- Women are more likely to have gaps in their state pension
- Voluntary contributions can be advantageous
- But check carefully because they are not best for everyone
At a modest £221.20 per week, it may feel like the state pension doesn't amount to much. If you are a pensioner living on your own, it won’t even fund a minimum standard of living, according to the Pensions and Lifetime Savings Association (PLSA).
However, it is still a crucial part of pension planning, even if it is only a start. “The state pension provides a guaranteed monthly income for the duration of your retirement, making it an invaluable part of any retirement plan,” notes Alice Haine, personal finance analyst at Bestinvest.