Inflation in the UK has increased to a 30-year high of 5.4 percent, prompting one expert to suggest deferring your pension.
A British chartered financial expert Makala Green discussed the inflation rate and its potential effect on pensions with Express.co.uk.
For those about to retire, Makala said: “If you have not already retired, you have the option to defer your pension for a while until inflation calms down and prices are more controlled (although the timing is not guaranteed).
“This way, you keep your money invested, and it will continue to grow, meaning you have the opportunity of getting more when you retire.”
What does it mean to defer your pension?
Deferring your pension means not to claim it as soon as you are eligible.
It is possible to defer both the state pension and your private pension.
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How do you defer your pension?
To defer your state pension all you need to do is not claim it from the Government.
You won’t get your state pension until you have claimed it, and you have to have reached state…
