pension

rowntree1515

For a 61 year old woman would I benifit taking my state pension now
or defering it for 3 years.

rowntree1515:j

Linton

A delay of 1 year gets you a 10% extra state pension. This seems like a good deal to me if you dont need the income now.

However I guess that if you were claiming benefits or this would put you into a higher tax band the implications could get a bit complex.

bilbo51

Linton wrote: »

A delay of 1 year gets you a 10% extra state pension. This seems like a good deal to me if you dont need the income now.

...and if, roughly speaking, you're going to live for more than 10 years..

jamesd

For a woman of normal good health the optimum choice is to defer for three to five years. The lower end if health is not great, the higher end if it is excellent.

Hard to have much informed comment because the answer also depends on how you will be supporting yourself while deferring and on the other pension or other income you will get and if you have a spouse, perhaps on their situation also.

xylophone

http://www.direct.gov.uk/prod_consum_dg/groups/dg_digitalassets/@dg/@en/@over50/documents/digitalasset/dg_200597.pdf might be worth a read.