Q. I am 66 later this year and entitled to the State Pension of € 289.30 per week…The government introduced 4 new levels of deferring your pension by allowing you to continue working now for a higher State Pension when you access it. Is it worth it ? As it happens, I can stay longer in my job anyway and am earning € 43,500 per annum. Paul – Wexford
A. Thanks Paul but that pension initiative from the government is easy to work out and is essentially a mathematical decision..…if for instance you defer til you are aged 70, you will have lost out on € 60,174.40 ( 4 times € 15,043.60 – the current annual State Pension ) At age 70, you will receive € 315 per week – an extra € 61 so that you would have to be 90½ years of age to justify making that decision now ! Will you live beyond 90½ – hopefully you will but there’s an old saying a bird in the hand is worth two in the bush ! You are also earning in your current employment more than the pension will pay out. Your choice. Happy retirement.
(205 words)