Deferring Your State Pension

Deferring Your State Pension
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2 Responses

  1. Martin says:

    I’m a higher rate tax payer, 40%, and reach SPA in May 2018, 2 months away. I consider myself to be a fit and healthy, non smoking male. I cannot see the benefit of drawing my State pension now only to be paying 40% tax on this. I aim to continue working in full time employment for 3 – 5 years. If I defer for 3 years would I be correct in saying that I would need to live until age 85 in order to break even? Would you consider this to be a wise move given my personal circumstances? Many thanks.

    • Mike Rawson says:

      Hi Martin,

      It’s impossible to say what you should do without knowing a lot more about your personal circumstances. The big question is always whether you have enough money to stop work (retire). If you do, then why continue?

      If you don’t, then you would need to compare various earning / spending / investment patterns to decide which one you felt most comfortable with.

      The point of the article is that under the old State Pension deferral system, it was always worth deferring, since the deal on offer was so good. That’s not the case anymore.



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Deferring Your State Pension

by Mike Rawson time to read: 2 min