nless you’ve managed to jobseeker’s allowance and income
build up a large private support will also be given
pension or have a great credits while claiming benefit.
deal of savings, it’s not always If you don’t have enough NICs to
easy to get by in retirement when be eligible for the full basic
you’re no longer earning. There state pension, but have at least
are various ways in which the 25% of the qualifying years,
government can help give people you’ll receive an amount
of pension age enough money to somewhere between the minimum and
live on – here’s a concise guide the maximum. If you have less
to some of the main benefits. than 25%, you normally won’t be
eligible to claim any state
State pension – this is available pension, but you may be able to
to men over 65 and women over 60 get financial help in other ways,
(increasing to 65 by 2020), such as pension credit or the
although eligibility for the full Over 80 pension.
state pension depends on whether
you or your spouse/partner have Pension credit – you may qualify
accumulated sufficient to receive pension credits to top
‘qualifying years’ through up your income if it is very low.
national insurance contributions Pension credits are made up of
(NICs). You’ll need to have two elements: guarantee credits
worked approximately 90% of your and savings credits. Guarantee
adult working life in order to do credits are available to single
so. People who have been out of people over 60 who have an income
work to bring up children or care of less than £114.05 per week, or
for other family members are couples over 60 with an income of
given ‘Home Responsibilities less than £174.05 per week. If
Protection’ to make up for lost eligible, you’ll receive top-ups
NICs, and people who receive to bring your income up to these
levels. Savings credits are income and will be included as
available to individuals over 65 part of your income if you apply
whose weekly income is less than for other benefits. Again, you
£159 or couples over 65 whose can receive payments directly
weekly income is less than £233. into your bank account.
If you qualify, you’ll receive
£17.88 per week if you’re single Cold weather payments – it can be
or £23.58 if you’re a couple. very expensive trying to keep
Payments can be made directly your home warm enough during
into your bank account. Other periods of extremely cold
benefits are not taken into weather. If you’re on a low
consideration when calculating income, the government can
eligibility, and you may also provide cold weather payments to
qualify to receive other benefits help you pay your fuel bills. If
if you’re on pension credits, the temperature drops to 0
such as housing and council tax degrees Celsius or below for
benefits. seven days in a row between 1st
November and 30th March, you’ll
Over 80 pension – if you’re over automatically receive payments if
80 and on a low income because you’re eligible – normally when
you don’t get the basic state you’re also receiving pension
pension or receive less than credit.
£50.50 per week from your state
pension, and as long as you’ve Winter fuel allowance – people
lived in the UK for at least 10 aged over 60 can claim winter
years up to your 80th birthday, fuel allowance to help heat their
you’ll be able to claim an home. The amount varies depending
over-80 pension, which will top on personal circumstances, up to
up your income to £50.50 per a maximum of £300. You’ll
week. It is considered taxable automatically receive your
allowance with your pension touch with your local council to
payments if you receive a find out how to apply.
pension. If you’re not receiving
a pension, you’ll need to contact Free or concessionary television
the government Pension Service in licence – everyone over the age
order to apply. It has a winter of 75 is entitled to a free
fuel payment department for television licence, which covers
processing claims. anyone else also living at the
same address. People aged 60 or
Bus pass – when you reach 60 over living in residential care
you’ll be able to apply for a bus homes can apply for a
pass from your local council, concessionary licence fee of £5
allowing free off-peak travel through the administrator of care
across the country. The home in which they live.
application process varies
between council areas. Get in
About the Author:
Benedict Rohan Website: http://www.mortgagenation.co.uk
Benedict Rohan works as a freelance finance writer. Commercial Mortgage
Read more articles by:
Benedict Rohan
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