State Pension Calculator: How Much Will Be Yours and When You Receive It | Personal Finances | Finance

As Britons contemplate retirement, there are a variety of online tools that they can use to plan for their public retirement. This could help them better understand an essential part of their retirement income.

The state pension is based on contributions to National Insurance (NI). The more years a person has membership, the more he will be able to receive a state pension.

To get the full state pension, 35 years of NI contributions may be needed, and 10 years is needed to get anything.

Qualifying years are accumulated by working, but can also be acquired by receiving certain benefits or by contributing voluntarily.

This means that if someone has gaps in their NI record that prevent them from getting the maximum state pension, they could increase their entitlements by using benefits or voluntary contributions.

Indeed, the legal retirement age is expected to increase in 2028, then again in the 2040s.

Fortunately, the government has another free online tool to help people know when they will become eligible for their state pension.

It is simple to use, the only information required is an individual’s date of birth.

This can then be used to tell someone when they will reach retirement age, as well as when they will become eligible for pension credit and a free bus pass.

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