I will be 65 in March 2013. If I work for an extra year, will I still receive state pension?
my wife is already receiving her pension.
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410manzanilla postedYou can either take your state pension at 65 or defer it. If you defer, you can either take a lump sum or an increase in your state pension. See the options here: http://www.pensionsadvisoryservice.org.uk/state-pensions/deferring.
If you are working over 65, you will not pay NI contributions any more.
Posted on 29 July 2010 |
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824MikeGG1 posted
You need to do some tax calculations to decide which is the best way to take your State Pension and other pensions.
If you take all your pensions at 65 and work, the whole lot added together could put you into a higher tax bracket. The same could happen if you defer taking the pensions and then opt to have the arrears when you retire. The safest is usually the increased pension from the later date.
As things stand at the moment, you are likely to have a higher personal allowance from April 2012. This improves the tax situation for the lower paid but there is a claw-back of the extra allowance which starts quite early and could hit even the lower paid if they have employment and pension at the same time. The same could happen if you get the arrears at the start of actual retirement.
Whichever you choose, you will get full value for the gross pension. It is just a case of trying to maximise the net amount.
Mike
Posted on 29 July 2010 | Love 0 loves
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