⏳ Reading Time: 12 minutesIf you were born in 1959 as a UK citizen, you can retire and qualify for the State Pension when you’re over age 66. But in such circumstances, it is not uncommon to enquire “how much State Pension will I get at 66?”
However, if you take control of your private pension and accumulate a large enough pension pot, you might find yourself in the position of not having to wait for your State Pension to kick in. Knowing when you qualify for the State Pension can help you plan your financial future and achieve a better quality of life in retirement.
But the complicated pension rules are susceptible to change, so it can be difficult to keep up with the evolving landscape. Not knowing something as simple as when you qualify can disrupt your retirement savings plans, impact how much you have for retirement, or even delay when you hang up your working boots.
People don’t have to reach State Pension age (SPA) to access their private pension funds. You can access your pension savings from the age of 55. You can then decide to take a 25% tax-free lump sum or keep it invested. Whilst many would like to retire at the age of 55, an additional 10 years of saving into your private pension could make a real difference to your quality of life when you retire.
