Retirement Planning – Your State Pension

Almost everyone when the reach state pension age will want to rush to collect their state pension. However you do not have to make an immediate claim upon this.

You could delay collecting the pension. If you do you will get 1% more state pension for every five weeks you delay taking payments, so just over 10% extra for every full year.

Another option is to delay for a full year and take a lump sum of what payments you have missed plus interest (currently 2.5%).

Not everyone would be advised to delay payments, particularly if you are in poor health. However you may wish to do so temporarily if your tax situation warrants it.

As with any other tax planning or retirement planning issue, it is important to take advice.

If you have a question on any aspect of tax planning, retirement planning or financial planning? contact one of our Financial Planning Consultants who will be able to advice you.

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