Women tend to worry more than men that they will not have enough money in later life.
Recent data suggests that almost half of women do not think they have saved enough money in their their pension pot for retirement, while men are much more confident in their later-life savings with only a third concerned they have not set aside enough cash.
Interestingly, almost a third of female employees want higher contributions to help them save for the future during the cost of living crisis, while nearly all women agree that employer contributions are important. Workplace and private pensions will help bolster the State Pension in retirement, but many people may be relying on the contributory benefit as their only income in retirement. However, State Pension is not paid automatically and how much someone receives depends on how many years’ worth of National Insurance contributions made before they reached retirement age, which is currently 66 for men and women.
Below is our handy guide to understanding how National Insurance contributions affect the amount of State Pension you will receive in retirement and how many years you may have to work in order to qualify for any payment and the full payment - currently worth £203.85 each week. How to get full New State Pension payments You will need around 35 qualifying years to receive the full New State Pension if you do not have a National Insurance record before 6 April 2016 - this may be more if you were 'contracted out', find out more here. For people who have contributed between 10 and 35 years, they are entitled to a portion of the new State Pension.
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