How to boost state pension payments by £741 a year with little known tip

If you're soon to be retired, there's a lesser-known hack that could help to boost your state pension, as the age of retirement continues to rise.

Across the UK people often apply for their state pension when they hit the age of 66, although this is set to change to 67 by the year 2028, but delaying your claim may just help to increase your payments. You get an extra 1% each nine weeks that you wait to make your claim, and if you wait for an entire year, that could increase your payout by an impressive 5.8%.

At the moment, a new state pension is worth £230.25 a week or £11,973 annually. Meaning, if you have chosen to delay your pension for the entire 52 weeks in the year, you are able to get an extra £13.35 a week.

This is thanks to the benefit being on the rise by 4.8% next year, and so the new state pension is expected to increase to £241.30 a week. The state pension goes up each year in line with inflation or wage growth, as part of the triple lock policy.

Recently it was uncovered that wage growth for three months was actually 4.8%, which was even higher than the estimated figure of 4.7%. Meanwhile, the September inflation figure will remain unknown until October 22, but this figure is expected to remain the same and not higher than earnings.

If you're soon to be retired, there's a lesser-known hack that could help to boost your state pension, as the age of retirement continues to rise.

Across the UK people often apply for their state pension when they hit the age of 66, although this is set to change to 67 by the year 2028, but delaying your claim may just help to increase your payments. You get an extra 1% each nine weeks that you wait to make your claim, and if you wait for an entire year, that could increase your payout by an impressive 5.8%.

At the moment, a new state pension is worth £230.25 a week or £11,973 annually. Meaning, if you have chosen to delay your pension for the entire 52 weeks in the year, you are able to get an extra £13.35 a week.

This is thanks to the benefit being on the rise by 4.8% next year, and so the new state pension is expected to increase to £241.30 a week. The state pension goes up each year in line with inflation or wage growth, as part of the triple lock policy.

Recently it was uncovered that wage growth for three months was actually 4.8%, which was even higher than the estimated figure of 4.7%. Meanwhile, the September inflation figure will remain unknown until October 22, but this figure is expected to remain the same and not higher than earnings.

The expert further noted that if someone or their partner receives particular state benefits like pension credit, waiting for a year won't see the increase they might hope for. Another risk includes those who have lost their spouse, as the surviving spouse won't be able to inherit the uplift.

He explained: "The estate may only be able to claim up to three months of arrears. And because you must actively claim the new state pension, deferral happens by default if you don't initiate that claim." He also pointed out that deferring the state pension would be a risky move for those eligible to claim pension credit.

You cannot delay your State Pension for a boost if you get:

• Income Support

• Pension Credit

• Employment and Support Allowance (income-related)

• Jobseeker's Allowance (income-based)

• Universal Credit

• Carer's Allowance

• Carer Support Payment

• Incapacity Benefit

• Severe Disablement Allowance

• Widow's Pension

• Widowed Parent's Allowance

• Unemployability Supplement

Or, if your spouse receives:

• Income Support

• Pension Credit

• Universal Credit

• Employment and Support Allowance (income-related)

• Jobseeker's Allowance (income-related)