A lot of bad news has been coming for current and future pensioners, increasing Britons’ anxiety about how we will fund our retirement. Between falling annuity rates, “granny tax” grabs, and the news we will have to work longer and longer before we can get a state pension, many might have a gloomy feeling about retiring. However, while nothing beats regular life-long savings as a way to make sure you can retire comfortably, there are other things you can do to maximise your pension income from the state and make your state pension last a little longer.
The first thing to do is to make sure you are getting all that you are owed when it comes to retirement benefits. Each year there are millions of pounds left unclaimed that pensioners across the UK had the right to get, but didn’t claim. For example, you might be able to get help with heating bills, tax breaks, the additional state pension, or other additional income if your pension is small enough.
Make sure to check with your local council to be sure that you are getting all the help that’s available to you. Many of the benefits you might take qualify for are tied to the state pension or the pension credit portion of the state pension, so it is good if you have many qualifying years of National Insurance contributions.
Use the Internet
Many of our country’s older citizens don’t use the internet enough to their advantage. Besides being able to get news, talk to old friends, and all the other things the internet has to offer, it is an excellent way to save money and make sure you are getting the best deal.
On the internet it is very easy to compare prices and rates for everything you might want to know, which can help stretch your state pension income as far as possible. And at just £107.45 per week, anyone without savings will need to make the most of their full basic state pension.
For example, it’s easy to save money online when it comes to insurance. Whether it is for your house, your car, or anything else it is easy to compare different providers and options in your area, so you can see how much you are paying now and where you could possibly pay less. You can also easily compare prices of anything from vacations and motorcycles to where in the area it’s cheapest to get basic essentials.
Sell the Clutter
A way to get some extra income and increase your living space is to get rid of and sell old junk that’s cluttering up the home, garage, basement or storage spaces.
This can be done with a traditional yard sale, but many people choose to sell their items online, perhaps to reach a wider audience for less common items. Studies find that we all have too many things in our home we don’t use, and so selling off some old clutter is good both for the home and for the wallet.
Briant Grey from www.pensioncalculator.org writes about the state pension and other news that affects current and future pensioners.