Martin Lewis' Pension Advice: Budget Preview

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Post on Oct 30, 2024

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Martin Lewis' Pension Advice: Budget Preview - What to Expect

The Budget is coming, and everyone's wondering what it means for their pensions. Well, Martin Lewis, the Money Saving Expert, has some thoughts on what we can expect.

It's that time again - the Budget's looming. You might be thinking, "ugh, another budget. What's it got to do with me?" But hold on! This one could be pretty big, especially if you're thinking about your pension. And who better to break down the potential changes than Martin Lewis himself?

So, what's Martin saying about pensions in this Budget? Well, it's all about the state pension, which is the money the government pays you when you retire. It's not a lot, but it's something, right?

State Pension Changes on the Horizon?

Martin reckons there could be some tweaks to the state pension. He's not expecting anything dramatic, like a huge increase or a sudden decrease. But there's a good chance the government will be looking at things like the State Pension Age.

Remember, that's the age you need to be to get your state pension. It's been creeping up over the years, and it's not looking like it's going to stop anytime soon.

Martin suggests that we might see another rise in the State Pension Age - a bit like a slow-motion train wreck that just keeps chugging along. He's also talking about changes to the amount of National Insurance you need to pay to get your full state pension. It's already a bit of a pain, but it could get even tougher.

What About Private Pensions?

Now, let's move on to private pensions. These are the ones you build up with your employer or through your own savings. Martin's not expecting any major changes here, but that doesn't mean it's a walk in the park.

The cost of living crisis is biting hard, and people are already having to dig into their savings. This could make it harder to save for your pension, especially if you're young and just starting out.

Martin's advice? Don't give up on your private pension, but be smart about it. Make sure you're getting the best deals and check if your employer matches your contributions. Every little bit helps, right?

Martin Lewis' Budget Takeaways:

• State pension changes are likely, but don't panic! It's more about small tweaks than major shake-ups.
• Keep saving for your private pension, but be smart about it. The cost of living is tough, but it's still important to think long-term.
• Don't let the Budget stress you out. Martin's got your back, and he'll be keeping us updated on the latest developments.

So, keep an eye out for the Budget and what it means for your pensions. You can always trust Martin Lewis to give you the lowdown.