Don’t lose out when you retire

By September 6, 2017 No Comments

Retirement should be a happy time in your life but if you’re not prepared financially, could make it stressful.

Maybe you’re not eligible yet, but you know someone who’s retired and needs help to access and benefit from some of these savings.

To learn more about state pension and what you’re entitled to, read the Money Advice Service guide.

Money off your council tax

Regardless of income, anyone who lives alone is entitled to a 25 per cent discount on council tax. If you have savings less than £16,000 or you are on a low income, you may be able to get even more of a discount. A reduction is also available to pensioners if either they or their partner gets the guarantee part of Pension Credit.

Winter Fuel Payment

You can get up to £200 if you were born on or before 5 May 1953, and up to £300 if you’re aged 80 or over. Those who are eligible should receive the payment automatically.

The cold weather payment

These are £25 payments for each seven-day period of very cold weather between November and March. All over-65s are eligible if they claim any other income-related benefits. It is given on top of the Winter Fuel Payment. Those who are eligible should receive the payment automatically.

Help towards hospital travel costs

If you’re referred to hospital or other NHS premises for specialist NHS treatment or diagnostic tests by your doctor, dentist or another health professional, you may be able to claim a refund of reasonable travel costs under the Healthcare Travel Costs Scheme (HTCS).

Free TV licence for over 75s

After your 75th birthday, you can get a free TV Licence. You can get a special discounted licence of £7.50 if you’re living in residential care, so long as you are retired and over the age of 60.

Free bus pass

You can get a bus pass for free travel when you reach the female State Pension age, whether you’re a man or a woman. You will need to apply for this through your local council.

Senior railcard

If you’re over 60 and enjoy travelling by train, get a third off train fares for £30 a year.

Benefits for carers

If you spend more than a certain amount of hours per week caring for a relative or friend, you could be entitled to government benefits. Read more about benefits for carers.

You chose when you retire

Older workers can voluntarily retire at a time they choose. However, employers cannot force employees to retire or set a retirement age unless it can be objectively justified. See website for more details.

October is Free Wills Month

If you’re aged 55 or over you could apply for a free will during the month of October.

Although they hope that many will see this as a chance to leave a gift to their favourite cause, those taking up the offer are under no obliation to so. Appointments are limited and are allocated on a first come first served basis. Visit Free Wills Month website for more details.

Study for free

Keep the grey matter going and study for free. Whether you want to get a degree, learn a new language or just brush up on your core skills.

Cheap cinema tickets

Odeon, Vue and Empire offer cheaper cinema tickets to pensioners.

Money off museum visits

Most museums offer concessions for senior citizens – English Heritage and National Trust both offer reduced memberships, too.