Downsizing:
Downsizing and buying a smaller property may be one solution if you still live in a large family home with high energy bills and maintenance costs. There are schemes in place that can help you with this. McCarthy Stone, for example, offers a Smooth Move package to help ‘declutter’ and generally streamline the moving process.
Shared Ownership:
You can also consider later life shared ownership, where you buy a share of a purpose-built home with flexible ownership options. In some cases, you may not need to pay rent on the remaining share.
Travel:
Check your eligibility for a free bus pass; the age requirements vary depending on where you live. You can also buy a Senior Railcard for £35 a year and save a third on train travel from age 60. You can buy coach discount cards too, such as the National Express one at £15 a year.
Pensions:
Give yourself a financial health check. Start by checking pension pots as you may be worth more than you think if you have lost or forgotten pots from past jobs. It’s easy for paperwork to go astray with house moves, so use the free Pension Tracing Service if you need help contacting previous pension providers.
Pension Credit:
Check you’re claiming everything you’re entitled to. Around a million people who could claim Pension Credit miss out. Worth an average of £2,600 a year to those over state pension age, it’s a ‘top-up’ payment that unlocks the door to other benefits, including a free TV licence. Use the free Pension Credit calculator on the government website
Forecast:
Get a free state pension forecast to see how much you’ll get and when. You can delay taking your state pension, which means boosting payments by nearly 6% a year.
Council Tax:
If you’re the only adult living in your property, you can claim a 25% council tax discount. You could also have up to 100% of your bill waived under the Council Tax Reduction scheme if you are on a low income or claim benefits. Contact your council for details.
Discounts:
There are lots of age-related deals and discounts, from supermarket savings to meal deals, cinema tickets, and reduced entry at attractions. Always worth asking – and take proof of ID for eligibility.
Attendance Allowance:
If you need extra help with daily tasks like washing or getting dressed due to a health condition or disability, and are state pension age or older, you may be eligible for Attendance Allowance. This is worth from £3,800 a year up to £5,700.
Deadlines:
Some benefits and payments can only be backdated for a limited time, typically one to three months, so always apply as soon as you can to avoid missing out. Be sure to declare any change in circumstances too.