Many people take their State Pension income as soon as they reach state pension age. However, if you do not need the income at the time it becomes available then you might benefit from additional income if you choose to delay receiving it.
How much is the State Pension?
The full State Pension in the 2022/23 tax year is £185.15 per week.
Will I get more money if I delay taking my State Pension?
Your State Pension increases by the equivalent of 1% for every 9 weeks you defer. This works out as just under 5.8% for every 52 weeks.
How do I get the extra money from deferring my State Pension?
When you choose to claim your State Pension then the extra amount is paid with your regular State Pension payment.
How do I defer my State Pension?
If you choose to defer it, then you do not have to do anything. Your pension will be automatically deferred until you contact the government to claim it.
Find out if deferring your State Pension will be worth it for you
If you are unsure if you can afford to defer your State Pension or not sure if you will lose out in the long run, you can speak at a financial adviser at Four Wealth Management. They can review your retirement plans as a whole and let you know the best option for your individual circumstances.
Book a no-obligation meeting now
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is generally dependent on individual circumstances.
