There are a number of one-off cost of living and winter payments on the way this year for people on State Pension.
15.09.2023 - 10:25 / dailyrecord.co.uk
State Pension currently provides essential financial support for 12.6 million older people across the country, including more than one million retirees living in Scotland. This regular payment is available for those who have reached the UK Government’s eligible retirement age, which is now 66 for both men and women, and have paid at least 10 years of National Insurance contributions.
However, many people approaching the official age of retirement this year, and eligible to start claiming State Pension from the Department for Work and Pensions (DWP), or those approaching 55 and keen to start withdrawing from a personal or workplace pension, may not be aware of a handy checklist produced by the Citizens Advice network to help navigate the unchartered territory of the road to retirement.
The nine-point checklist is a good place to start if you’re nearing the end of your working life and not sure what financial support is available in later life to help you enjoy retirement to its fullest.
Citizens Advice Scotland has a full guide to retirement planning which you can read here, below is a quick overview of what you should check as you approach retirement.
1. Work out what money you’ll have coming in - think about how your spending might change once you’re retired, the Citizens Advice Budgeting Tool can help with drawing up a budget.
2. If you get benefits, let the benefit provider know when you will be retiring - you may have to claim a different benefit or the amount you get might change.
3. Check whether you're entitled to any new benefits - you might be able to get benefits like Carer's Allowance, Housing Benefit or a Council Tax Reduction.
4. Work out how much is left to pay on your mortgage (if you have one) - you
There are a number of one-off cost of living and winter payments on the way this year for people on State Pension.
The September Consumer Price Index (CPI) inflation rate will be announced on October 18 and forms part of the Triple Lock policy which is used to determine the annual State Pension uprating. Under the Triple Lock, the State Pension increases each year in line with whichever of these three measures are the highest - average annual earnings growth from May to July (currently 8.5%), CPI inflation in the year to September (currently 6.7%) or 2.5 per cent.
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There is a key date this month that everyone claiming their State Pension should be aware of as it could determine how much the contributory benefit will increase next April. The September Consumer Price Index (CPI) inflation rate will be announced on Wednesday, October 18 and forms part of the Triple Lock policy which is used for the annual State Pension uprating.
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The latest statistics from the Department for Work and Pensions (DWP) show that State Pension currently provides regular financial support for 12.6 million older people across the country, including nearly one million retirees living in Scotland. This payment is available for those who have reached the UK Government’s eligible retirement age, which is currently 66 for both men and women, and have paid at least 10 years' worth of National Insurance Contributions.
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