Savings and pensions

dragoneye454

Hi all, another new one here asking for a bit of advice. We are looking at saving for our retirement and hope to have about £350000 by the time that day comes.

The problem I am having is that it means I wouldn’t be entitled to a state pension, but it’s not enough for us both to live on if we make it past 10 or so years. 

Would we be entitled to the state pension once we have used all our savings? Or would they say that it’s depreciation of assets? Is it worth us saving this money or will it hurt us in the long run? 

We will each have a private pension as well but that will only bring in 2000 a year.

luvchocolate

State pension is not means tested. 
If you have made full contributions you are entitled same as anyone else. 
Get a pension forcast to check 

Dazed_and_C0nfused

And read past the likely headline of £175.20 to see what you have accrued to date (usually shown to 5 April 2020 at the moment).

xylophone

Have you each obtained a state pension forecast?
https://www.gov.uk/check-state-pension
Why do you think that you will not be entitled to a state pension?

Albermarle

We are looking at saving for our retirement and hope to have about £350000 by the time that day comes.

As you seem to be confused about even the State Pension , are you confident that you are able to accumulate a large sum of money like £350K and handle it correctly . Do you intend to build it up in pensions or savings or other investments ?

dragoneye454

Hey all, I did an entitlement thing last night and it said that I wouldn’t be due any guarantees pension as I would have to much in savings. Apologies if this is wrong I will keep looking. Thank you everyone xx 

NedS

dragoneye454 said:

Hey all, I did an entitlement thing last night and it said that I wouldn’t be due any guarantees pension as I would have to much in savings. Apologies if this is wrong I will keep looking. Thank you everyone xx 

You are looking in the wrong place. I guess you are looking at entitlement to Pension Credit. Pension Credit is a means tested benefit for pensioners on low income.

You need to look at your State Pension forecast here:

https://www.gov.uk/check-state-pension