#50 Assume you won't get the State Pension when planning retirement The Money Spot™ - UK Personal Finance

To include the State Pension or to ignore the State Pension, that is the question…when you’re retirement planning.

If you’re a millennial (born between 1981 and 1996) or later, I’ve come to a bold conclusion: it’s best to assume you won’t receive a State Pension, when you’re planning how much to save for retirement. Let me explain why…

While it's likely that some form of State Pension will persist, I believe there’s a good chance that it will become much less generous or that the state retirement age will increase even further. It is also possible that it will become means-tested so only the least well-off will receive it. Because the UK population is ageing and, as a result, the cost of the State Pension is increasing, one or all of these possibilities is almost inevitable.

Listen to this episode to discover why it's most prudent for your financial plan to assume a State Pension will not materialise...

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