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How to plan finances for State Pension increase

ended 02. April 2024

Daily Express journalist is looking for expert comment on the following:

With the 8.5 percent state pension increase from April 8:

- How can people best use the extra funds, particularly with bills going up from April?
- Is the rising cost of living outpacing the state pension increase - should the state pension go up more?
- What can state pensioners do to reduce their costs?
- Is the triple lock sustainable for the next five years?

1 responses from the Newspage community

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Joshua Gerstler
Chartered Financial Planner at The Orchard Practice
For those that rely on the State Pension for their income, the increase will go towards covering the increase in costs they have seen over the past year. I do not think there will be any surplus available for use elsewhere.

For those that have other pensions, the increase in the State Pension will enable them to either spend more on themselves, give more away, or put more into their investments for their future.

The State Pension in its current format is not sustainable and I believe we will see plans to dramatically alter it. This will be a political grenade but someone will need to pull the pin sooner rather than later.