Retirement age should be the time to unwind and be care-free. However, due to unfortunate financial circumstances, this may not be possible for most.
For most individuals, entering retirement years could mean reduced income. It could be a predicament where you find it difficult to meet household obligations, existing debts and other essential living costs. Considering this state, you must get debt advice and help to prevent this from happening. If you’re on this state, the more we suggest seeking expert advice to help you deal with the situation.
Retirement and Pension
It could be possible for you to access a lump sum either from your personal or workplace pension before your retirement. This can be possible once approaching the retirement age. You can draw money from your pension savings and utilise it for debt payments.
You can also contact your organization if you’ve pension savings from a private company. It would be better to reach out to them and figure out how much you can get and when you can start getting it.
Should you want further details and advice regarding your pensions and retirement, you can inquire from Money Advice Services. They offer pertinent help and advice on your retirement and pension savings.
Entitlement for Benefits
You can find out if you are entitled to claim for ant benefits based on your circumstances. Getting benefits such as pension credit, rent assistance, and council tax credits can help to increase your income.
Can I claim free privileges now that I’m retired?
If you are on the eligible age to claim for state pension, you have the privilege of getting free prescriptions and eye test if you reside in England.
Additionally, you’ll have a bus pass wherever you live in the UK. This means you can access traveling at off-peak period for free. You’ll be eligible for a free TV license when you’re at 75 years or over.
We can help you explore your choices if you are uncertain whether it’s ideal for you to use your pension savings in paying off your debt. You can make use of our online advice tool for free or call us to further check the available options. We have debt specialists who are happy to give you free debt advice over the phone.