State pension warning as many miss out on boost of up to £540 – how to increase your sum

0
Loading...

State Pension payments are available when Britons hit an eligible age and have built up enough National Insurance contributions. However, even when a person hits the full state pension sum, they may be looking for ways to boost the amount they receive. This is a possibility, however, new research has proven many are missing out due to a lack of awareness.

While in 2004, women made up 80 percent of those receiving extra pension, this has now dropped to 73.

The rising state pension age and other changes to the system may be some of the reasons for a lack of take-up of the deferral system.

Loading...

Stephen Lowe, group communications director at Just Group, commented on the matter.

He said: “Deferring state pension is still available and is something that should be considered alongside other retirement options.

As a result, for every year a person chooses to put off claiming their state pension, a return of nearly 5.8 percent can be gained.

Loading...

When looking at the full state pension sum of £179.60 per week, this could be a lucrative option for many retired people.

By deferring for a year, Britons could boost their annual income by approximately £540.

But for Mr Lowe, the figures on lack of awareness only go further in proving more support is needed for those approaching retirement. 

Loading...

He concluded: “It reinforces the message to people approaching retirement to take up their entitlement to the free, independent and impartial guidance the Government offers through the Pension Wise service.

“Although highly valued by people for increasing their understanding and helping them to avoid scams, too few people are receiving the Government backed service which means many thousands of people each year are at risk of making uninformed decisions.”

Loading...

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 

Loading...

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Loading...

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More