Pensions expert Helen Morrissey, is urging everyone to give some serious thought to deferring making a claim for State Pension
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.
There are 12.6 million people claiming their State Pension across Great Britain, including more than one million in Scotland. The vast majority of people will rely on this contributory benefit to boost retirement income along with private or workplace pensions. The head of retirement analysis at Hargreaves Lansdown explained that people do not receive their State Pension automatically when they reach retirement age - it has to be claimed. But you can choose not to claim it and defer instead, which is easily done by simply not replying to the letter issued by the Department for Work and Pensions prior to your 66th birthday.
“The best way of making the most of your State Pension is to make sure you can claim as much as you can. Under current rules you need 35 years’ worth of National Insurance credits to get a full new State Pension. However, many people have gaps in their record due to time spent out of the workforce.” “If you are unable to do this, then you have the option of plugging the gaps by buying voluntary National Insurance credits. Buying a full year currently costs just over £907 - partial years will be cheaper - and for each year you buy you get an extra 1/35ths State Pension - which is just over £300. This means that as long as you live at least three years after reaching the State Pension age you’ve got your money back.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
New State Pension payments may be less than people retiring this year expectNew State Pension payments are worth more than £203 each week during the 2023/24 financial year.
Weiterlesen »
Martin Lewis urges people over State Pension age to check for £3,500 top-upNew claims for Pension Credit made before May 19 could also qualify for the £301 cost of living payment.
Weiterlesen »
New calls to keep State Pension age at 66 due to life expectancy in ScotlandThe State Pension age is due to rise from 66 to 67 between 2026 and 2028.
Weiterlesen »
Rishi Sunak urged to commit to ‘fair and fast payment’ of any WASPI compensationMillions of women born in the 1950s were affected by the change to the State Pension age.
Weiterlesen »
Older people making new claims for PIP could be given 10-year payment awardNearly half a million people claiming their State Pension are also in receipt of PIP and not Attendance Allowance.
Weiterlesen »
Early morning coronation rehearsals feature drumming soldiers and state coachesMembers of the military, navy and RAF rehearsed for the procession that will be one of the main events during the three-day coronation celebrations, beginning on Saturday 6 May.
Weiterlesen »