💷 Money Clinic: ‘I’m almost 66 but want to carry on working – should I delay taking the state pension?’ Tom Selby, head of retirement policy at investment platform AJ Bell, gives his guidance ⬇️
I am 65 years old and pay higher-rate income tax. I will be eligible to draw my state pension in September 2023 at age 66. However, I intend to carry on working for another four or five years. I have a company defined contribution pension.
The Government has recently confirmed the deadline for people to buy extra NI years going all the way back to April 2006 has been extended until 2025. You can read more about how this works and the things you need to consider when paying voluntary NI here:It is possible to defer taking your state pension
For anyone who reached state pension age on or after 6 April, 2016, the deferral rate is 1 per cent for every 9 weeks they defer, or just under 5.8 per cent for every 52 weeks. You have to defer for at least 9 weeks in order to benefit from this boost.
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