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Experts have discovered a way for millions of workers approaching retirement age to increase their pension pot by almost 100%, it has been reported.
Since the government’s new rules on state pension plans, many retirees have found they would be worse off if they chose to receive their state pension straight away, as opposed to deferring it.
It is expected that the state pension will increase by 10.4 percent over the next four years, plus an extra five percent for living costs. Therefore, experts have advised that if one can defer their pension for four years and live off their accumulated savings in the meantime, they will have a much bigger pension fund waiting for them by the end.
Alan Higham, retirement director at investment firm Fidelity, said:[quote]”Many will be looking for a guaranteed income when they retire. If they spend money from their own pension instead of taking the state pension, and hold off for four years, the overall value from their savings pot will double.
“By doing this, the difference is always going to be double what you would expect if you had bought an annuity on day one.”[/quote]
Indeed, new rules in the Budget released recently no longer require workers to buy an annuity with their pension pot when they retire. The option to live off one’s own savings and defer taking their state pension is the new alternative for those trying to play it safe and save more money.
However, as the rules are set to change again in 2016, only those looking to retire in the next two years will be able to take advantage of this tactic. Financial experts have also warned that there are still risks with adapting this approach.
For one, the government could change the rules again, which could see the 10.4 percent rate decrease or even drop to zero. If another Government happened to be elected, it could also have its own plans for the pension.
Yvonne Goodwin of Yvonne Goodwin Wealth Management said that deferring one’s state pension is a good idea, but only if one is on top of their own finances. She also pointed out that spending one’s savings was not the only way to defer taking the state pension.[quote]”It is a good idea to maybe get a part-time job and leave your pension, and your state pension, to grow. While your money is in a pension fund it is tax-free.”[/quote]