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Best date to retire and claim state pension - advice required

I am eligible for state pension early April next year.  My question is should I retire exactly on my birthday or after or at financial year end.  The ideal for me would be retire mid March but does that have any great effect on payments?

Comments

  • Peterrr
    Peterrr Posts: 92 Forumite
    Fifth Anniversary 10 Posts Name Dropper
    Mid/end of March sounds like a tidy option tax wise, though it gives rise to supplementary questions: if that pre-dates your birthday, do you have sufficient savings to fund the gap between employment and state pension? Alternatively, if your birthday comes first (and you have sufficient money by then) just go for it as your time has a value too.
  • xylophone
    xylophone Posts: 45,426 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You are intending to give up work completely and live on pension income etc?

    Will you also be expecting to draw on your workplace pension?

    You should receive an invitation to claim your state pension in late December/early January.

    https://www.gov.uk/new-state-pension/what-youll-get

    Have you obtained a state pension forecast?

    https://www.gov.uk/check-state-pension
  • Albermarle
    Albermarle Posts: 25,902 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    DASBQ said:
    I am eligible for state pension early April next year.  My question is should I retire exactly on my birthday or after or at financial year end.  The ideal for me would be retire mid March but does that have any great effect on payments?
    There is no link between when you retire and when you get the State Pension. You could retire at 56 but you still will not get it until you are 66.
    There may be some tax benefit with timing your retirement /getting the state pension, depending on your circumstances . If that was actually your question then you need to post up more details of salary level etc.

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