Retirement may be a while off for some people or just around the corner for others, but pensions expert Helen Morrissey, is urging everyone to give some serious thought to deferring making a claim for State Pension, as it could boost their annual later-life income by more than £600.
Deferring your State Pension, means not claiming it when you reach the official age of retirement and could boost payments of the New State Pension when you do decide to claim it. However, it’s important to note that any extra payments you get from deferring could be taxed.
The State Pension age is now 66 for men and women, but is set to rise to 67 between 2026 and 2028 under current UK Government plans. The full Basic State Pension is now £156.20 for a single person and £249.80 per week for a couple while the full New State Pension for people retiring after 2016 is £203.85 per week.
