Unfortunately, though, it is already too late for the thousands of older people who have put off claiming their state pensions and have received cash payments from the government in return for a lower income.
Every year, around 66,000 people delay claiming a pension, usually because they are working and do not need the money.
The deal they signed up to is for the government to offer them a lump sum payment or a more generous pension when they do retire - in return for the lost income.
However, while two-thirds of people opt for the lump sum, pensions experts warn that this can be a costly mistake.
And this is particularly true if they live for a long time after retiring. To illustrate this, take someone who would get £100 a week from the state pension, but defers claiming for five years. He or she would miss out on a massive £26,000 of income.
Not such a hardship when he or she could get a lump sum of £27,680 from the government, you might think. However, the other option is to receive an additional £52 a week income until they die - pushing the total income they receive up by £2,704 a year.
Anyone thinking about delaying their state pensions payments would therefore be wise to take independent financial advice as the right decision will depend on their individual circumstances.