Who wouldn’t want some extra cash, especially now, when everything from energy bills to the monthly grocery shopping is becoming more expensive? That’s why it’s more necessary than ever to keep an eye out for pensioners who may require further assistance. The good news is that there is additional financial assistance available. It’s known as pension credit.
Around 1.4 million pensioners already receive pension credit, but up to 850,000 other households could be missing out. It’s one thing that could make a significant difference now that the cost of living is rising.
Pension credit is money given to people to help with daily living expenses; they must have reached state pension age and be on a low income. Furthermore, if you receive pension credit, you may be eligible for support with other bills such as rent (in the form of a housing benefit), council tax, and heating. And if you’re above age 75 and receiving pension credit, your TV license will be free, even if you live with others.
Even if you have some funds or are a homeowner, you may be able to receive that little bit extra. Some pensioners may be unaware of pension credit or believe they won’t qualify; therefore, they don’t apply. However, they may be missing out on money to which they are entitled.
If you’re of pensionable age, check to see if you’re qualified today.
If you know anyone you believe is entitled to pension credit, you can encourage them to check and file a claim to ensure they’re not missing out. So, what are you holding out for?
Let’s debunk some myths about pension credits.
Myth
If I have a workplace or personal pension or any other income, I am ineligible for pension credit.
Fact
Even if they receive a retirement income from a private pension, those of state pension age may be eligible for pension credit.
Pension credit supplements weekly income to a guaranteed minimum of $182.60 for single retirees and $278.70 for couples. It’s a non-taxable payment.
Provided you reached the state pension age before April 6, 2016, you may be eligible for savings credit while also receiving pension credit if your weekly income is less than $218.80 for a single person or $319.20 for a couple.
Myth
I’m a homeowner, so I’m not eligible for pension credit.
Fact
You can still qualify if you own a home. And it makes no difference whether you live alone or with others – for example, you may still be eligible whether you live with your grown-up family or rent your home.
Myth
Since I have savings, I won’t be eligible for the pension credit.
Fact
Savings of less than $10,000 won’t influence your pension credit eligibility. If you have more than $10,000 in savings, you may still be eligible for pension credit, but the amount you receive will be reduced. You can find more information online.
Myth
Applying for pension credit is too complicated.
Fact
There are numerous approaches you can take, so pick the most convenient one for you. You can do it online, via phone, or by mail. There is also an online pension credit calculator where you may find out how much you could get – without providing any personal information.
Myth
Pension credit won’t make much of a difference to me.
Fact
Even if you only qualify for a modest amount of pension credit, there are various other benefits available to you, such as aid with heating bills, housing costs, council tax, and NHS dental treatment.
You can also receive a free TV license if you’re over age 75. With the rising cost of living and utilities, these additional benefits could make a significant difference.
Myth
If I were qualified, someone would have contacted me.
Fact
You must apply for pension credit if you want to get it.
A staggering one-third of seniors eligible for pension credit don’t apply and thereby miss out on this weekly supplement. Don’t be like them!
Research your eligibility to check whether you are able to receive this credit. If you’ve previously asked for pension credit but were unsuccessful, or if you used to get it but no longer do, it’s worth double-checking your eligibility.
Contact Information:
Email: [email protected]
Phone: 9568933225
Bio:
Rick Viader is a Federal Retirement Consultant that uses proven strategies to help federal employees achieve their financial goals and make sure they receive all the benefits they worked so hard to achieve.
In helping federal employees, Rick has seen the need to offer retirement plan coaching where Human Resources departments either could not or were not able to assist. For almost 14 years, Rick has specialized in using federal government benefits and retirement systems to maximize retirement incomes.
His goals are to guide federal employees to achieve their financial goals while maximizing their retirement incomes.
