Martin Lewis, the financial expert, has issued a one-month warning to individuals who are approaching state pension age to take action to boost their state pension by up to £50,000.
Lewis has highlighted that individuals who defer taking their state pension can increase their weekly payments by 1% for every nine weeks they defer, which equates to around 5.8% for every year they defer. This means that individuals who defer taking their state pension for just one year could potentially increase their annual pension income by up to £50,000 over the course of their retirement.
Lewis has urged individuals who are approaching state pension age to consider deferring their state pension if they can afford to do so, as it could significantly increase their pension income in the long run. He has also advised individuals to seek independent financial advice before making any decisions about their state pension.
Overall, Lewis’s warning serves as a reminder to individuals to carefully consider their options when it comes to their state pension, as making the right decisions now could have a significant impact on their financial security in retirement.
This image shows a newspaper headline that reads “There’s just a few weeks left to massively boost state pension.” It seems to be highlighting the importance of taking action to increase one’s state pension before a deadline.
Martin Lewis, the financial expert, has issued a one-month warning to individuals who are approaching state pension age to take action to boost their state pension by up to £50,000.
Lewis has highlighted that individuals who defer taking their state pension can increase their weekly payments by 1% for every nine weeks they defer, which equates to around 5.8% for every year they defer. This means that individuals who defer taking their state pension for just one year could potentially increase their annual pension income by up to £50,000 over the course of their retirement.
Lewis has urged individuals who are approaching state pension age to consider deferring their state pension if they can afford to do so, as it could significantly increase their pension income in the long run. He has also advised individuals to seek independent financial advice before making any decisions about their state pension.
Overall, Lewis’s warning serves as a reminder to individuals to carefully consider their options when it comes to their state pension, as making the right decisions now could have a significant impact on their financial security in retirement.
https://www.independent.co.uk/news/uk/home-news/martin-lewis-boosting-state-pension-national-insurance-b2709189.html
