Defer State Pension?

[medsecslave]

Hello I'll be getting my state pension in August but am considering deferring it as I am still working part time and it will be taxed.  Would I be better off taking it and putting it into an ISA or deferring it ? Thank you

[newmodarmy]

If you defer it until you retire from work you'll get a better pension in a year  ...but you'll still pay tax on the extra pension as your total state and private pension is well above the tax free amount

[davebro3]

Consider also how long you will live in retirement. I based some of my calculations on living to age 84. I don't think I will make that though.

[medsecslave]

Thanks for all the replies- if I defer for a year, the rate I get then remains the same for life? Thinking of retiring August 2025?

[barry1010]

You will get the extra for life, increasing each April as it does now (hopefully).  

[Maydup]

I'll throw in the other option which is to retire now. Worth considering....