We are all living longer than we have before. This is great news, but the age of retirement has not really changed, so people are having to make their pensions and savings go further in later life.
Here are some tips on how to help to make your money go further:
- Save money on energy bills – Check with your current supplier and see if you could go on a cheaper tariff, or if they’re able to fix their prices. Many energy suppliers offer a discount if you pay
by direct debit each month, you could also make a saving by switching to paperless billing and managing your account online.
- Claim the right benefits -There are a number of benefits that you may be eligible for in your retirement, including Pension Credit, Winter Fuel Payment, and Cold Weather Payment.
- Pension Credit – Is an income-related benefit made up of 2 parts – 1. Guarantee Credit and Savings Credit. Guarantee Credit tops up your weekly income if it’s below £151.20 (for single people) or £230.85 (for couples). 2. Savings Credit is an extra payment for people who saved some money towards their retirement, eg a pension.
- Winter Fuel Payment – You could get between £100 and £300 tax-free to help pay your heating bills if you were born on or before 5 January 1953. Most payments are made automatically between November and December. You usually get a Winter Fuel Payment automatically if you get the State Pension or another social security. If you qualify but don’t get paid automatically, you’ll need to make a claim.
- Cold Weather Payment – If you’re getting certain benefits you’ll get a payment if the temperature in your area is recorded as, or forecast to be, zero degrees celsius or below for 7 consecutive days. You’ll get a payment of £25 for each 7 day period of very cold weather between 1 November and 31 March.
- Save money on travel costs -In England 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.
- Apply for a concessionary TV licence -Once you or someone you live with are over 74 you are eligible to apply for the over 75 free licence for your household.
- Shop wisely – Plan the meals for the week this will help to reduce waste and ensure you buy what you need and are not impulse buying. Also make use of the freezer, cook food in batches that can be frozen and used later. Freeze everyday foods like milk and bread so that can be used when needed and will reduce waste.
At My Care at Home we can work with you to help you make savings and help with meal planning. Please call 01449 763086 to discuss how we can help.