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Retirement

Whilst retirement should allow you to wind down and relax, it can often be a contributing factor to financial difficulty.

For many people, facing retirement can mean a reduced income. You may have problems affording your household bills, debts or both. With that in mind, it’s important to get the right advice to deal with your situation and help put your mind at ease.

If you are concerned about meeting your payments you should use our online debt counselling service, which will provide you with the impartial, free debt advice you need and inform you of the most appropriate solution to your debt problem. Alternatively contact our free Helpline on 0800 138 1111.

In the meantime you may find some of the following tips useful to help with your situation:

Benefit entitlement

Check your benefit entitlement. Depending on your situation you may be entitled to extra income, such as Pension Credit, or help with paying your Council Tax.

Pension schemes

If you’ve contributed towards any private or company pension schemes, contact them to find out how much you are likely to receive and to find when they are due to start. You may be entitled to help with your winter fuel payments or grants to go towards insulating your home.

Free facilities

Once you reach state pension age, you are entitled to free prescriptions and free eye tests in England. You are also entitled to a free bus pass, this allows you to travel at off-peak times for free.

If we haven’t answered your question please contact us and one of our advisors will be able to help you.

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Help for your retirement

Our PDF will assist you with planning ahead for your retirement as well as giving you some ideas on how to reduce your expenditure and increase your income.

It will help you become debt free quicker and prepare you for a better retirement.

Download it here

FAQs

How can I find out what benefits I can claim?

You may be entitled to some government benefits to help increase your income. You could speak to your local benefits office or visit Turn 2 Us, a government website with a benefits calculator. If you are struggling to pay your debts and would like advice on benefits please call our helpline. One of our specialist benefit advisors will be able to check if you are entitled to any benefits.

What is equity release?

Equity release allows home owners over the age of 55 to release money from their property. This can be an opportunity for those in financial difficulty to repay their debts. The amount of money you can release from your property varies and depends on your age and the value of your property. Your property must have a value of at least £60,000. Equity release is a complex area, and we recommend that you contact us for some specialist advice.

Where can I find some help and advice about my retirement?

If you would like some help and advice about your retirement you could speak to Age UK. If you are unable to keep up with your debts please contact us and one of our specialist advisors will be able to help you.