Money Lesson Single

Defer, or take it now?

You reach State Pension age and the money is there for the asking, whether or not you need it yet.

Take it while you are still earning and the taxman keeps a slice of it; leave it and every year of waiting adds permanently to what you eventually draw.

Employment ISA Savings Account Property Expenses

Wait until you stop working

4 Goals

Put the State Pension off for four years and claim it at seventy, at nearly a quarter more, for life.

Try this plan

Employment ISA Savings Account Property Expenses

Take it now

4 Goals

Start the State Pension the month it becomes payable, and hand the taxman the slice that sits above the higher-rate line.

Try this plan

Wait until you stop working Take it now

Ray waits ~4 years for his State Pension, and never pays the higher rate on a penny of it.