State pension calculator: how to calculate the age and amount of your state pension | Personal finance | Finance

State pensions get a boost every April in line with key figures and will grow by 3.1% this year. Those who qualify are paid approximately every four weeks, with the aim of ensuring that everyone has the means for a retirement income.

The state pension may not be your only source of retirement income, as you may have a work or private pension, as well as savings.

With the rising cost of living, more and more people depend on payments like the state pension.

And those receiving a state pension can also get help with energy bills during the winter months.

So if you’re wondering how much state pension you’ll get and at what age you’ll get it, read on.

Read more: PIP update: the 19 conditions eligible for PIP

To do this you will need a Government Gateway account or the ability to login with Gov.UK Verify.

The new full state pension is £179.60 a week, however the actual amount you get depends on your National Insurance record.

The government website says: ‘You will usually need to have 10 years of qualification on your National Insurance record to get a new state pension.’

When you work, you contribute to national insurance and benefit from a qualifying year if:

  • you are employed and earn more than £184 per week with an employer
  • you are self-employed and pay national insurance contributions

You might not pay National Insurance contributions because you earn less than £184 a week. You can still get a qualifying year if you earn between £120 and £184 a week with an employer.

You can get national insurance credits if you cannot work, for example if you are sick or disabled, or if you are a carer or unemployed.

You can get National Insurance credits if you:

  • apply for family allowances for a child under 12 (or under 16 before 2010)
  • get Jobseeker’s Allowance or Employment and Support Allowance
  • get care allowance

You may be able to pay voluntary national insurance contributions if you don’t belong to one of these groups but want to increase the amount of your state pension.

Check the government website here for more information.

Maria D. Ervin