Some Britons are choosing to delay claiming their state pension to boost payments in the future.
The state pension age is currently 66 years old for both men and women but this is due to increase to 67 between 2026 and 2028.
For every nine weeks deferred after the pension age, your state pension will increase by the equivalent of one percent, which works out to an extra 5.8 percent for a year.
This means that on a full new state pension, deferring could earn an extra £614, paid alongside their regular state pension payment.
Pensions expert Helen Morrissey said: “If you don’t need the extra money straight away, then this could be a handy way of boosting how much you get when you actually do decide to leave work. However, you must be careful that by deferring you don’t affect your entitlement to other benefits you could receive such as Pension Credit.”
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