💷 The state pension is a core part of any retirement planning alys_key explains why it is vital to understand how much you should be getting from the scheme, and ensure you receive what you are entitled to ⬇️
after the state pension age is reached, and you canWhat this can affect, however, is your tax rate. If you decide to continue working while receiving the state pension at the same time, this could push you into areceipt of their state pension.You are entitled to defer your state pension, so that instead of taking it at the state pension age you collect it later. Doing this increases the amount you receive per week once you do eventually take the payments.
“For every nine weeks an individual delays their state pension commencement, the amount payable increases by 1 per cent,” explains Zoe Brett, financial planner at EQ Investors. “That translates into an annual increase of 5.8 per cent,Those increases also benefit from compounding, she adds. “The annual pension increases the government applies to the state pension to counter the effect of inflation will also apply to the increased state pension entitlement for deferring.
However, the decision can be a tricky one. You will get the best value if you live for many years after you start taking your pension, and most of us have no idea how long we’ll live. In some cases it might be better to take the pension as soon as you’re entitled to it, so that you can enjoy it for the maximum number of years.
Deferring, though, can be helpful for those who want to continue working but don’t want their state pension to bump them into a higher tax band.. The state pension is something you claim, so if you are approaching state pension age, you just need to
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