The State Pension age is currently 66 for men and women across the UK, but is set to rise to 67 between 2026 and 2028 under UK Government plans.
Retirement may be a while off for some people or just around the corner for others, but in this week’s MoneySavingExpert.com newsletter, founder Martin Lewis touched on whether deferring your State Pension could be worthwhile.
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 consumer champion explained: “The State Pension is boosted by 5.8% for each year you defer (you can defer part years too), so defer one year and someone on the full 'new' State Pension would gain £500 each year extra.
Read more on dailyrecord.co.uk