How delaying UK state pension affects your earnings

You can get more money each week from your state pension if you wait longer to start getting it. When you delay claiming your state pension, you get an extra 1% for every nine weeks you wait. If you wait for 52 weeks, you'll get an extra £12.82 every week, which adds up to £666 more each year for the rest of your life. This means you'll have more money in the long run. The consumer group Which? says that if the state pension goes up by 2.5% each year, it would take 15 years instead of 17 years to benefit from delaying. If the pension increases more, like it has in recent years, you'll benefit even sooner. But we can't predict how much the pension will increase in the future, so it's hard to know for sure. Both men and women get the same reward for delaying their state pension, but since women tend to live longer on average, delaying might be more beneficial for them. People in good health who expect a long retirement might make more money by waiting to claim their pension. On the other hand, those in poor health or receiving benefits might be better off claiming their pension as soon as they can. The state pension age is increasing, so some people might want to claim it as soon as possible. You have to apply for the state pension; it's not automatic. The government pays out about the same amount whether people claim their pension on time or delay. The new state pension can give you more money each year than the old basic pension. In April, the basic state pension increased to £169.50 a week, while the new state pension went up to £221.20 a week. Some people might also qualify for an additional state pension based on their National Insurance contributions. The state pension alone might not be enough to live on, especially for older pensioners who rely on the old basic pension. Age UK says a single person needs at least £14,400 a year to live on in 2024. The state pension system has changed over the years, and some people might get more money depending on when they retired and what contributions they made. It's important to understand how the different parts of the state pension work to make sure you're getting all the money you're entitled to.