She said if clients do defer the state pension, when they eventually start drawing the larger state pension, it could take a number of years (around 17 years) to break even.
Corr added: "Whether you are better off drawing your state pension or deferring it to a later date is a matter of how long you think you will live.
"Essentially, the longer you live the more chance you will have of benefitting from deferring the state pension.”
Grab control
Alistair McQueen, head of savings and retirement at Aviva, said: “It’s tough out there. Consumer confidence has not been this weak since the global financial crisis of 2008. Not even the arrival of the pandemic shook confidence to the low levels we see today.
“March 2022 was a bleak month for our finances. It saw inflation rise to a 30-year high; a downgrading of economic growth projections; a rise in the cost of borrowing; and real wages experiencing their biggest fall since 2014."
He pointed out all this was recorded before April’s rise in household energy bills and national insurance, adding: "It’s no wonder confidence is weak, and no rebound is on the horizon.
“These pressures are beyond our individual control. But that does not mean we are powerless to act. Now is the time to grab control of our household finances.
"There may be no magic wand, but small actions could ease some of the financial pain as we wait - and hope - for the financial storm to pass."
calum.kapoor@ft.com
