When should you retire?

Schedule your retirement party, but your financial options take more thinking about.

926_MW_P21_Pensions

Delaying taking a pension must be weighed up carefully
(Image credit: Credit: XiXinXing / Alamy Stock Photo)

It's not always easy to decide when to start drawing your pension. Last month saw the completion of a 20-year project to equalise the age at which men and women may start receiving their state pension; the government now plans to raise this age from 65 to 66 by October 2020 and to 67 by 2028. But with both state and private pensions, the longer you leave it to take your benefits, the higher the income you'll be entitled to.

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.