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A typical young adult aged 20-40 wants to retire at 59 with an annual retirement income of £26,000, according to new research.

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Many adults have never discussed retirement plans and finances with their parents despite the impact it might have on later life care, according to new research.

Nearly half (47%) of 55 to 64-year-olds are unaware that deferring the State Pension can boost their retirement income significantly when they start to claim their pension benefits.

Many pension savers are missing this valuable ‘Financial Planning’ option when they retire, according to research from retirement specialist Just Group.

Deferring the State Pension payment can mean significantly higher state pensions with every nine weeks of deferral boosting income by 1% - equivalent to 5.8% more income for every 52 weeks of deferral.

However, just over one in 10 (12%) of those aged 65+ had deferred their State Pension with the figure higher among women (16%) than men (9%) and also higher among the semi-retired (22%) than fully retired (11%).

Just says with Coronavirus hitting financial plans many more could consider State Pension deferral to boost retirement income.

Stephen Lowe, Just communications director, said: “Deferring State Pension is an important option for the rising number of over-65s in good health and who plan to carry on working.

“It needs to be factored into people’s Financial Planning in the run-up to retirement so it is worrying that such a high number of people aged 55-64 don’t know that there is a degree of flexibility around when and how they take their State Pension.”

According to research by Just the appetite for State Pension deferral has waned in recent years with about 1m people currently receiving extra money as a result of deferral, about 25% fewer than the peak in 2004, according to Department of Work and Pensions figures.

With the full New State Pension rising to £175.20 a week from April, deferring for one year would result in

£10.12 extra a week – more than £526 a year.

Those who have started to receive the State Pension can defer payment once during retirement.

Most people tend to defer the State Pension for between one and two years but more than half defer for longer.

Among those who chose not to defer, 31% said it was because they wanted to stop working as soon as they could. A quarter (25%) said they would have had to defer for too long to make the weekly increase worthwhile.

How long after you were eligible did you defer starting to receive your State Pension?
Up to a year -15%
1-2 years - 31%
2-3 years - 26%
3-5 years - 19%
5-10 years - 8%

Source: Just Group

 

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