When Will I Get My State Pension Born 1960

So, there I was, blowing out the candles on my 60th birthday cake, when it hit me. I'm officially old enough to start thinking about my state pension. I mean, I've been paying into it for what feels like a lifetime, but when do I actually get my hands on it?

Now, I know what you're thinking, "Here we go again with the pension talk, mate." But bear with me, I promise this isn't going to be another boring lecture from your dad about financial planning. We're just going to have a little chat about when us 1960 babies can expect our state pension to roll in.

When's the magic date?

Alright, let's get down to business. If you were born between 6 April 1960 and 5 April 1961, like yours truly, your state pension age is 66. That's right, you'll have to wait until you're 66 to start receiving your pension. But don't worry, the government's not going to leave you high and dry in your 60s. You'll still have access to other benefits and savings to tide you over.

Now, if you're thinking, "Well, that's not so bad. I can handle waiting a few more years," then you're in luck. The state pension age is set to increase in the future. For those born after 5 April 1961, it's going up to 67. So, consider yourself one of the lucky ones, I guess.

What about those born earlier?

If you were born before 6 April 1960, then you're looking at a state pension age of 65. But remember, this is for men only. Women born before 6 April 1950 have already seen their state pension age increase to 65, and it's set to rise to 66 by October 2020.

Now, I know what you're thinking, "This is all well and good, but what if I want to work longer?" Well, the good news is, you can! The state pension age is just a guideline. You can choose to work beyond that age if you want to. It's all about having the choice, right?

How much am I getting?

Alright, so we know when we're getting our state pension, but how much are we getting? As of now, the full new state pension is £175.20 per week. That's £9,110 a year, before tax. Not bad, huh?

But here's the thing, you'll only get the full amount if you have at least 35 years of National Insurance contributions or credits. If you've got less than that, your state pension will be less than £175.20 per week. So, it's worth checking your National Insurance record to make sure you're on track.

What if I've paid into another pension scheme?

Now, if you've paid into a workplace or personal pension scheme, you might be wondering how that affects your state pension. Well, the good news is, your state pension is on top of any other pension income you might have. So, you can still get your state pension even if you've got other pension savings.

But, and this is a big but, if you've deferred your state pension, you might get a bit more. For every week you defer, your state pension increases by up to 1% a week. So, if you defer for a year, you could get up to a 10% increase in your state pension. Not a bad little bonus, if you can afford to wait.

So, what's the verdict?

Alright, so there you have it. If you were born in 1960, you're looking at a state pension age of 66, with a full pension of £175.20 per week. Not too shabby, huh? But remember, it's always a good idea to check your National Insurance record and start thinking about your financial future now.

After all, as they say, "Failing to plan is planning to fail." And who wants to be a failure in their 60s? Not me, that's for sure. So, let's start planning, folks. Our state pension might be a few years away, but it's never too early to start thinking about it.