Brits could be losing £50,000 in state pension money, according to new study
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The state pension age has been undergoing changes since April 2010.
Now the retirement age in the UK is 65 for both men and women.
It's important for Brits to save money for their pension pot so it's ready for retirement.
But thousands of pension savers are overestimating their future retirement pot by as much as £50,000.
According to a study from Which?, a worrying number of people don't know how much money they'll receive from their state pension.
Some are expecting up to £50,000 more than they'll actually get which could cause financial difficulties in later life.
It also could mean some are saving far less because they think they're getting a larger sum from their retirement.
Which? found three in 10 people are overestimating their future state pension payments.
The new state pension is currently worth £175.20 per week, but it's not what everyone is entitled to.
It depends on your National Insurance record and how many credits you've accumulated in your working life.
But Which? says people claiming the old basic state pension receive £148 a week, while others get a weekly average of £158.
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For men born on or after April 6, 1951, or a woman born on or after April 6, 1953, you will be able to claim the new state pension.
Anyone who reached the state pension age before April 6, 2016, will be getting the old basic state pension.
According to Which?, fewer than three in 10 people know the average amount people get from their retirement.
It asked 2,000 people and calculated the average length of retirement as between the ages of 66 to 85.
Jenny Ross, Which? money editor, said: "Our research shows that there is still a lot of confusion around key pension rules, so more needs to be done to improve public understanding and engagement to put people in a stronger position to plan for retirement.
"It's been five years since the government first committed to introducing the pensions dashboard, so it's crucial there is no further delay in its delivery as some consumers have struggled for too long with a complex, fragmented pensions system."
State pension age is gradually increasing for men and women and will reach 76 by 2028, according to AgeUK.
You can check your state pension age by visiting the GOV.UK website for further details.
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