Today’s Tony Talks Wealth episode discusses delaying retirement, and why many have now considered working for much longer than they previously hoped.
Key Takeaways
The pandemic has forced a nationwide rethink of finance in general, and how we manage our money. As a result, many over the age of 50 have delayed plans to retire.
While some will choose to work for longer, the key consideration is that the pandemic has affected plans, rather than personal choice.
There are five key positive reasons to delay taking your pension:
- Your pension has longer to grow
- Maximise your savings potential
- Your employer will keep topping up your pension
- Tax relief until the age of 75
- Delaying state pension can boost your pension payments
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