With millions set to lose out on the winter fuel payments this year, the expert revealed another way to boost your income.
Finance expert Martin Lewis has explained how state pensioners could claim an extra £667 a year by making one simple decision. This change “could be a winner” he advised, but only in certain circumstances.
Instead, it will now only be available to pensioners already in receipt some kind of financial benefit such as pension credit, universal credit or income support. This decision has sparked outrage from many campaign groups, and a petition urging Labour to reverse the decision has garnered around 400,000 signatures so far.
Lewis said: “Defer your state pension, and the maths works out that if you live longer than typical life expectancy, you'll gain; if you live less, you'll lose. Live a typical lifespan and it'll be pretty neutral. So if you're in poor health, it's not really worth considering. According to Lewis, for every nine weeks it is deferred, pensioners will receive an extra one percent which works out at around £2.20 a week. And if you are able to postpone payments a full year, you could be entitled to an extra 5.8 percent- or £667 a year.
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