get started today. Not only can you check your entitlement, you can see if there are any gaps in your National Insurance record. If so, you can top up your contributions to get the full State Pension if you are eligible.
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