I’m 50 & scared I’ll never be able to retire -I’ve worked since age 15 but my pension won’t even cover my electric bill
A WOMAN who is almost 50 has revealed that she is scared she will never be able to retire – despite working since the age of 15.
She said that the pension she will receive won’t even cover the cost of her electricity bill.
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Taking to Reddit, the mum shared: “I’ve been in full time employment since I was 15.
“Other than my maternity leaves and moving countries, I’ve always worked full time.
“I checked my annual statement for my pension pot and when I turn 68 I’ll get my state pension and teeny tiny private pension.
“The combined amount won’t even cover my current monthly electric bill”.
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“None of it has been worth it. I’m so tired and I’m probably considered one of the luckier ones.
“How can we do better for the young’uns?”
The current state pension age in the UK is 66.
This is the age at which you can retire and start receiving your state pension from the government.
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However, this age is gradually increasing, and is set to reach 68 by 2037.
Your state pension amount depends on your National Insurance record and the full amount is currently £221.20 a week.
Many people also have a private pension, which they pay into using a percentage of their wages each month.
You can access the money from your private pension from the age of 55.
The post was flooded with replies from Reddit users, many of whom shared similar worries.
One person said: ” I’ve been advised to retire at 70, but my mom died at 68 and dad died at 80.
“Retiring at 70 doesn’t give me much more life to enjoy.”
Another person said: “I feel the same at 52. I am so tired. The travel to work kills me and I am feeling my age.”
How does the state pension work?
AT the moment the current state pension is paid to both men and women from age 66 – but it’s due to rise to 67 by 2028 and 68 by 2046.
The state pension is a recurring payment from the government most Brits start getting when they reach State Pension age.
But not everyone gets the same amount, and you are awarded depending on your National Insurance record.
For most pensioners, it forms only part of their retirement income, as they could have other pots from a workplace pension, earning and savings.
The new state pension is based on people’s National Insurance records.
Workers must have 35 qualifying years of National Insurance to get the maximum amount of the new state pension.
You earn National Insurance qualifying years through work, or by getting credits, for instance when you are looking after children and claiming child benefit.
If you have gaps, you can top up your record by paying in voluntary National Insurance contributions.
To get the old, full basic state pension, you will need 30 years of contributions or credits.
You will need at least 10 years on your NI record to get any state pension.
A third said: “Pension is not enough to live comfortably now. It’s so painful. Like the last week of school before summer break.
“You don’t care about anything except getting out. That’s where I am. For the next few years.”
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A fourth added: ” I’ve resigned myself to the fact that I will be poor in retirement…even after a lifetime of comfortable middle class.”
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