Some individuals who choose to defer claiming their State Pension at age 66 could face a potential loss of up to £12,000 annually, according to financial experts. While deferring the pension can increase future payments, there are important considerations that may affect overall benefits.
Experts advise pensioners to carefully evaluate their personal circumstances before deciding to delay their State Pension, as certain factors could reduce the expected financial gains.
**Why this matters**
Understanding the implications of deferring the State Pension is crucial for retirees planning their finances. Making an uninformed decision could result in lower income than anticipated, affecting long-term financial security.
Source: News Source